VXX vs. ^VIX

Last updated Apr 2, 2026

Compare and contrast key facts about iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and CBOE Volatility Index (^VIX).

VXX is a passively managed fund by Barclays Capital that tracks the performance of the S&P 500 VIX Short-Term Futures Index Total Return. It was launched on Jan 19, 2018.

Performance

VXX vs. ^VIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and CBOE Volatility Index (^VIX). The values are adjusted to include any dividend payments, if applicable.

VXX vs. ^VIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN	31.21%	-42.21%	-26.22%	-72.52%	-23.80%	-72.41%	11.04%	-67.75%	67.91%	-72.64%
^VIX CBOE Volatility Index	64.15%	-13.83%	39.36%	-42.55%	25.84%	-24.31%	65.09%	-45.79%	130.25%	-21.37%

Returns By Period

In the year-to-date period, VXX achieves a 31.21% return, which is significantly lower than ^VIX's 64.15% return. Over the past 10 years, VXX has underperformed ^VIX with an annualized return of -46.34%, while ^VIX has yielded a comparatively higher 6.48% annualized return.

VXX

• 1D: -2.72%
• 1M: 18.69%
• YTD: 31.21%
• 6M: 5.34%
• 1Y: -32.54%
• 3Y*: -42.18%
• 5Y*: -45.27%
• 10Y*: -46.34%

^VIX

• 1D: -2.81%
• 1M: 14.46%
• YTD: 64.15%
• 6M: 50.64%
• 1Y: 12.72%
• 3Y*: 9.48%
• 5Y*: 7.21%
• 10Y*: 6.48%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

VXX vs. ^VIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VXX

VXX Risk / Return Rank: 6
VXX Sharpe Ratio Rank: 5
VXX Sortino Ratio Rank: 6
VXX Omega Ratio Rank: 7
VXX Calmar Ratio Rank: 5
VXX Martin Ratio Rank: 7

^VIX

^VIX Risk / Return Rank: 24
^VIX Sharpe Ratio Rank: 18
^VIX Sortino Ratio Rank: 49
^VIX Omega Ratio Rank: 43
^VIX Calmar Ratio Rank: 1
^VIX Martin Ratio Rank: 7

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VXX vs. ^VIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and CBOE Volatility Index (^VIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	VXX	^VIX	Difference
Sharpe ratio Return per unit of total volatility	-0.44	0.09	-0.52
Sortino ratio Return per unit of downside risk	-0.25	1.25	-1.50
Omega ratio Gain probability vs. loss probability	0.97	1.15	-0.18
Calmar ratio Return relative to maximum drawdown	-0.47	-0.58	+0.11
Martin ratio Return relative to average drawdown	-0.59	-0.75	+0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VXX vs. ^VIX - Sharpe Ratio Comparison

The current VXX Sharpe Ratio is -0.44, which is lower than the ^VIX Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of VXX and ^VIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VXX	^VIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.44	0.09	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.66	0.06	-0.71
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.65	0.05	-0.70
Sharpe Ratio (All Time) Calculated using the full available price history	-0.75	0.01	-0.76

Correlation

The correlation between VXX and ^VIX is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

VXX vs. ^VIX - Drawdown Comparison

The maximum VXX drawdown since its inception was -100.00%, which is greater than ^VIX's maximum drawdown of -88.70%. Use the drawdown chart below to compare losses from any high point for VXX and ^VIX.

Drawdown Indicators

	VXX	^VIX	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-88.70%	-11.30%
Max Drawdown (1Y) Largest decline over 1 year	-69.85%	-74.26%	+4.41%
Max Drawdown (5Y) Largest decline over 5 years	-96.67%	-74.26%	-22.41%
Max Drawdown (10Y) Largest decline over 10 years	-99.87%	-85.66%	-14.21%
Current Drawdown Current decline from peak	-100.00%	-70.32%	-29.68%
Average Drawdown Average peak-to-trough decline	-95.03%	-64.04%	-30.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	54.84%	46.08%	+8.76%

Volatility

VXX vs. ^VIX - Volatility Comparison

The current volatility for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) is 28.80%, while CBOE Volatility Index (^VIX) has a volatility of 48.46%. This indicates that VXX experiences smaller price fluctuations and is considered to be less risky than ^VIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VXX	^VIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.80%	48.46%	-19.66%
Volatility (6M) Calculated over the trailing 6-month period	46.98%	93.57%	-46.59%
Volatility (1Y) Calculated over the trailing 1-year period	74.80%	139.41%	-64.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.04%	125.25%	-56.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.15%	135.98%	-64.83%