VXX vs. ^VVIX

Last updated Jun 3, 2026

VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) is Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, while ^VVIX (CBOE VIX Volatility Index) is an index. Over the past 10 years, VXX returned -46.77%/yr vs 1.36%/yr for ^VVIX. A 0.76 correlation means they provide meaningful diversification when combined.

Performance

VXX vs. ^VVIX - 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 VIX Volatility Index (^VVIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VXX achieves a -7.93% return, which is significantly lower than ^VVIX's -2.31% return. Over the past 10 years, VXX has underperformed ^VVIX with an annualized return of -46.77%, while ^VVIX has yielded a comparatively higher 1.36% annualized return.

VXX

• 1D: -1.65%
• 1M: -14.19%
• YTD: -7.93%
• 6M: -23.12%
• 1Y: -54.26%
• 3Y*: -41.97%
• 5Y*: -46.65%
• 10Y*: -46.77%

^VVIX

• 1D: -1.17%
• 1M: -4.88%
• YTD: -2.31%
• 6M: -1.29%
• 1Y: -1.43%
• 3Y*: 1.66%
• 5Y*: -4.56%
• 10Y*: 1.36%

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

VXX vs. ^VVIX - 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	-7.93%	-42.21%	-26.22%	-72.52%	-23.80%	-72.41%	11.04%	-67.75%	67.91%	-72.64%
^VVIX CBOE VIX Volatility Index	-2.31%	-11.18%	19.97%	12.86%	-29.74%	-1.96%	18.87%	8.02%	-13.55%	10.00%

Correlation

The correlation between VXX and ^VVIX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Feb 2, 2009	0.76

The correlation between VXX and ^VVIX shifts across timeframes, from 0.76 (all time) to 0.86 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VXX vs. ^VVIX — Risk / Return Rank

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

VXX

VXX Risk / Return Rank: 1
VXX Sharpe Ratio Rank: 1
VXX Sortino Ratio Rank: 1
VXX Omega Ratio Rank: 1
VXX Calmar Ratio Rank: 1
VXX Martin Ratio Rank: 2

^VVIX

^VVIX Risk / Return Rank: 16
^VVIX Sharpe Ratio Rank: 10
^VVIX Sortino Ratio Rank: 23
^VVIX Omega Ratio Rank: 23
^VVIX Calmar Ratio Rank: 11
^VVIX Martin Ratio Rank: 11

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. ^VVIX - 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 VIX Volatility Index (^VVIX). 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	^VVIX	Difference
Sharpe ratio Return per unit of total volatility	-0.98	-0.02	-0.96
Sortino ratio Return per unit of downside risk	-1.61	0.58	-2.19
Omega ratio Gain probability vs. loss probability	0.82	1.07	-0.25
Calmar ratio Return relative to maximum drawdown	-0.97	0.05	-1.02
Martin ratio Return relative to average drawdown	-1.38	0.08	-1.45
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. ^VVIX - Sharpe Ratio Comparison

The current VXX Sharpe Ratio is -0.98, which is lower than the ^VVIX Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of VXX and ^VVIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VXX	^VVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.98	-0.02	-0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.69	-0.05	-0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.66	0.02	-0.68
Sharpe Ratio (All Time) Calculated using the full available price history	-0.77	0.01	-0.78

Drawdowns

VXX vs. ^VVIX - Drawdown Comparison

The maximum VXX drawdown since its inception was -100.00%, which is greater than ^VVIX's maximum drawdown of -78.10%. Use the drawdown chart below to compare losses from any high point for VXX and ^VVIX.

Drawdown Indicators

	VXX	^VVIX	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-78.10%	-21.90%
Max Drawdown (1Y) Largest decline over 1 year	-56.23%	-38.94%	-17.29%
Max Drawdown (3Y) Largest decline over 3 years	-80.64%	-52.75%	-27.89%
Max Drawdown (5Y) Largest decline over 5 years	-95.68%	-53.07%	-42.61%
Max Drawdown (10Y) Largest decline over 10 years	-99.86%	-64.71%	-35.15%
Current Drawdown Current decline from peak	-100.00%	-56.39%	-43.61%
Average Drawdown Average peak-to-trough decline	-95.08%	-43.40%	-51.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.72%	22.96%	+16.76%

Volatility

VXX vs. ^VVIX - Volatility Comparison

The current volatility for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) is 8.46%, while CBOE VIX Volatility Index (^VVIX) has a volatility of 12.63%. This indicates that VXX experiences smaller price fluctuations and is considered to be less risky than ^VVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VXX	^VVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.46%	12.63%	-4.17%
Volatility (6M) Calculated over the trailing 6-month period	40.88%	59.21%	-18.33%
Volatility (1Y) Calculated over the trailing 1-year period	55.58%	82.81%	-27.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.97%	87.14%	-19.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.98%	85.83%	-14.85%

Frequently Asked Questions

Can I hold both VXX and ^VVIX in my portfolio?

VXX and ^VVIX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VXX or ^VVIX?

^VVIX has higher volatility (12.63%) compared to VXX (8.46%). In terms of maximum drawdown, VXX dropped -100.00% vs ^VVIX's -78.10%.

Which has better risk-adjusted returns?

^VVIX currently has the higher Sharpe Ratio (-0.02 vs -0.98), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.