VXX vs. ^VVIX

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 VIX Volatility Index (^VVIX).

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. ^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.

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	31.21%	-42.21%	-26.22%	-72.52%	-23.80%	-72.41%	11.04%	-67.75%	67.91%	-72.64%
^VVIX CBOE VIX Volatility Index	23.91%	-11.18%	19.97%	12.86%	-29.74%	-1.96%	18.87%	8.02%	-13.55%	10.00%

Returns By Period

In the year-to-date period, VXX achieves a 31.21% return, which is significantly higher than ^VVIX's 23.91% return. Over the past 10 years, VXX has underperformed ^VVIX with an annualized return of -46.34%, while ^VVIX has yielded a comparatively higher 3.48% 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%

^VVIX

• 1D: -1.05%
• 1M: 1.23%
• YTD: 23.91%
• 6M: 23.18%
• 1Y: 17.71%
• 3Y*: 9.47%
• 5Y*: 3.02%
• 10Y*: 3.48%

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

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: 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

^VVIX

^VVIX Risk / Return Rank: 21
^VVIX Sharpe Ratio Rank: 22
^VVIX Sortino Ratio Rank: 35
^VVIX Omega Ratio Rank: 35
^VVIX Calmar Ratio Rank: 2
^VVIX Martin Ratio Rank: 9

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	-0.44	0.18	-0.62
Sortino ratio Return per unit of downside risk	-0.25	0.97	-1.22
Omega ratio Gain probability vs. loss probability	0.97	1.12	-0.15
Calmar ratio Return relative to maximum drawdown	-0.47	-0.48	+0.01
Martin ratio Return relative to average drawdown	-0.59	-0.61	+0.02
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 -0.44, which is lower than the ^VVIX Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of VXX and ^VVIX, 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	^VVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.44	0.18	-0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.66	0.03	-0.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.65	0.04	-0.69
Sharpe Ratio (All Time) Calculated using the full available price history	-0.75	0.03	-0.78

Correlation

The correlation between VXX and ^VVIX is 0.76, 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. ^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	-69.85%	-52.04%	-17.81%
Max Drawdown (5Y) Largest decline over 5 years	-96.67%	-53.07%	-43.60%
Max Drawdown (10Y) Largest decline over 10 years	-99.87%	-64.71%	-35.16%
Current Drawdown Current decline from peak	-100.00%	-44.68%	-55.32%
Average Drawdown Average peak-to-trough decline	-95.03%	-43.32%	-51.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	54.84%	40.65%	+14.19%

Volatility

VXX vs. ^VVIX - Volatility Comparison

The current volatility for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) is 28.80%, while CBOE VIX Volatility Index (^VVIX) has a volatility of 36.93%. 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	28.80%	36.93%	-8.13%
Volatility (6M) Calculated over the trailing 6-month period	46.98%	69.57%	-22.59%
Volatility (1Y) Calculated over the trailing 1-year period	74.80%	95.49%	-20.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.04%	87.96%	-18.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.15%	85.84%	-14.69%