VXX vs. BTC-USD

Last updated Jun 4, 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 BTC-USD (Bitcoin) is a cryptocurrency. Over the past 10 years, VXX returned -46.78%/yr vs 60.00%/yr for BTC-USD. At a correlation of -0.09, they often move in opposite directions.

Performance

VXX vs. BTC-USD - 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 Bitcoin (BTC-USD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VXX achieves a -8.16% return, which is significantly higher than BTC-USD's -27.71% return. Over the past 10 years, VXX has underperformed BTC-USD with an annualized return of -46.78%, while BTC-USD has yielded a comparatively higher 60.00% annualized return.

VXX

• 1D: -0.25%
• 1M: -15.21%
• YTD: -8.16%
• 6M: -22.63%
• 1Y: -53.35%
• 3Y*: -42.02%
• 5Y*: -46.10%
• 10Y*: -46.78%

BTC-USD

• 1D: -5.18%
• 1M: -20.79%
• YTD: -27.71%
• 6M: -32.32%
• 1Y: -40.02%
• 3Y*: 32.61%
• 5Y*: 11.41%
• 10Y*: 60.00%

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

VXX vs. BTC-USD - 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	-8.16%	-42.21%	-26.22%	-72.52%	-23.80%	-72.41%	11.04%	-67.75%	67.91%	-72.64%
BTC-USD Bitcoin	-27.71%	-6.27%	120.76%	155.82%	-64.23%	59.40%	304.57%	94.10%	-73.37%	1,324.24%

Correlation

The correlation between VXX and BTC-USD is -0.29, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.29
Correlation (3Y) Calculated over the trailing 3-year period	-0.20
Correlation (5Y) Calculated over the trailing 5-year period	-0.22
Correlation (10Y) Calculated over the trailing 10-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Sep 19, 2012	-0.09

The correlation between VXX and BTC-USD shifts across timeframes, from -0.29 (1 year) to -0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VXX vs. BTC-USD — 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

BTC-USD

BTC-USD Risk / Return Rank: 39
BTC-USD Sharpe Ratio Rank: 12
BTC-USD Sortino Ratio Rank: 32
BTC-USD Omega Ratio Rank: 31
BTC-USD Calmar Ratio Rank: 71
BTC-USD Martin Ratio Rank: 50

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. BTC-USD - 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 Bitcoin (BTC-USD). 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	BTC-USD	Difference
Sharpe ratio Return per unit of total volatility	-0.96	-0.93	-0.03
Sortino ratio Return per unit of downside risk	-1.56	-1.31	-0.25
Omega ratio Gain probability vs. loss probability	0.82	0.87	-0.04
Calmar ratio Return relative to maximum drawdown	-0.95	-0.81	-0.15
Martin ratio Return relative to average drawdown	-1.34	-1.42	+0.08
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. BTC-USD - Sharpe Ratio Comparison

The current VXX Sharpe Ratio is -0.96, which is comparable to the BTC-USD Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of VXX and BTC-USD, 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	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.96	-0.93	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.68	0.21	-0.89
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.66	0.88	-1.54
Sharpe Ratio (All Time) Calculated using the full available price history	-0.77	1.13	-1.90

Drawdowns

VXX vs. BTC-USD - Drawdown Comparison

The maximum VXX drawdown since its inception was -100.00%, which is greater than BTC-USD's maximum drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for VXX and BTC-USD.

Drawdown Indicators

	VXX	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-85.30%	-14.70%
Max Drawdown (1Y) Largest decline over 1 year	-56.23%	-49.65%	-6.58%
Max Drawdown (3Y) Largest decline over 3 years	-80.28%	-49.65%	-30.63%
Max Drawdown (5Y) Largest decline over 5 years	-95.68%	-76.67%	-19.01%
Max Drawdown (10Y) Largest decline over 10 years	-99.86%	-83.80%	-16.06%
Current Drawdown Current decline from peak	-100.00%	-49.29%	-50.71%
Average Drawdown Average peak-to-trough decline	-95.08%	-42.27%	-52.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.88%	33.73%	+6.15%

Volatility

VXX vs. BTC-USD - Volatility Comparison

The current volatility for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) is 8.29%, while Bitcoin (BTC-USD) has a volatility of 10.81%. This indicates that VXX experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VXX	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.29%	10.81%	-2.52%
Volatility (6M) Calculated over the trailing 6-month period	40.88%	34.33%	+6.55%
Volatility (1Y) Calculated over the trailing 1-year period	55.57%	35.60%	+19.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.96%	45.05%	+22.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.96%	56.69%	+14.27%

Frequently Asked Questions

Can I hold both VXX and BTC-USD in my portfolio?

VXX and BTC-USD have a correlation of -0.29, 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 BTC-USD?

BTC-USD has higher volatility (10.81%) compared to VXX (8.29%). In terms of maximum drawdown, VXX dropped -100.00% vs BTC-USD's -85.30%.

Which has better risk-adjusted returns?

BTC-USD currently has the higher Sharpe Ratio (-0.93 vs -0.96), 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.