VXX vs. BUFR
VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and BUFR (FT Vest Laddered Buffer ETF) are both exchange-traded funds - VXX is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, while BUFR is a Defined Outcome fund actively managed by First Trust. VXX is passively managed, while BUFR is actively managed. Over the past 5 years, VXX returned -46.47%/yr vs 9.76%/yr for BUFR. Their -0.72 correlation means they have often moved in opposite directions in the past. VXX charges 0.89%/yr vs 0.95%/yr for BUFR.
Performance
VXX vs. BUFR - Performance Comparison
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Returns By Period
In the year-to-date period, VXX achieves a -19.72% return, which is significantly lower than BUFR's 7.33% return.
VXX
- 1D
- -2.61%
- 1M
- -3.58%
- 6M
- -22.73%
- YTD
- -19.72%
- 1Y
- -53.71%
- 3Y*
- -38.60%
- 5Y*
- -46.47%
- 10Y*
- -46.29%
- ALL TIME*
- -51.44%
BUFR
- 1D
- 0.41%
- 1M
- 0.60%
- 6M
- 6.43%
- YTD
- 7.33%
- 1Y
- 14.83%
- 3Y*
- 12.87%
- 5Y*
- 9.76%
- 10Y*
- —
- ALL TIME*
- 10.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.72M | $41.24M | $45.38M | |
| $203.07M | $176.34M | $224.72M |
VXX vs. BUFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -19.72% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | -34.80% |
BUFR FT Vest Laddered Buffer ETF | 7.33% | 12.44% | 14.68% | 19.63% | -7.57% | 11.88% | 6.60% |
Correlation
The correlation between VXX and BUFR is -0.84, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.84 |
Correlation (3Y) Balances recent behavior with more history. | -0.79 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.74 |
Correlation (All Time) Calculated using the full available price history since Aug 11, 2020 | -0.72 |
The correlation between VXX and BUFR shifts across timeframes, from -0.84 (1 year) to -0.72 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VXX vs. BUFR — Risk / Return Rank
VXX
BUFR
VXX vs. BUFR - 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 FT Vest Laddered Buffer ETF (BUFR). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VXX | BUFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.91 | ||
| Sortino ratioReturn per unit of downside risk | -4.26 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.40 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 3.00 | -3.92 |
| Martin ratioReturn relative to average drawdown | -1.40 | 15.68 | -17.08 |
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Drawdowns
VXX vs. BUFR - Drawdown Comparison
The maximum VXX drawdown since its inception was -100.00%, which is greater than BUFR's maximum drawdown of -13.73%. Use the drawdown chart below to compare losses from any high point for VXX and BUFR.
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Drawdown Indicators
| VXX | BUFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -13.73% | -86.27% |
Max Drawdown (1Y)Largest decline over 1 year | -54.59% | -4.61% | -49.98% |
Max Drawdown (3Y)Largest decline over 3 years | -80.75% | -12.81% | -67.94% |
Max Drawdown (5Y)Largest decline over 5 years | -95.66% | -13.73% | -81.93% |
Max Drawdown (10Y)Largest decline over 10 years | -99.80% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -0.11% | -99.89% |
Average DrawdownAverage peak-to-trough decline | -95.11% | -2.05% | -93.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.70% | 0.88% | +34.82% |
Volatility
VXX vs. BUFR - Volatility Comparison
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 14.47% compared to FT Vest Laddered Buffer ETF (BUFR) at 1.90%. This indicates that VXX's price experiences larger fluctuations and is considered to be riskier than BUFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VXX | BUFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.47% | 1.90% | +12.57% |
Volatility (6M)Calculated over the trailing 6-month period | 42.90% | 5.41% | +37.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.37% | 6.78% | +50.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.63% | 10.48% | +57.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.37% | 10.16% | +60.21% |
VXX vs. BUFR - Expense Ratio Comparison
VXX has a 0.89% expense ratio, which is lower than BUFR's 0.95% expense ratio.
Dividends
VXX vs. BUFR - Dividend Comparison
Neither VXX nor BUFR has paid dividends to shareholders.
Frequently Asked Questions
VXX and BUFR have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VXX has higher volatility (14.47%) compared to BUFR (1.90%). In terms of maximum drawdown, VXX dropped -100.00% vs BUFR's -13.73%.
On 5-year performance, BUFR leads with 9.76% vs -46.47% for VXX. On fees, VXX is cheaper at 0.89% per year. On volatility, BUFR has been the lower-risk option at 1.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BUFR has performed better with a 9.76% return vs -46.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VXX is cheaper with a 0.89% expense ratio, compared with 0.95% for BUFR.
VXX and BUFR have nearly identical dividend yields, around 0.00%.
VXX is categorized as Volatility, while BUFR is Defined Outcome. They also come from different issuers: Barclays Capital and First Trust. Their fees differ too: 0.89% for VXX and 0.95% for BUFR.
BUFR currently has the higher Sharpe Ratio (2.04 vs -0.87), 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.
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