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 -46.46%/yr vs 10.02%/yr for BUFR. At a correlation of -0.71, they often move in opposite directions. 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 -11.22% return, which is significantly lower than BUFR's 6.63% return.
VXX
- 1D
- -3.33%
- 1M
- -18.15%
- YTD
- -11.22%
- 6M
- -24.41%
- 1Y
- -54.83%
- 3Y*
- -42.32%
- 5Y*
- -46.46%
- 10Y*
- -46.89%
BUFR
- 1D
- 0.19%
- 1M
- 2.10%
- YTD
- 6.63%
- 6M
- 7.31%
- 1Y
- 17.88%
- 3Y*
- 14.63%
- 5Y*
- 10.02%
- 10Y*
- —
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 | -11.22% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | -37.70% |
BUFR FT Vest Laddered Buffer ETF | 6.63% | 12.44% | 14.68% | 19.63% | -7.57% | 11.88% | 7.57% |
Correlation
The correlation between VXX and BUFR is -0.79, 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 | -0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.72 |
Correlation (All Time) Calculated using the full available price history since Aug 12, 2020 | -0.71 |
The correlation between VXX and BUFR has been stable across timeframes, ranging from -0.79 to -0.71 - a consistent structural relationship.
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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.
| VXX | BUFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.74 | ||
| Sortino ratioReturn per unit of downside risk | -5.63 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.56 | -0.74 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 3.90 | -4.86 |
| Martin ratioReturn relative to average drawdown | -1.37 | 21.10 | -22.47 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VXX | BUFR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.99 | 2.75 | -3.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.69 | 0.96 | -1.65 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.66 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.77 | 1.08 | -1.84 |
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 | -57.39% | -4.61% | -52.78% |
Max Drawdown (3Y)Largest decline over 3 years | -79.68% | -12.81% | -66.87% |
Max Drawdown (5Y)Largest decline over 5 years | -95.79% | -13.73% | -82.06% |
Max Drawdown (10Y)Largest decline over 10 years | -99.86% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -0.01% | -99.99% |
Average DrawdownAverage peak-to-trough decline | -95.08% | -2.09% | -92.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.04% | 0.85% | +39.19% |
Volatility
VXX vs. BUFR - Volatility Comparison
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 8.62% compared to FT Vest Laddered Buffer ETF (BUFR) at 1.02%. 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 | 8.62% | 1.02% | +7.60% |
Volatility (6M)Calculated over the trailing 6-month period | 40.99% | 4.95% | +36.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.62% | 6.52% | +49.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.94% | 10.44% | +57.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.95% | 10.22% | +60.73% |
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 -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VXX has higher volatility (8.62%) compared to BUFR (1.02%). In terms of maximum drawdown, VXX dropped -100.00% vs BUFR's -13.73%.
On 5-year performance, BUFR leads with 10.02% vs -46.46% for VXX. On fees, VXX is cheaper at 0.89% per year. On volatility, BUFR has been the lower-risk option at 1.02%. 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 10.02% return vs -46.46%. 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 (2.75 vs -0.99), 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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