VXX vs. FEBT
VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and FEBT (Allianzim U.S. Large Cap Buffer10 Feb ETF) are both exchange-traded funds - VXX is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, while FEBT is a Options Trading fund actively managed by Allianz. VXX is passively managed, while FEBT is actively managed. Over the past 3 years, VXX returned -40.81%/yr vs 15.56%/yr for FEBT. At a correlation of -0.75, they often move in opposite directions. VXX charges 0.89%/yr vs 0.74%/yr for FEBT.
Performance
VXX vs. FEBT - Performance Comparison
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Returns By Period
In the year-to-date period, VXX achieves a -20.17% return, which is significantly lower than FEBT's 8.70% return.
VXX
- 1D
- -2.09%
- 1M
- -12.69%
- 6M
- -17.94%
- YTD
- -20.17%
- 1Y
- -53.25%
- 3Y*
- -40.81%
- 5Y*
- -46.25%
- 10Y*
- -47.06%
FEBT
- 1D
- 0.34%
- 1M
- 1.52%
- 6M
- 7.43%
- YTD
- 8.70%
- 1Y
- 17.24%
- 3Y*
- 15.56%
- 5Y*
- —
- 10Y*
- —
VXX vs. FEBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -20.17% | -42.21% | -26.22% | -65.72% |
FEBT Allianzim U.S. Large Cap Buffer10 Feb ETF | 8.70% | 12.72% | 17.29% | 15.47% |
Correlation
The correlation between VXX and FEBT is -0.81, 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 | -0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.76 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023 | -0.75 |
The correlation between VXX and FEBT has been stable across timeframes, ranging from -0.81 to -0.75 - a consistent structural relationship.
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Return for Risk
VXX vs. FEBT — Risk / Return Rank
VXX
FEBT
VXX vs. FEBT - 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 Allianzim U.S. Large Cap Buffer10 Feb ETF (FEBT). 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 | FEBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.16 | ||
| Sortino ratioReturn per unit of downside risk | -4.71 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.43 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 2.86 | -3.84 |
| Martin ratioReturn relative to average drawdown | -1.59 | 14.11 | -15.70 |
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Drawdowns
VXX vs. FEBT - Drawdown Comparison
The maximum VXX drawdown since its inception was -100.00%, which is greater than FEBT's maximum drawdown of -13.19%. Use the drawdown chart below to compare losses from any high point for VXX and FEBT.
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Drawdown Indicators
| VXX | FEBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -13.19% | -86.81% |
Max Drawdown (1Y)Largest decline over 1 year | -53.98% | -6.04% | -47.94% |
Max Drawdown (3Y)Largest decline over 3 years | -80.49% | -13.19% | -67.30% |
Max Drawdown (5Y)Largest decline over 5 years | -96.22% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | 0.00% | -100.00% |
Average DrawdownAverage peak-to-trough decline | -95.09% | -1.17% | -93.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.37% | 1.22% | +32.15% |
Volatility
VXX vs. FEBT - Volatility Comparison
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 15.30% compared to Allianzim U.S. Large Cap Buffer10 Feb ETF (FEBT) at 2.39%. This indicates that VXX's price experiences larger fluctuations and is considered to be riskier than FEBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VXX | FEBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.30% | 2.39% | +12.91% |
Volatility (6M)Calculated over the trailing 6-month period | 43.61% | 6.37% | +37.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.07% | 7.81% | +48.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.91% | 9.72% | +58.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.27% | 9.72% | +60.55% |
VXX vs. FEBT - Expense Ratio Comparison
VXX has a 0.89% expense ratio, which is higher than FEBT's 0.74% expense ratio.
Dividends
VXX vs. FEBT - Dividend Comparison
Neither VXX nor FEBT has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
FEBT Allianzim U.S. Large Cap Buffer10 Feb ETF | 0.00% | 0.00% | 0.28% |
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VXX and FEBT have a correlation of -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VXX has higher volatility (15.30%) compared to FEBT (2.39%). In terms of maximum drawdown, VXX dropped -100.00% vs FEBT's -13.19%.
On 3-year performance, FEBT leads with 15.56% vs -40.81% for VXX. On fees, FEBT is cheaper at 0.74% per year. On volatility, FEBT has been the lower-risk option at 2.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FEBT has performed better with a 15.56% return vs -40.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FEBT is cheaper with a 0.74% expense ratio, compared with 0.89% for VXX.
VXX and FEBT have nearly identical dividend yields, around 0.00%.
VXX is categorized as Volatility, while FEBT is Options Trading. They also come from different issuers: Barclays Capital and Allianz. Their fees differ too: 0.89% for VXX and 0.74% for FEBT.
FEBT currently has the higher Sharpe Ratio (2.21 vs -0.95), 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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