VXX vs. GJAN
VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and GJAN (FT Vest U.S. Equity Moderate Buffer ETF - January) are both exchange-traded funds - VXX is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, while GJAN is a Defined Outcome fund tracking the S&P 500. Both are passively managed. Over the past 3 years, VXX returned -41.67%/yr vs 11.86%/yr for GJAN. Their -0.72 correlation means they have often moved in opposite directions in the past. VXX charges 0.89%/yr vs 0.85%/yr for GJAN.
Performance
VXX vs. GJAN - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VXX achieves a -22.52% return, which is significantly lower than GJAN's 6.75% return.
VXX
- 1D
- -3.57%
- 1M
- -4.56%
- 6M
- -25.82%
- YTD
- -22.52%
- 1Y
- -52.58%
- 3Y*
- -41.67%
- 5Y*
- -46.15%
- 10Y*
- -46.01%
- ALL TIME*
- -51.51%
GJAN
- 1D
- -0.13%
- 1M
- 1.16%
- 6M
- 6.38%
- YTD
- 6.75%
- 1Y
- 12.96%
- 3Y*
- 11.86%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.34%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $501.99K | $608.59K | $1.11M | |
| $215.68M | $176.91M | $223.32M |
VXX vs. GJAN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -22.52% | -42.21% | -26.22% | -68.12% |
GJAN FT Vest U.S. Equity Moderate Buffer ETF - January | 6.75% | 10.71% | 12.09% | 13.83% |
Correlation
The correlation between VXX and GJAN is -0.80, 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. | -0.80 |
Correlation (3Y) Balances recent behavior with more history. | -0.75 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023 | -0.72 |
The correlation between VXX and GJAN has been stable across timeframes, ranging from -0.80 to -0.72 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VXX vs. GJAN — Risk / Return Rank
VXX
GJAN
VXX vs. GJAN - 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 U.S. Equity Moderate Buffer ETF - January (GJAN). 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 | GJAN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.15 | ||
| Sortino ratioReturn per unit of downside risk | -4.74 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.45 | -0.61 |
| Calmar ratioReturn relative to maximum drawdown | -1.03 | 2.76 | -3.79 |
| Martin ratioReturn relative to average drawdown | -1.69 | 14.06 | -15.75 |
Loading charts...
Drawdowns
VXX vs. GJAN - Drawdown Comparison
The maximum VXX drawdown since its inception was -100.00%, which is greater than GJAN's maximum drawdown of -10.60%. Use the drawdown chart below to compare losses from any high point for VXX and GJAN.
Loading charts...
Drawdown Indicators
| VXX | GJAN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -10.60% | -89.40% |
Max Drawdown (1Y)Largest decline over 1 year | -51.41% | -4.71% | -46.70% |
Max Drawdown (3Y)Largest decline over 3 years | -81.07% | -10.60% | -70.47% |
Max Drawdown (5Y)Largest decline over 5 years | -95.73% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.80% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -0.13% | -99.87% |
Average DrawdownAverage peak-to-trough decline | -95.11% | -0.77% | -94.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.62% | 0.92% | +31.70% |
Volatility
VXX vs. GJAN - Volatility Comparison
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 14.67% compared to FT Vest U.S. Equity Moderate Buffer ETF - January (GJAN) at 1.61%. This indicates that VXX's price experiences larger fluctuations and is considered to be riskier than GJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VXX | GJAN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.67% | 1.61% | +13.06% |
Volatility (6M)Calculated over the trailing 6-month period | 42.51% | 4.93% | +37.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.52% | 5.88% | +50.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.61% | 7.52% | +60.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.36% | 7.52% | +62.84% |
VXX vs. GJAN - Expense Ratio Comparison
VXX has a 0.89% expense ratio, which is higher than GJAN's 0.85% expense ratio.
Dividends
VXX vs. GJAN - Dividend Comparison
Neither VXX nor GJAN has paid dividends to shareholders.
Frequently Asked Questions
VXX and GJAN have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VXX has higher volatility (14.67%) compared to GJAN (1.61%). In terms of maximum drawdown, VXX dropped -100.00% vs GJAN's -10.60%.
On 3-year performance, GJAN leads with 11.86% vs -41.67% for VXX. On fees, GJAN is cheaper at 0.85% per year. On volatility, GJAN has been the lower-risk option at 1.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GJAN has performed better with a 11.86% return vs -41.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GJAN is cheaper with a 0.85% expense ratio, compared with 0.89% for VXX.
VXX and GJAN have nearly identical dividend yields, around 0.00%.
VXX is categorized as Volatility, while GJAN is Defined Outcome. VXX tracks S&P 500 VIX Short-Term Futures Index Total Return, while GJAN tracks S&P 500. They also come from different issuers: Barclays Capital and FT Vest. Their fees differ too: 0.89% for VXX and 0.85% for GJAN.
GJAN currently has the higher Sharpe Ratio (2.22 vs -0.93), 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.
Find the right allocation for VXX and GJAN
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer