VXX vs. GRN
VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and GRN (iPath Series B Carbon ETN) are both exchange-traded funds - VXX is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, while GRN is a Commodities fund tracking the Barclays Global Carbon II Index. Both are passively managed. Over the past 5 years, VXX returned -46.47%/yr vs 8.97%/yr for GRN. Their -0.14 correlation means they have often moved in opposite directions in the past. VXX charges 0.89%/yr vs 0.75%/yr for GRN.
Performance
VXX vs. GRN - 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 GRN's -5.35% 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%
GRN
- 1D
- -0.69%
- 1M
- 2.76%
- 6M
- 1.51%
- YTD
- -5.35%
- 1Y
- 14.99%
- 3Y*
- -1.14%
- 5Y*
- 8.97%
- 10Y*
- —
- ALL TIME*
- 17.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.04K | $14.40K | $18.78K | |
| $203.07M | $176.34M | $224.72M |
VXX vs. GRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -19.72% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | 11.04% | -38.24% |
GRN iPath Series B Carbon ETN | -5.35% | 20.33% | -7.34% | -2.99% | -0.07% | 147.21% | 30.47% | -8.41% |
Correlation
The correlation between VXX and GRN is -0.18, 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. | -0.18 |
Correlation (3Y) Balances recent behavior with more history. | -0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.10 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2019 | -0.14 |
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Return for Risk
VXX vs. GRN — Risk / Return Rank
VXX
GRN
VXX vs. GRN - 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 iPath Series B Carbon ETN (GRN). 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 | GRN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.33 | ||
| Sortino ratioReturn per unit of downside risk | -2.13 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.11 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 0.43 | -1.35 |
| Martin ratioReturn relative to average drawdown | -1.40 | 1.05 | -2.45 |
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Drawdowns
VXX vs. GRN - Drawdown Comparison
The maximum VXX drawdown since its inception was -100.00%, which is greater than GRN's maximum drawdown of -47.96%. Use the drawdown chart below to compare losses from any high point for VXX and GRN.
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Drawdown Indicators
| VXX | GRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -47.96% | -52.04% |
Max Drawdown (1Y)Largest decline over 1 year | -54.59% | -30.39% | -24.20% |
Max Drawdown (3Y)Largest decline over 3 years | -80.75% | -42.82% | -37.93% |
Max Drawdown (5Y)Largest decline over 5 years | -95.66% | -47.96% | -47.70% |
Max Drawdown (10Y)Largest decline over 10 years | -99.80% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -16.87% | -83.13% |
Average DrawdownAverage peak-to-trough decline | -95.11% | -17.55% | -77.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.70% | 12.48% | +23.22% |
Volatility
VXX vs. GRN - Volatility Comparison
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 14.47% compared to iPath Series B Carbon ETN (GRN) at 9.21%. This indicates that VXX's price experiences larger fluctuations and is considered to be riskier than GRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VXX | GRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.47% | 9.21% | +5.26% |
Volatility (6M)Calculated over the trailing 6-month period | 42.90% | 24.22% | +18.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.37% | 28.44% | +28.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.63% | 39.58% | +28.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.37% | 41.64% | +28.73% |
VXX vs. GRN - Expense Ratio Comparison
VXX has a 0.89% expense ratio, which is higher than GRN's 0.75% expense ratio.
Dividends
VXX vs. GRN - Dividend Comparison
Neither VXX nor GRN has paid dividends to shareholders.
Frequently Asked Questions
VXX and GRN have a correlation of -0.18, 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 GRN (9.21%). In terms of maximum drawdown, VXX dropped -100.00% vs GRN's -47.96%.
On 5-year performance, GRN leads with 8.97% vs -46.47% for VXX. On fees, GRN is cheaper at 0.75% per year. On volatility, GRN has been the lower-risk option at 9.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GRN has performed better with a 8.97% return vs -46.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GRN is cheaper with a 0.75% expense ratio, compared with 0.89% for VXX.
VXX and GRN have nearly identical dividend yields, around 0.00%.
VXX is categorized as Volatility, while GRN is Commodities. VXX tracks S&P 500 VIX Short-Term Futures Index Total Return, while GRN tracks Barclays Global Carbon II Index. Their fees differ too: 0.89% for VXX and 0.75% for GRN.
GRN currently has the higher Sharpe Ratio (0.46 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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