VXX vs. PL=F

Last updated Jun 4, 2026

VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) is Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, while PL=F (Platinum) is an asset. Over the past 10 years, VXX returned -46.78%/yr vs 6.61%/yr for PL=F. At a correlation of -0.18, they often move in opposite directions.

Performance

VXX vs. PL=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Platinum (PL=F). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VXX having a -8.16% return and PL=F slightly lower at -8.48%. Over the past 10 years, VXX has underperformed PL=F with an annualized return of -46.78%, while PL=F has yielded a comparatively higher 6.61% annualized return.

VXX

• 1D: -0.25%
• 1M: -15.21%
• YTD: -8.16%
• 6M: -22.63%
• 1Y: -53.35%
• 3Y*: -42.02%
• 5Y*: -46.10%
• 10Y*: -46.78%

PL=F

• 1D: -3.13%
• 1M: -4.36%
• YTD: -8.48%
• 6M: 12.41%
• 1Y: 73.81%
• 3Y*: 22.88%
• 5Y*: 9.84%
• 10Y*: 6.61%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VXX vs. PL=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN	-8.16%	-42.21%	-26.22%	-72.52%	-23.80%	-72.41%	11.04%	-67.75%	67.91%	-72.64%
PL=F Platinum	-8.48%	123.45%	-9.78%	-6.81%	12.08%	-10.47%	10.37%	22.13%	-14.68%	3.60%

Correlation

The correlation between VXX and PL=F is -0.20, 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	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	-0.17
Correlation (5Y) Calculated over the trailing 5-year period	-0.18
Correlation (10Y) Calculated over the trailing 10-year period	-0.16
Correlation (All Time) Calculated using the full available price history since Apr 27, 2009	-0.18

Return for Risk

VXX vs. PL=F — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VXX

VXX Risk / Return Rank: 1
VXX Sharpe Ratio Rank: 1
VXX Sortino Ratio Rank: 1
VXX Omega Ratio Rank: 1
VXX Calmar Ratio Rank: 1
VXX Martin Ratio Rank: 2

PL=F

PL=F Risk / Return Rank: 57
PL=F Sharpe Ratio Rank: 54
PL=F Sortino Ratio Rank: 55
PL=F Omega Ratio Rank: 53
PL=F Calmar Ratio Rank: 65
PL=F Martin Ratio Rank: 58

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VXX vs. PL=F - 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 Platinum (PL=F). 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	PL=F	Difference
Sharpe ratio Return per unit of total volatility	-0.96	1.31	-2.27
Sortino ratio Return per unit of downside risk	-1.56	1.70	-3.26
Omega ratio Gain probability vs. loss probability	0.82	1.26	-0.43
Calmar ratio Return relative to maximum drawdown	-0.95	1.99	-2.94
Martin ratio Return relative to average drawdown	-1.34	4.03	-5.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VXX vs. PL=F - Sharpe Ratio Comparison

The current VXX Sharpe Ratio is -0.96, which is lower than the PL=F Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of VXX and PL=F, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VXX	PL=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.96	1.31	-2.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.68	0.28	-0.96
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.66	0.21	-0.87
Sharpe Ratio (All Time) Calculated using the full available price history	-0.77	0.10	-0.86

Drawdowns

VXX vs. PL=F - Drawdown Comparison

The maximum VXX drawdown since its inception was -100.00%, which is greater than PL=F's maximum drawdown of -68.68%. Use the drawdown chart below to compare losses from any high point for VXX and PL=F.

Drawdown Indicators

	VXX	PL=F	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-68.68%	-31.32%
Max Drawdown (1Y) Largest decline over 1 year	-56.23%	-35.55%	-20.68%
Max Drawdown (3Y) Largest decline over 3 years	-80.28%	-35.55%	-44.73%
Max Drawdown (5Y) Largest decline over 5 years	-95.68%	-35.55%	-60.13%
Max Drawdown (10Y) Largest decline over 10 years	-99.86%	-49.56%	-50.30%
Current Drawdown Current decline from peak	-100.00%	-34.72%	-65.28%
Average Drawdown Average peak-to-trough decline	-95.08%	-36.40%	-58.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.88%	17.87%	+22.01%

Volatility

VXX vs. PL=F - Volatility Comparison

The current volatility for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) is 8.29%, while Platinum (PL=F) has a volatility of 11.08%. This indicates that VXX experiences smaller price fluctuations and is considered to be less risky than PL=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VXX	PL=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.29%	11.08%	-2.79%
Volatility (6M) Calculated over the trailing 6-month period	40.88%	48.91%	-8.03%
Volatility (1Y) Calculated over the trailing 1-year period	55.57%	54.12%	+1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.96%	35.61%	+32.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.96%	31.75%	+39.21%

Frequently Asked Questions

Can I hold both VXX and PL=F in my portfolio?

VXX and PL=F have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VXX or PL=F?

PL=F has higher volatility (11.08%) compared to VXX (8.29%). In terms of maximum drawdown, VXX dropped -100.00% vs PL=F's -68.68%.

Which has better risk-adjusted returns?

PL=F currently has the higher Sharpe Ratio (1.31 vs -0.96), 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.