VXX vs. QQQ
VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - VXX is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, VXX returned -46.29%/yr vs 20.44%/yr for QQQ. Their -0.71 correlation means they have often moved in opposite directions in the past. VXX charges 0.89%/yr vs 0.18%/yr for QQQ.
Performance
VXX vs. QQQ - 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 QQQ's 12.26% return. Over the past 10 years, VXX has underperformed QQQ with an annualized return of -46.29%, while QQQ has yielded a comparatively higher 20.44% annualized 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%
QQQ
- 1D
- 0.65%
- 1M
- -3.45%
- 6M
- 10.89%
- YTD
- 12.26%
- 1Y
- 24.81%
- 3Y*
- 22.29%
- 5Y*
- 14.23%
- 10Y*
- 20.44%
- ALL TIME*
- 10.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.32B | $28.40B | $31.45B | |
| $203.07M | $176.34M | $224.72M |
VXX vs. QQQ - 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 | -19.72% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | 11.04% | -67.75% | 67.91% | -72.64% |
QQQ Invesco QQQ ETF | 12.26% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
Correlation
The correlation between VXX and QQQ is -0.69, 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. | -0.69 |
Correlation (3Y) Balances recent behavior with more history. | -0.69 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.67 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.68 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | -0.71 |
The correlation between VXX and QQQ has been stable across timeframes, ranging from -0.71 to -0.67 - a consistent structural relationship.
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Return for Risk
VXX vs. QQQ — Risk / Return Rank
VXX
QQQ
VXX vs. QQQ - 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 Invesco QQQ ETF (QQQ). 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 | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.03 | ||
| Sortino ratioReturn per unit of downside risk | -2.98 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.21 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 1.88 | -2.79 |
| Martin ratioReturn relative to average drawdown | -1.40 | 6.00 | -7.40 |
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Drawdowns
VXX vs. QQQ - Drawdown Comparison
The maximum VXX drawdown since its inception was -100.00%, which is greater than QQQ's maximum drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for VXX and QQQ.
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Drawdown Indicators
| VXX | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -82.97% | -17.03% |
Max Drawdown (1Y)Largest decline over 1 year | -54.59% | -11.96% | -42.63% |
Max Drawdown (3Y)Largest decline over 3 years | -80.75% | -22.77% | -57.98% |
Max Drawdown (5Y)Largest decline over 5 years | -95.66% | -35.12% | -60.54% |
Max Drawdown (10Y)Largest decline over 10 years | -99.80% | -35.12% | -64.68% |
Current DrawdownCurrent decline from peak | -100.00% | -7.69% | -92.31% |
Average DrawdownAverage peak-to-trough decline | -95.11% | -32.62% | -62.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.70% | 3.74% | +31.96% |
Volatility
VXX vs. QQQ - Volatility Comparison
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 14.47% compared to Invesco QQQ ETF (QQQ) at 6.87%. This indicates that VXX's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VXX | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.47% | 6.87% | +7.60% |
Volatility (6M)Calculated over the trailing 6-month period | 42.90% | 16.08% | +26.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.37% | 19.38% | +37.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.63% | 22.90% | +44.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.37% | 22.50% | +47.87% |
VXX vs. QQQ - Expense Ratio Comparison
VXX has a 0.89% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
VXX vs. QQQ - Dividend Comparison
VXX has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.44%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 0.44% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VXX and QQQ have a correlation of -0.69, 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 QQQ (6.87%). In terms of maximum drawdown, VXX dropped -100.00% vs QQQ's -82.97%.
On 10-year performance, QQQ leads with 20.44% vs -46.29% for VXX. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 6.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QQQ has performed better with a 20.44% return vs -46.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 0.89% for VXX.
QQQ has the higher dividend yield at 0.44%, compared with 0.00% for VXX.
VXX is categorized as Volatility, while QQQ is Nasdaq-100. VXX tracks S&P 500 VIX Short-Term Futures Index Total Return, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: Barclays Capital and Invesco. Their fees differ too: 0.89% for VXX and 0.18% for QQQ.
QQQ currently has the higher Sharpe Ratio (1.16 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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