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VXX vs. QYLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VXX vs. QYLD

Last updated Jun 4, 2026

VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both exchange-traded funds - VXX is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, while QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2. Both are passively managed. Over the past 10 years, VXX returned -46.78%/yr vs 9.80%/yr for QYLD. At a correlation of -0.65, they often move in opposite directions. VXX charges 0.89%/yr vs 0.60%/yr for QYLD.

Performance

VXX vs. QYLD - 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 Global X NASDAQ 100 Covered Call ETF (QYLD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VXX achieves a -8.16% return, which is significantly lower than QYLD's 7.88% return. Over the past 10 years, VXX has underperformed QYLD with an annualized return of -46.78%, while QYLD has yielded a comparatively higher 9.80% 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%

QYLD

1D
-0.06%
1M
1.62%
YTD
7.88%
6M
9.97%
1Y
23.93%
3Y*
13.80%
5Y*
8.43%
10Y*
9.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VXX vs. QYLD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
QYLD
Global X NASDAQ 100 Covered Call ETF		7.88%9.28%19.35%22.77%-19.08%10.41%8.72%22.69%-3.07%18.79%

Correlation

The correlation between VXX and QYLD is -0.67, 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

-0.67

Correlation (3Y)
Calculated over the trailing 3-year period

-0.68

Correlation (5Y)
Calculated over the trailing 5-year period

-0.68

Correlation (10Y)
Calculated over the trailing 10-year period

-0.66

Correlation (All Time)
Calculated using the full available price history since Dec 13, 2013

-0.65

The correlation between VXX and QYLD has been stable across timeframes, ranging from -0.68 to -0.65 - 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.

iPath Series B S&P 500 VIX Short-Term Futures ETN

Global X NASDAQ 100 Covered Call ETF

Often compared with VXX:
VXX vs. VIXYVXX vs. UVXYVXX vs. VXZVXX vs. UVIXVXX vs. QQQVXX vs. SPYVXX vs. SVXY
Often compared with QYLD:
QYLD vs. JEPQQYLD vs. JEPIQYLD vs. QQQQYLD vs. XYLDQYLD vs. RYLDQYLD vs. SCHDQYLD vs. QYLG

Return for Risk

VXX vs. QYLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VXX
VXX Risk / Return Rank: 11
Overall Rank
VXX Sharpe Ratio Rank: 11
Sharpe Ratio Rank
VXX Sortino Ratio Rank: 11
Sortino Ratio Rank
VXX Omega Ratio Rank: 11
Omega Ratio Rank
VXX Calmar Ratio Rank: 11
Calmar Ratio Rank
VXX Martin Ratio Rank: 22
Martin Ratio Rank
QYLD
QYLD Risk / Return Rank: 8888
Overall Rank
QYLD Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
QYLD Sortino Ratio Rank: 8585
Sortino Ratio Rank
QYLD Omega Ratio Rank: 9292
Omega Ratio Rank
QYLD Calmar Ratio Rank: 8686
Calmar Ratio Rank
QYLD Martin Ratio Rank: 9494
Martin Ratio Rank
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. QYLD - 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 Global X NASDAQ 100 Covered Call ETF (QYLD). 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.

VXXQYLDDifference
Sharpe ratioReturn per unit of total volatility
-0.96
2.80

-3.77

Sortino ratioReturn per unit of downside risk
-1.56
3.92

-5.48

Omega ratioGain probability vs. loss probability

0.82

1.63

-0.81

Calmar ratioReturn relative to maximum drawdown

-0.95

4.84

-5.79

Martin ratioReturn relative to average drawdown

-1.34

28.36

-29.70

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. QYLD - Sharpe Ratio Comparison

The current VXX Sharpe Ratio is -0.96, which is lower than the QYLD Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of VXX and QYLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

VXXQYLDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.96

2.80

-3.77

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.68

0.58

-1.26

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.66

0.63

-1.29

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.77

0.59

-1.36

Drawdowns

VXX vs. QYLD - Drawdown Comparison

The maximum VXX drawdown since its inception was -100.00%, which is greater than QYLD's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for VXX and QYLD.

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Drawdown Indicators

VXXQYLDDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-24.75%

-75.25%

Max Drawdown (1Y)

Largest decline over 1 year

-56.23%

-4.97%

-51.26%

Max Drawdown (3Y)

Largest decline over 3 years

-80.28%

-19.06%

-61.22%

Max Drawdown (5Y)

Largest decline over 5 years

-95.68%

-24.61%

-71.07%

Max Drawdown (10Y)

Largest decline over 10 years

-99.86%

-24.75%

-75.11%

Current Drawdown

Current decline from peak

-100.00%

-0.06%

-99.94%

Average Drawdown

Average peak-to-trough decline

-95.08%

-3.84%

-91.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

39.88%

0.85%

+39.03%

Volatility

VXX vs. QYLD - Volatility Comparison

iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 8.29% compared to Global X NASDAQ 100 Covered Call ETF (QYLD) at 1.85%. This indicates that VXX's price experiences larger fluctuations and is considered to be riskier than QYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VXXQYLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.29%

1.85%

+6.44%

Volatility (6M)

Calculated over the trailing 6-month period

40.88%

7.12%

+33.76%

Volatility (1Y)

Calculated over the trailing 1-year period

55.57%

8.58%

+46.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

67.96%

14.70%

+53.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

70.96%

15.49%

+55.47%

VXX vs. QYLD - Expense Ratio Comparison

VXX has a 0.89% expense ratio, which is higher than QYLD's 0.60% expense ratio.

Dividends

VXX vs. QYLD - Dividend Comparison

VXX has not paid dividends to shareholders, while QYLD's dividend yield for the trailing twelve months is around 11.46%.

PositionTTM20252024202320222021202020192018201720162015
QYLD
Global X NASDAQ 100 Covered Call ETF		11.46%11.55%12.50%11.78%13.75%12.85%11.16%9.84%12.44%7.69%9.15%9.42%
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 QYLD have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VXX has higher volatility (8.29%) compared to QYLD (1.85%). In terms of maximum drawdown, VXX dropped -100.00% vs QYLD's -24.75%.

On 10-year performance, QYLD leads with 9.80% vs -46.78% for VXX. On fees, QYLD is cheaper at 0.60% per year. On volatility, QYLD has been the lower-risk option at 1.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QYLD has performed better with a 9.80% return vs -46.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QYLD is cheaper with a 0.60% expense ratio, compared with 0.89% for VXX.

QYLD has the higher dividend yield at 11.46%, compared with 0.00% for VXX.

VXX is categorized as Volatility, while QYLD is Nasdaq-100. VXX tracks S&P 500 VIX Short-Term Futures Index Total Return, while QYLD tracks CBOE NASDAQ-100 Buy Write V2. They also come from different issuers: Barclays Capital and Global X. Their fees differ too: 0.89% for VXX and 0.60% for QYLD.

QYLD currently has the higher Sharpe Ratio (2.80 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.

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