VXX vs. QYLD
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 -48.35%/yr vs 10.21%/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
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Returns By Period
In the year-to-date period, VXX achieves a -12.16% return, which is significantly lower than QYLD's 8.25% return. Over the past 10 years, VXX has underperformed QYLD with an annualized return of -48.35%, while QYLD has yielded a comparatively higher 10.21% annualized return.
VXX
- 1D
- -1.86%
- 1M
- -9.32%
- YTD
- -12.16%
- 6M
- -14.08%
- 1Y
- -52.08%
- 3Y*
- -39.64%
- 5Y*
- -45.10%
- 10Y*
- -48.35%
QYLD
- 1D
- 0.56%
- 1M
- 1.12%
- YTD
- 8.25%
- 6M
- 7.89%
- 1Y
- 22.07%
- 3Y*
- 14.40%
- 5Y*
- 8.29%
- 10Y*
- 10.21%
VXX vs. QYLD - 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 | -12.16% | -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 | 8.25% | 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 -0.68, 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 | -0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.67 |
Correlation (All Time) Calculated using the full available price history since Dec 12, 2013 | -0.65 |
The correlation between VXX and QYLD has been stable across timeframes, ranging from -0.69 to -0.65 - a consistent structural relationship.
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Return for Risk
VXX vs. QYLD — Risk / Return Rank
VXX
QYLD
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.
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 | QYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.22 | ||
| Sortino ratioReturn per unit of downside risk | -4.70 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.51 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 4.46 | -5.44 |
| Martin ratioReturn relative to average drawdown | -1.50 | 24.33 | -25.83 |
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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
| VXX | QYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -24.75% | -75.25% |
Max Drawdown (1Y)Largest decline over 1 year | -53.48% | -4.97% | -48.51% |
Max Drawdown (3Y)Largest decline over 3 years | -79.21% | -19.06% | -60.15% |
Max Drawdown (5Y)Largest decline over 5 years | -95.97% | -24.61% | -71.36% |
Max Drawdown (10Y)Largest decline over 10 years | -99.85% | -24.75% | -75.10% |
Current DrawdownCurrent decline from peak | -100.00% | -1.77% | -98.23% |
Average DrawdownAverage peak-to-trough decline | -95.08% | -3.82% | -91.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.97% | 0.91% | +34.06% |
Volatility
VXX vs. QYLD - Volatility Comparison
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 17.03% compared to Global X NASDAQ 100 Covered Call ETF (QYLD) at 4.78%. 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
| VXX | QYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.03% | 4.78% | +12.25% |
Volatility (6M)Calculated over the trailing 6-month period | 43.25% | 8.45% | +34.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.88% | 9.69% | +46.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.03% | 14.84% | +53.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.38% | 15.55% | +54.83% |
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 11.64%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QYLD Global X NASDAQ 100 Covered Call ETF | 11.64% | 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 -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VXX has higher volatility (17.03%) compared to QYLD (4.78%). In terms of maximum drawdown, VXX dropped -100.00% vs QYLD's -24.75%.
On 10-year performance, QYLD leads with 10.21% vs -48.35% for VXX. On fees, QYLD is cheaper at 0.60% per year. On volatility, QYLD has been the lower-risk option at 4.78%. 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 10.21% return vs -48.35%. 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 11.64%, 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 (2.29 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.
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