VXX vs. REW
VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and REW (ProShares UltraShort Technology) are both exchange-traded funds - VXX is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, while REW is a Leveraged Equities fund tracking the Dow Jones U.S. Technology Index (-200%). Both are passively managed. Over the past 10 years, VXX returned -48.25%/yr vs -45.02%/yr for REW. A 0.66 correlation means they provide meaningful diversification when combined. VXX charges 0.89%/yr vs 0.95%/yr for REW.
Performance
VXX vs. REW - Performance Comparison
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Returns By Period
In the year-to-date period, VXX achieves a -9.82% return, which is significantly higher than REW's -43.46% return. Over the past 10 years, VXX has underperformed REW with an annualized return of -48.25%, while REW has yielded a comparatively higher -45.02% annualized return.
VXX
- 1D
- 5.99%
- 1M
- -9.65%
- YTD
- -9.82%
- 6M
- -11.92%
- 1Y
- -54.78%
- 3Y*
- -39.15%
- 5Y*
- -45.02%
- 10Y*
- -48.25%
REW
- 1D
- 8.41%
- 1M
- -7.69%
- YTD
- -43.46%
- 6M
- -41.80%
- 1Y
- -59.92%
- 3Y*
- -45.10%
- 5Y*
- -37.89%
- 10Y*
- -45.02%
VXX vs. REW - 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 | -9.82% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | 11.04% | -67.75% | 67.91% | -72.64% |
REW ProShares UltraShort Technology | -43.46% | -43.15% | -33.70% | -61.35% | 65.72% | -53.61% | -71.34% | -56.83% | -10.02% | -49.11% |
Correlation
The correlation between VXX and REW is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | 0.66 |
The correlation between VXX and REW has been stable across timeframes, ranging from 0.60 to 0.66 - a consistent structural relationship.
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Return for Risk
VXX vs. REW — Risk / Return Rank
VXX
REW
VXX vs. REW - 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 ProShares UltraShort Technology (REW). 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 | REW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.75 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -0.96 | -0.06 |
| Martin ratioReturn relative to average drawdown | -1.55 | -2.00 | +0.45 |
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Drawdowns
VXX vs. REW - Drawdown Comparison
The maximum VXX drawdown since its inception was -100.00%, roughly equal to the maximum REW drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for VXX and REW.
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Drawdown Indicators
| VXX | REW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.99% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -54.18% | -62.81% | +8.63% |
Max Drawdown (3Y)Largest decline over 3 years | -79.21% | -86.76% | +7.55% |
Max Drawdown (5Y)Largest decline over 5 years | -95.97% | -93.62% | -2.35% |
Max Drawdown (10Y)Largest decline over 10 years | -99.87% | -99.79% | -0.08% |
Current DrawdownCurrent decline from peak | -100.00% | -99.99% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -95.08% | -86.90% | -8.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.47% | 32.15% | +7.32% |
Volatility
VXX vs. REW - Volatility Comparison
The current volatility for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) is 17.21%, while ProShares UltraShort Technology (REW) has a volatility of 24.81%. This indicates that VXX experiences smaller price fluctuations and is considered to be less risky than REW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VXX | REW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.21% | 24.81% | -7.60% |
Volatility (6M)Calculated over the trailing 6-month period | 43.47% | 39.86% | +3.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.26% | 47.48% | +8.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.03% | 52.55% | +15.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.41% | 49.30% | +21.11% |
VXX vs. REW - Expense Ratio Comparison
VXX has a 0.89% expense ratio, which is lower than REW's 0.95% expense ratio.
Dividends
VXX vs. REW - Dividend Comparison
VXX has not paid dividends to shareholders, while REW's dividend yield for the trailing twelve months is around 10.07%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | 10.07% | 6.69% | 5.68% | 5.97% | 0.65% | 0.00% | 0.27% | 1.80% | 0.51% |
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% |
Frequently Asked Questions
VXX and REW have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REW has higher volatility (24.81%) compared to VXX (17.21%). In terms of maximum drawdown, VXX dropped -100.00% vs REW's -99.99%.
On 10-year performance, REW leads with -45.02% vs -48.25% for VXX. On fees, VXX is cheaper at 0.89% per year. On volatility, VXX has been the lower-risk option at 17.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, REW has performed better with a -45.02% return vs -48.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VXX is cheaper with a 0.89% expense ratio, compared with 0.95% for REW.
REW has the higher dividend yield at 10.07%, compared with 0.00% for VXX.
VXX is categorized as Volatility, while REW is Leveraged Equities. VXX tracks S&P 500 VIX Short-Term Futures Index Total Return, while REW tracks Dow Jones U.S. Technology Index (-200%). They also come from different issuers: Barclays Capital and ProShares. Their fees differ too: 0.89% for VXX and 0.95% for REW.
VXX currently has the higher Sharpe Ratio (-0.98 vs -1.27), 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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