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VXX vs. REW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VXX vs. REW

Last updated Jun 4, 2026

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 -46.78%/yr vs -45.16%/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

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 ProShares UltraShort Technology (REW). 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 higher than REW's -48.44% return. Both investments have delivered pretty close results over the past 10 years, with VXX having a -46.78% annualized return and REW not far ahead at -45.16%.

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%

REW

1D
2.13%
1M
-32.71%
YTD
-48.44%
6M
-47.77%
1Y
-65.29%
3Y*
-47.19%
5Y*
-40.21%
10Y*
-45.16%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VXX vs. REW - 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%
REW
ProShares UltraShort Technology		-48.44%-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 0.59, 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

0.59

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

0.63

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 Feb 2, 2009

0.66

The correlation between VXX and REW has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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

ProShares UltraShort Technology

Often compared with VXX:
VXX vs. VIXYVXX vs. UVXYVXX vs. VXZVXX vs. UVIXVXX vs. QQQVXX vs. SPYVXX vs. SVXY
Often compared with REW:
REW vs. TECSREW vs. ^VVIXREW vs. XLKREW vs. SPYREW vs. ^GSPCREW vs. SSGREW vs. FTEC

Return for Risk

VXX vs. REW — 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
REW
REW Risk / Return Rank: 00
Overall Rank
REW Sharpe Ratio Rank: 00
Sharpe Ratio Rank
REW Sortino Ratio Rank: 00
Sortino Ratio Rank
REW Omega Ratio Rank: 00
Omega Ratio Rank
REW Calmar Ratio Rank: 00
Calmar Ratio Rank
REW Martin Ratio Rank: 00
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. 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.

VXXREWDifference

Sharpe ratio

Return per unit of total volatility

-0.96

-1.56

+0.59

Sortino ratio

Return per unit of downside risk

-1.56

-3.03

+1.47

Omega ratio

Gain probability vs. loss probability

0.82

0.69

+0.14

Calmar ratio

Return relative to maximum drawdown

-0.95

-0.99

+0.04

Martin ratio

Return relative to average drawdown

-1.34

-2.00

+0.66

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. REW - Sharpe Ratio Comparison

The current VXX Sharpe Ratio is -0.96, which is higher than the REW Sharpe Ratio of -1.56. The chart below compares the historical Sharpe Ratios of VXX and REW, 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

VXXREWDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.96

-1.56

+0.59

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.68

-0.78

+0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.66

-0.93

+0.27

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.77

-0.79

+0.03

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

VXXREWDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-99.99%

-0.01%

Max Drawdown (1Y)

Largest decline over 1 year

-56.23%

-66.25%

+10.02%

Max Drawdown (3Y)

Largest decline over 3 years

-80.28%

-86.76%

+6.48%

Max Drawdown (5Y)

Largest decline over 5 years

-95.68%

-93.62%

-2.06%

Max Drawdown (10Y)

Largest decline over 10 years

-99.86%

-99.79%

-0.07%

Current Drawdown

Current decline from peak

-100.00%

-99.99%

-0.01%

Average Drawdown

Average peak-to-trough decline

-95.08%

-86.88%

-8.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

39.88%

32.60%

+7.28%

Volatility

VXX vs. REW - Volatility Comparison

The current volatility for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) is 8.29%, while ProShares UltraShort Technology (REW) has a volatility of 14.84%. 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

VXXREWDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.29%

14.84%

-6.55%

Volatility (6M)

Calculated over the trailing 6-month period

40.88%

34.14%

+6.74%

Volatility (1Y)

Calculated over the trailing 1-year period

55.57%

42.11%

+13.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

67.96%

51.64%

+16.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

70.96%

48.83%

+22.13%

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 11.04%.

PositionTTM20252024202320222021202020192018
REW
ProShares UltraShort Technology		11.04%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 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

REW has higher volatility (14.84%) compared to VXX (8.29%). In terms of maximum drawdown, VXX dropped -100.00% vs REW's -99.99%.

On 10-year performance, REW leads with -45.16% vs -46.78% for VXX. On fees, VXX is cheaper at 0.89% per year. On volatility, VXX has been the lower-risk option at 8.29%. 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 -45.16% return vs -46.78%. 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 11.04%, 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 (-0.96 vs -1.56), 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.

Portfolio Optimizer

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