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 -46.29%/yr vs -43.49%/yr for REW. Their 0.66 correlation means they have sometimes moved together and sometimes differently. 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 -19.72% return, which is significantly higher than REW's -39.32% return. Over the past 10 years, VXX has underperformed REW with an annualized return of -46.29%, while REW has yielded a comparatively higher -43.49% 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%
REW
- 1D
- 0.08%
- 1M
- 3.53%
- 6M
- -39.26%
- YTD
- -39.32%
- 1Y
- -52.04%
- 3Y*
- -41.68%
- 5Y*
- -35.51%
- 10Y*
- -43.49%
- ALL TIME*
- -36.20%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $552.72K | $447.22K | $395.13K | |
| $203.07M | $176.34M | $224.72M |
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 | -19.72% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | 11.04% | -67.75% | 67.91% | -72.64% |
REW ProShares UltraShort Technology | -39.32% | -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 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.61 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.64 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 0.61 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 | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.84 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.83 | -0.08 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.59 | +0.19 |
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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 | -54.59% | -60.10% | +5.51% |
Max Drawdown (3Y)Largest decline over 3 years | -80.75% | -86.76% | +6.01% |
Max Drawdown (5Y)Largest decline over 5 years | -95.66% | -93.62% | -2.04% |
Max Drawdown (10Y)Largest decline over 10 years | -99.80% | -99.72% | -0.08% |
Current DrawdownCurrent decline from peak | -100.00% | -99.99% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -95.11% | -86.97% | -8.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.70% | 31.35% | +4.35% |
Volatility
VXX vs. REW - Volatility Comparison
The current volatility for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) is 14.47%, while ProShares UltraShort Technology (REW) has a volatility of 19.67%. 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 | 14.47% | 19.67% | -5.20% |
Volatility (6M)Calculated over the trailing 6-month period | 42.90% | 44.30% | -1.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.37% | 51.71% | +5.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.63% | 53.29% | +14.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.37% | 49.65% | +20.72% |
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 8.21%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | 8.21% | 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 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REW has higher volatility (19.67%) compared to VXX (14.47%). In terms of maximum drawdown, VXX dropped -100.00% vs REW's -99.99%.
On 10-year performance, REW leads with -43.49% vs -46.29% for VXX. On fees, VXX is cheaper at 0.89% per year. On volatility, VXX has been the lower-risk option at 14.47%. 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 -43.49% return vs -46.29%. 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 8.21%, 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 (-0.87 vs -0.97), 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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