VXX vs. SVIX
VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and SVIX (-1x Short VIX Futures ETF) are both Volatility funds - VXX tracks the S&P 500 VIX Short-Term Futures Index Total Return while SVIX tracks the Short VIX Futures Index. Both are passively managed. Over the past 3 years, VXX returned -38.94%/yr vs -5.98%/yr for SVIX. At a correlation of -0.96, they often move in opposite directions. VXX charges 0.89%/yr vs 1.47%/yr for SVIX.
Performance
VXX vs. SVIX - Performance Comparison
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Returns By Period
In the year-to-date period, VXX achieves a -17.72% return, which is significantly lower than SVIX's -0.70% return.
VXX
- 1D
- 3.08%
- 1M
- -10.00%
- 6M
- -15.71%
- YTD
- -17.72%
- 1Y
- -51.81%
- 3Y*
- -38.94%
- 5Y*
- -45.73%
- 10Y*
- -46.79%
SVIX
- 1D
- -3.26%
- 1M
- 9.07%
- 6M
- -3.30%
- YTD
- -0.70%
- 1Y
- 46.26%
- 3Y*
- -5.98%
- 5Y*
- —
- 10Y*
- —
VXX vs. SVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -17.72% | -42.21% | -26.22% | -72.52% | -43.18% |
SVIX -1x Short VIX Futures ETF | -0.70% | -4.49% | -32.76% | 157.37% | -1.48% |
Correlation
The correlation between VXX and SVIX is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | -0.96 |
The correlation between VXX and SVIX has been stable across timeframes, ranging from -0.99 to -0.96 - a consistent structural relationship.
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Return for Risk
VXX vs. SVIX — Risk / Return Rank
VXX
SVIX
VXX vs. SVIX - 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 -1x Short VIX Futures ETF (SVIX). 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 | SVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -2.82 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.19 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 1.09 | -2.05 |
| Martin ratioReturn relative to average drawdown | -1.55 | 3.10 | -4.64 |
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Drawdowns
VXX vs. SVIX - Drawdown Comparison
The maximum VXX drawdown since its inception was -100.00%, which is greater than SVIX's maximum drawdown of -79.30%. Use the drawdown chart below to compare losses from any high point for VXX and SVIX.
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Drawdown Indicators
| VXX | SVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -79.30% | -20.70% |
Max Drawdown (1Y)Largest decline over 1 year | -53.98% | -42.69% | -11.29% |
Max Drawdown (3Y)Largest decline over 3 years | -80.49% | -79.30% | -1.19% |
Max Drawdown (5Y)Largest decline over 5 years | -96.22% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -52.57% | -47.43% |
Average DrawdownAverage peak-to-trough decline | -95.09% | -32.13% | -62.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.53% | 14.99% | +18.54% |
Volatility
VXX vs. SVIX - Volatility Comparison
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 14.39% compared to -1x Short VIX Futures ETF (SVIX) at 13.65%. This indicates that VXX's price experiences larger fluctuations and is considered to be riskier than SVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VXX | SVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.39% | 13.65% | +0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 43.73% | 43.65% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.27% | 55.42% | +0.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.95% | 65.95% | +2.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.30% | 65.95% | +4.35% |
VXX vs. SVIX - Expense Ratio Comparison
VXX has a 0.89% expense ratio, which is lower than SVIX's 1.47% expense ratio.
Dividends
VXX vs. SVIX - Dividend Comparison
Neither VXX nor SVIX has paid dividends to shareholders.
Frequently Asked Questions
VXX and SVIX have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VXX has higher volatility (14.39%) compared to SVIX (13.65%). In terms of maximum drawdown, VXX dropped -100.00% vs SVIX's -79.30%.
On 3-year performance, SVIX leads with -5.98% vs -38.94% for VXX. On fees, VXX is cheaper at 0.89% per year. On volatility, SVIX has been the lower-risk option at 13.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SVIX has performed better with a -5.98% return vs -38.94%. 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 1.47% for SVIX.
VXX and SVIX have nearly identical dividend yields, around 0.00%.
VXX tracks S&P 500 VIX Short-Term Futures Index Total Return, while SVIX tracks Short VIX Futures Index. They also come from different issuers: Barclays Capital and Volatility Shares. Their fees differ too: 0.89% for VXX and 1.47% for SVIX.
SVIX currently has the higher Sharpe Ratio (0.84 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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