VXX vs. SVIX

Last updated Jun 4, 2026

VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and SVIX (Volatility Shares -1x Short VIX Futures ETF) are both exchange-traded funds - VXX is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, while SVIX is a Inverse Equities fund managed by Volatility Shares. Over the past 3 years, VXX returned -42.02%/yr vs -0.59%/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

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 Volatility Shares -1x Short VIX Futures ETF (SVIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VXX having a -8.16% return and SVIX slightly lower at -8.17%.

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%

SVIX

• 1D: -0.09%
• 1M: 16.92%
• YTD: -8.17%
• 6M: 7.59%
• 1Y: 51.46%
• 3Y*: -0.59%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

VXX vs. SVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN	-8.16%	-42.21%	-26.22%	-72.52%	-43.52%
SVIX Volatility Shares -1x Short VIX Futures ETF	-8.17%	-4.49%	-32.76%	157.37%	-0.88%

Correlation

The correlation between VXX and SVIX is -1.00, 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	-1.00
Correlation (3Y) Calculated over the trailing 3-year period	-0.99
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022	-0.96

The correlation between VXX and SVIX has been stable across timeframes, ranging from -1.00 to -0.96 - a consistent structural relationship.

Return for Risk

VXX vs. SVIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VXX

VXX Risk / Return Rank: 1
VXX Sharpe Ratio Rank: 1
VXX Sortino Ratio Rank: 1
VXX Omega Ratio Rank: 1
VXX Calmar Ratio Rank: 1
VXX Martin Ratio Rank: 2

SVIX

SVIX Risk / Return Rank: 26
SVIX Sharpe Ratio Rank: 26
SVIX Sortino Ratio Rank: 26
SVIX Omega Ratio Rank: 29
SVIX Calmar Ratio Rank: 25
SVIX Martin Ratio Rank: 25

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. 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 Volatility Shares -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.

	VXX	SVIX	Difference
Sharpe ratio Return per unit of total volatility	-0.96	0.95	-1.91
Sortino ratio Return per unit of downside risk	-1.56	1.46	-3.01
Omega ratio Gain probability vs. loss probability	0.82	1.20	-0.38
Calmar ratio Return relative to maximum drawdown	-0.95	1.21	-2.16
Martin ratio Return relative to average drawdown	-1.34	3.50	-4.84
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. SVIX - Sharpe Ratio Comparison

The current VXX Sharpe Ratio is -0.96, which is lower than the SVIX Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of VXX and SVIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VXX	SVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.96	0.95	-1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.68	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.77	0.16	-0.92

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.

Drawdown Indicators

	VXX	SVIX	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-79.30%	-20.70%
Max Drawdown (1Y) Largest decline over 1 year	-56.23%	-42.69%	-13.54%
Max Drawdown (3Y) Largest decline over 3 years	-80.28%	-79.30%	-0.98%
Max Drawdown (5Y) Largest decline over 5 years	-95.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.86%	—	—
Current Drawdown Current decline from peak	-100.00%	-56.14%	-43.86%
Average Drawdown Average peak-to-trough decline	-95.08%	-31.60%	-63.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.88%	14.75%	+25.13%

Volatility

VXX vs. SVIX - Volatility Comparison

iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 8.29% compared to Volatility Shares -1x Short VIX Futures ETF (SVIX) at 7.38%. 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.

Volatility by Period

	VXX	SVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.29%	7.38%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	40.88%	41.05%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	55.57%	54.75%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.96%	66.27%	+1.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.96%	66.27%	+4.69%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VXX and SVIX in my portfolio?

VXX and SVIX have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VXX or SVIX?

VXX has higher volatility (8.29%) compared to SVIX (7.38%). In terms of maximum drawdown, VXX dropped -100.00% vs SVIX's -79.30%.

Which ETF is better, VXX or SVIX?

On 3-year performance, SVIX leads with -0.59% vs -42.02% for VXX. On fees, VXX is cheaper at 0.89% per year. On volatility, SVIX has been the lower-risk option at 7.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VXX or SVIX?

Over the 3-year period, SVIX has performed better with a -0.59% return vs -42.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VXX or SVIX?

VXX is cheaper with a 0.89% expense ratio, compared with 1.47% for SVIX.

Which ETF pays a higher dividend yield, VXX or SVIX?

VXX and SVIX have nearly identical dividend yields, around 0.00%.

What is the main difference between VXX and SVIX?

VXX is categorized as Volatility, while SVIX is Inverse Equities. They also come from different issuers: Barclays Capital and Volatility Shares. Their fees differ too: 0.89% for VXX and 1.47% for SVIX.

Which has better risk-adjusted returns?

SVIX currently has the higher Sharpe Ratio (0.95 vs -0.96), 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.