VXX vs. SVXY
VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and SVXY (ProShares Short VIX Short-Term Futures ETF) are both Volatility funds - VXX tracks the S&P 500 VIX Short-Term Futures Index Total Return while SVXY tracks the S&P 500 VIX Short-Term Futures Index (-100%). Both are passively managed. Over the past 10 years, VXX returned -46.77%/yr vs -1.57%/yr for SVXY. At a correlation of -0.97, they often move in opposite directions. VXX charges 0.89%/yr vs 1.38%/yr for SVXY.
Performance
VXX vs. SVXY - Performance Comparison
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Returns By Period
In the year-to-date period, VXX achieves a -7.93% return, which is significantly lower than SVXY's -0.72% return. Over the past 10 years, VXX has underperformed SVXY with an annualized return of -46.77%, while SVXY has yielded a comparatively higher -1.57% annualized return.
VXX
- 1D
- -1.65%
- 1M
- -14.19%
- YTD
- -7.93%
- 6M
- -23.12%
- 1Y
- -54.26%
- 3Y*
- -41.97%
- 5Y*
- -46.65%
- 10Y*
- -46.77%
SVXY
- 1D
- 0.90%
- 1M
- 7.87%
- YTD
- -0.72%
- 6M
- 8.06%
- 1Y
- 35.12%
- 3Y*
- 13.29%
- 5Y*
- 16.44%
- 10Y*
- -1.57%
VXX vs. SVXY - 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 | -7.93% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | 11.04% | -67.75% | 67.91% | -72.64% |
SVXY ProShares Short VIX Short-Term Futures ETF | -0.72% | 10.63% | -3.17% | 76.21% | -4.66% | 48.53% | -36.47% | 54.21% | -91.75% | 181.84% |
Correlation
The correlation between VXX and SVXY 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 (5Y) Calculated over the trailing 5-year period | -0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.97 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | -0.97 |
The correlation between VXX and SVXY has been stable across timeframes, ranging from -0.99 to -0.97 - a consistent structural relationship.
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Return for Risk
VXX vs. SVXY — Risk / Return Rank
VXX
SVXY
VXX vs. SVXY - 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 Short VIX Short-Term Futures ETF (SVXY). 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 | SVXY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.98 | 1.23 | -2.21 |
Sortino ratioReturn per unit of downside risk | -1.61 | 1.71 | -3.31 |
Omega ratioGain probability vs. loss probability | 0.82 | 1.24 | -0.42 |
Calmar ratioReturn relative to maximum drawdown | -0.97 | 1.57 | -2.54 |
Martin ratioReturn relative to average drawdown | -1.38 | 5.14 | -6.52 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VXX | SVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.98 | 1.23 | -2.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.69 | 0.47 | -1.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.66 | -0.03 | -0.63 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.77 | 0.22 | -0.98 |
Drawdowns
VXX vs. SVXY - Drawdown Comparison
The maximum VXX drawdown since its inception was -100.00%, roughly equal to the maximum SVXY drawdown of -95.25%. Use the drawdown chart below to compare losses from any high point for VXX and SVXY.
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Drawdown Indicators
| VXX | SVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -95.25% | -4.75% |
Max Drawdown (1Y)Largest decline over 1 year | -56.23% | -22.94% | -33.29% |
Max Drawdown (3Y)Largest decline over 3 years | -80.64% | -46.45% | -34.19% |
Max Drawdown (5Y)Largest decline over 5 years | -95.68% | -46.45% | -49.23% |
Max Drawdown (10Y)Largest decline over 10 years | -99.86% | -95.25% | -4.61% |
Current DrawdownCurrent decline from peak | -100.00% | -80.11% | -19.89% |
Average DrawdownAverage peak-to-trough decline | -95.08% | -56.86% | -38.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.72% | 7.00% | +32.72% |
Volatility
VXX vs. SVXY - Volatility Comparison
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 8.46% compared to ProShares Short VIX Short-Term Futures ETF (SVXY) at 3.88%. This indicates that VXX's price experiences larger fluctuations and is considered to be riskier than SVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VXX | SVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.46% | 3.88% | +4.58% |
Volatility (6M)Calculated over the trailing 6-month period | 40.88% | 21.42% | +19.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.58% | 28.62% | +26.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.97% | 35.38% | +32.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.98% | 50.76% | +20.22% |
VXX vs. SVXY - Expense Ratio Comparison
VXX has a 0.89% expense ratio, which is lower than SVXY's 1.38% expense ratio.
Dividends
VXX vs. SVXY - Dividend Comparison
Neither VXX nor SVXY has paid dividends to shareholders.
Frequently Asked Questions
VXX and SVXY 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 (8.46%) compared to SVXY (3.88%). In terms of maximum drawdown, VXX dropped -100.00% vs SVXY's -95.25%.
On 10-year performance, SVXY leads with -1.57% vs -46.77% for VXX. On fees, VXX is cheaper at 0.89% per year. On volatility, SVXY has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SVXY has performed better with a -1.57% return vs -46.77%. 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 1.38% for SVXY.
VXX and SVXY have nearly identical dividend yields, around 0.00%.
VXX tracks S&P 500 VIX Short-Term Futures Index Total Return, while SVXY tracks S&P 500 VIX Short-Term Futures Index (-100%). They also come from different issuers: Barclays Capital and ProShares. Their fees differ too: 0.89% for VXX and 1.38% for SVXY.
SVXY currently has the higher Sharpe Ratio (1.23 vs -0.98), 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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