VXX vs. TCEHY
VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) is Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, while TCEHY (Tencent Holdings Limited) is a stock. Over the past 10 years, VXX returned -47.94%/yr vs 12.11%/yr for TCEHY. At a correlation of -0.37, they often move in opposite directions.
Performance
VXX vs. TCEHY - Performance Comparison
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Returns By Period
In the year-to-date period, VXX achieves a -8.58% return, which is significantly higher than TCEHY's -21.95% return. Over the past 10 years, VXX has underperformed TCEHY with an annualized return of -47.94%, while TCEHY has yielded a comparatively higher 12.11% annualized return.
VXX
- 1D
- -4.42%
- 1M
- -14.70%
- YTD
- -8.58%
- 6M
- -18.05%
- 1Y
- -52.70%
- 3Y*
- -40.29%
- 5Y*
- -45.28%
- 10Y*
- -47.94%
TCEHY
- 1D
- -0.20%
- 1M
- -2.21%
- YTD
- -21.95%
- 6M
- -23.21%
- 1Y
- -8.99%
- 3Y*
- 11.40%
- 5Y*
- -2.94%
- 10Y*
- 12.11%
VXX vs. TCEHY - 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 | -8.58% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | 11.04% | -67.75% | 67.91% | -72.64% |
TCEHY Tencent Holdings Limited | -21.95% | 45.23% | 41.92% | -5.48% | -24.97% | -18.69% | 50.09% | 21.93% | -23.83% | 115.30% |
Correlation
The correlation between VXX and TCEHY is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.38 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | -0.37 |
The correlation between VXX and TCEHY shifts across timeframes, from -0.38 (10 years) to -0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VXX vs. TCEHY — Risk / Return Rank
VXX
TCEHY
VXX vs. TCEHY - 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 Tencent Holdings Limited (TCEHY). 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 | TCEHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.97 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.25 | -0.68 |
| Martin ratioReturn relative to average drawdown | -1.29 | -0.52 | -0.77 |
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Drawdowns
VXX vs. TCEHY - Drawdown Comparison
The maximum VXX drawdown since its inception was -100.00%, which is greater than TCEHY's maximum drawdown of -73.17%. Use the drawdown chart below to compare losses from any high point for VXX and TCEHY.
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Drawdown Indicators
| VXX | TCEHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -73.17% | -26.83% |
Max Drawdown (1Y)Largest decline over 1 year | -57.39% | -36.75% | -20.64% |
Max Drawdown (3Y)Largest decline over 3 years | -79.24% | -36.75% | -42.49% |
Max Drawdown (5Y)Largest decline over 5 years | -95.79% | -66.13% | -29.66% |
Max Drawdown (10Y)Largest decline over 10 years | -99.86% | -73.17% | -26.69% |
Current DrawdownCurrent decline from peak | -100.00% | -32.71% | -67.29% |
Average DrawdownAverage peak-to-trough decline | -95.07% | -19.72% | -75.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.90% | 17.42% | +23.48% |
Volatility
VXX vs. TCEHY - Volatility Comparison
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 14.13% compared to Tencent Holdings Limited (TCEHY) at 12.15%. This indicates that VXX's price experiences larger fluctuations and is considered to be riskier than TCEHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VXX | TCEHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.13% | 12.15% | +1.98% |
Volatility (6M)Calculated over the trailing 6-month period | 42.36% | 24.73% | +17.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.64% | 30.90% | +25.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.04% | 43.23% | +24.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.83% | 38.83% | +32.00% |
Dividends
VXX vs. TCEHY - Dividend Comparison
VXX has not paid dividends to shareholders, while TCEHY's dividend yield for the trailing twelve months is around 1.15%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TCEHY Tencent Holdings Limited | 1.15% | 0.76% | 0.82% | 6.67% | 4.15% | 0.35% | 0.19% | 0.23% | 0.26% | 0.29% | 0.51% | 0.21% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VXX and TCEHY have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VXX has higher volatility (14.13%) compared to TCEHY (12.15%). In terms of maximum drawdown, VXX dropped -100.00% vs TCEHY's -73.17%.
TCEHY currently has the higher Sharpe Ratio (-0.29 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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