VXX vs. UVIX
VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and UVIX (2x Long VIX Futures ETF) are both Volatility funds - VXX tracks the S&P 500 VIX Short-Term Futures Index Total Return while UVIX tracks the Long VIX Futures Index (200% Daily). Both are passively managed. Over the past 3 years, VXX returned -39.15%/yr vs -80.80%/yr for UVIX. With a 0.97 correlation, they move nearly in lockstep. VXX charges 0.89%/yr vs 2.78%/yr for UVIX.
Performance
VXX vs. UVIX - Performance Comparison
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Returns By Period
In the year-to-date period, VXX achieves a -9.82% return, which is significantly higher than UVIX's -36.43% return.
VXX
- 1D
- 5.99%
- 1M
- -9.65%
- YTD
- -9.82%
- 6M
- -11.92%
- 1Y
- -54.78%
- 3Y*
- -39.15%
- 5Y*
- -45.02%
- 10Y*
- -48.25%
UVIX
- 1D
- 10.67%
- 1M
- -21.26%
- YTD
- -36.43%
- 6M
- -38.89%
- 1Y
- -86.69%
- 3Y*
- -80.80%
- 5Y*
- —
- 10Y*
- —
VXX vs. UVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -9.82% | -42.21% | -26.22% | -72.52% | -43.18% |
UVIX 2x Long VIX Futures ETF | -36.43% | -83.21% | -75.24% | -95.28% | -61.86% |
Correlation
The correlation between VXX and UVIX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| 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 30, 2022 | 0.97 |
The correlation between VXX and UVIX has been stable across timeframes, ranging from 0.97 to 1.00 - a consistent structural relationship.
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Return for Risk
VXX vs. UVIX — Risk / Return Rank
VXX
UVIX
VXX vs. UVIX - 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 2x Long VIX Futures ETF (UVIX). 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 | UVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.80 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -1.01 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.55 | -1.36 | -0.18 |
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Drawdowns
VXX vs. UVIX - Drawdown Comparison
The maximum VXX drawdown since its inception was -100.00%, roughly equal to the maximum UVIX drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for VXX and UVIX.
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Drawdown Indicators
| VXX | UVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.98% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -54.18% | -86.20% | +32.02% |
Max Drawdown (3Y)Largest decline over 3 years | -79.21% | -99.36% | +20.15% |
Max Drawdown (5Y)Largest decline over 5 years | -95.97% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.87% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.97% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -95.08% | -88.58% | -6.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.47% | 67.73% | -28.26% |
Volatility
VXX vs. UVIX - Volatility Comparison
The current volatility for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) is 17.21%, while 2x Long VIX Futures ETF (UVIX) has a volatility of 33.94%. This indicates that VXX experiences smaller price fluctuations and is considered to be less risky than UVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VXX | UVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.21% | 33.94% | -16.73% |
Volatility (6M)Calculated over the trailing 6-month period | 43.47% | 87.40% | -43.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.26% | 112.72% | -56.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.03% | 136.13% | -68.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.41% | 136.13% | -65.72% |
VXX vs. UVIX - Expense Ratio Comparison
VXX has a 0.89% expense ratio, which is lower than UVIX's 2.78% expense ratio.
Dividends
VXX vs. UVIX - Dividend Comparison
Neither VXX nor UVIX has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, VXX and UVIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
UVIX has higher volatility (33.94%) compared to VXX (17.21%). In terms of maximum drawdown, VXX dropped -100.00% vs UVIX's -99.98%.
On 3-year performance, VXX leads with -39.15% vs -80.80% for UVIX. On fees, VXX is cheaper at 0.89% per year. On volatility, VXX has been the lower-risk option at 17.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, VXX has performed better with a -39.15% return vs -80.80%. 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 2.78% for UVIX.
VXX and UVIX have nearly identical dividend yields, around 0.00%.
VXX tracks S&P 500 VIX Short-Term Futures Index Total Return, while UVIX tracks Long VIX Futures Index (200% Daily). They also come from different issuers: Barclays Capital and Volatility Shares. Their fees differ too: 0.89% for VXX and 2.78% for UVIX.
UVIX currently has the higher Sharpe Ratio (-0.77 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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