VXX vs. VIXY
VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and VIXY (ProShares VIX Short-Term Futures ETF) are both Volatility funds - VXX tracks the S&P 500 VIX Short-Term Futures Index Total Return while VIXY tracks the S&P 500 VIX Short-Term Futures Index. Both are passively managed. Over the past 10 years, VXX returned -47.94%/yr vs -48.31%/yr for VIXY. With a 0.99 correlation, they move nearly in lockstep. VXX charges 0.89%/yr vs 0.85%/yr for VIXY.
Performance
VXX vs. VIXY - 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 VIXY's -9.17% return. Both investments have delivered pretty close results over the past 10 years, with VXX having a -47.94% annualized return and VIXY not far behind at -48.31%.
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%
VIXY
- 1D
- -4.59%
- 1M
- -14.78%
- YTD
- -9.17%
- 6M
- -18.91%
- 1Y
- -53.38%
- 3Y*
- -41.07%
- 5Y*
- -45.94%
- 10Y*
- -48.31%
VXX vs. VIXY - 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% |
VIXY ProShares VIX Short-Term Futures ETF | -9.17% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
Correlation
The correlation between VXX and VIXY 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 (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | 0.99 |
The correlation between VXX and VIXY 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. VIXY — Risk / Return Rank
VXX
VIXY
VXX vs. VIXY - 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 VIX Short-Term Futures ETF (VIXY). 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 | VIXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.83 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.92 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.29 | -1.29 | +0.01 |
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Drawdowns
VXX vs. VIXY - Drawdown Comparison
The maximum VXX drawdown since its inception was -100.00%, roughly equal to the maximum VIXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for VXX and VIXY.
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Drawdown Indicators
| VXX | VIXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -57.39% | -57.87% | +0.48% |
Max Drawdown (3Y)Largest decline over 3 years | -79.24% | -80.08% | +0.84% |
Max Drawdown (5Y)Largest decline over 5 years | -95.79% | -96.03% | +0.24% |
Max Drawdown (10Y)Largest decline over 10 years | -99.86% | -99.87% | +0.01% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -95.07% | -92.18% | -2.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.90% | 41.25% | -0.35% |
Volatility
VXX vs. VIXY - Volatility Comparison
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and ProShares VIX Short-Term Futures ETF (VIXY) have volatilities of 14.13% and 14.17%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VXX | VIXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.13% | 14.17% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 42.36% | 42.96% | -0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.64% | 56.99% | -0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.04% | 70.39% | -2.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.83% | 72.35% | -1.52% |
VXX vs. VIXY - Expense Ratio Comparison
VXX has a 0.89% expense ratio, which is higher than VIXY's 0.85% expense ratio.
Dividends
VXX vs. VIXY - Dividend Comparison
Neither VXX nor VIXY has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, VXX and VIXY 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.
VIXY has higher volatility (14.17%) compared to VXX (14.13%). In terms of maximum drawdown, VXX dropped -100.00% vs VIXY's -100.00%.
On 10-year performance, VXX leads with -47.94% vs -48.31% for VIXY. On fees, VIXY is cheaper at 0.85% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VXX has performed better with a -47.94% return vs -48.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXY is cheaper with a 0.85% expense ratio, compared with 0.89% for VXX.
VXX and VIXY have nearly identical dividend yields, around 0.00%.
VXX tracks S&P 500 VIX Short-Term Futures Index Total Return, while VIXY tracks S&P 500 VIX Short-Term Futures Index. They also come from different issuers: Barclays Capital and ProShares. Their fees differ too: 0.89% for VXX and 0.85% for VIXY.
VXX currently has the higher Sharpe Ratio (-0.93 vs -0.94), 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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