VXX vs. VXZ
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 VXZ (iPath Series B S&P 500® VIX Mid-Term Futures ETN) is a stock. Both are passively managed. Over the past 5 years, VXX returned -45.60%/yr vs -13.14%/yr for VXZ. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.89% expense ratio.
Performance
VXX vs. VXZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VXX achieves a -16.74% return, which is significantly lower than VXZ's -5.85% return.
VXX
- 1D
- -1.25%
- 1M
- -9.56%
- 6M
- -16.74%
- YTD
- -16.74%
- 1Y
- -54.00%
- 3Y*
- -39.38%
- 5Y*
- -45.60%
- 10Y*
- -47.45%
VXZ
- 1D
- -0.30%
- 1M
- -7.15%
- 6M
- -5.85%
- YTD
- -5.85%
- 1Y
- -14.00%
- 3Y*
- -10.55%
- 5Y*
- -13.14%
- 10Y*
- —
VXX vs. VXZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -16.74% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | 11.04% | -67.75% | 74.73% |
VXZ iPath Series B S&P 500® VIX Mid-Term Futures ETN | -5.85% | 5.73% | -12.65% | -43.98% | 0.47% | -16.38% | 72.77% | -20.10% | 31.89% |
Correlation
The correlation between VXX and VXZ is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jan 18, 2018 | 0.83 |
The correlation between VXX and VXZ has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VXX vs. VXZ — Risk / Return Rank
VXX
VXZ
VXX vs. VXZ - 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 iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ). 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 | VXZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.61 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.89 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.76 | -0.24 |
| Martin ratioReturn relative to average drawdown | -1.53 | -1.61 | +0.08 |
Loading charts...
Drawdowns
VXX vs. VXZ - Drawdown Comparison
The maximum VXX drawdown since its inception was -100.00%, which is greater than VXZ's maximum drawdown of -69.00%. Use the drawdown chart below to compare losses from any high point for VXX and VXZ.
Loading charts...
Drawdown Indicators
| VXX | VXZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -69.00% | -31.00% |
Max Drawdown (1Y)Largest decline over 1 year | -54.22% | -18.60% | -35.62% |
Max Drawdown (3Y)Largest decline over 3 years | -79.65% | -36.45% | -43.20% |
Max Drawdown (5Y)Largest decline over 5 years | -96.05% | -62.05% | -34.00% |
Max Drawdown (10Y)Largest decline over 10 years | -99.84% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -67.33% | -32.67% |
Average DrawdownAverage peak-to-trough decline | -95.08% | -37.03% | -58.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.32% | 8.69% | +26.63% |
Volatility
VXX vs. VXZ - Volatility Comparison
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 17.20% compared to iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) at 3.84%. This indicates that VXX's price experiences larger fluctuations and is considered to be riskier than VXZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VXX | VXZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.20% | 3.84% | +13.36% |
Volatility (6M)Calculated over the trailing 6-month period | 43.52% | 13.69% | +29.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.09% | 18.64% | +37.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.06% | 29.07% | +38.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.29% | 33.97% | +36.32% |
VXX vs. VXZ - Expense Ratio Comparison
Both VXX and VXZ have an expense ratio of 0.89%.
Dividends
VXX vs. VXZ - Dividend Comparison
Neither VXX nor VXZ has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.90, VXX and VXZ 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.
VXX has higher volatility (17.20%) compared to VXZ (3.84%). In terms of maximum drawdown, VXX dropped -100.00% vs VXZ's -69.00%.
VXZ currently has the higher Sharpe Ratio (-0.75 vs -0.97), 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.
Find the right allocation for VXX and VXZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer