VXX vs. ZVOL

Last updated Jun 4, 2026

VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and ZVOL (Volatility Premium Plus ETF) are both Volatility funds - VXX tracks the S&P 500 VIX Short-Term Futures Index Total Return while ZVOL tracks the S&P 500 VIX Mid Term Futures Inverse Daily Index. Both are passively managed. Over the past 3 years, VXX returned -42.02%/yr vs 9.26%/yr for ZVOL. At a correlation of -0.90, they often move in opposite directions. VXX charges 0.89%/yr vs 1.35%/yr for ZVOL.

Performance

VXX vs. ZVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) and Volatility Premium Plus ETF (ZVOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VXX achieves a -8.16% return, which is significantly lower than ZVOL's -2.29% return.

VXX

• 1D: -0.25%
• 1M: -15.21%
• YTD: -8.16%
• 6M: -22.63%
• 1Y: -53.35%
• 3Y*: -42.02%
• 5Y*: -46.10%
• 10Y*: -46.78%

ZVOL

• 1D: -0.60%
• 1M: 2.30%
• YTD: -2.29%
• 6M: 2.14%
• 1Y: 8.27%
• 3Y*: 9.26%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

VXX vs. ZVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN	-8.16%	-42.21%	-26.22%	-60.30%
ZVOL Volatility Premium Plus ETF	-2.29%	-10.71%	9.27%	51.65%

Correlation

The correlation between VXX and ZVOL is -0.90, 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	-0.90
Correlation (3Y) Calculated over the trailing 3-year period	-0.90
Correlation (All Time) Calculated using the full available price history since Apr 20, 2023	-0.90

The correlation between VXX and ZVOL has been stable across timeframes, ranging from -0.90 to -0.90 - a consistent structural relationship.

Return for Risk

VXX vs. ZVOL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VXX

VXX Risk / Return Rank: 1
VXX Sharpe Ratio Rank: 1
VXX Sortino Ratio Rank: 1
VXX Omega Ratio Rank: 1
VXX Calmar Ratio Rank: 1
VXX Martin Ratio Rank: 2

ZVOL

ZVOL Risk / Return Rank: 16
ZVOL Sharpe Ratio Rank: 15
ZVOL Sortino Ratio Rank: 16
ZVOL Omega Ratio Rank: 15
ZVOL Calmar Ratio Rank: 15
ZVOL Martin Ratio Rank: 17

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VXX vs. ZVOL - 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 Volatility Premium Plus ETF (ZVOL). 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	ZVOL	Difference
Sharpe ratio Return per unit of total volatility	-0.96	0.44	-1.41
Sortino ratio Return per unit of downside risk	-1.56	0.79	-2.35
Omega ratio Gain probability vs. loss probability	0.82	1.09	-0.27
Calmar ratio Return relative to maximum drawdown	-0.95	0.50	-1.46
Martin ratio Return relative to average drawdown	-1.34	1.62	-2.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VXX vs. ZVOL - Sharpe Ratio Comparison

The current VXX Sharpe Ratio is -0.96, which is lower than the ZVOL Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of VXX and ZVOL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VXX	ZVOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.96	0.44	-1.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.68	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.77	0.43	-1.20

Drawdowns

VXX vs. ZVOL - Drawdown Comparison

The maximum VXX drawdown since its inception was -100.00%, which is greater than ZVOL's maximum drawdown of -37.25%. Use the drawdown chart below to compare losses from any high point for VXX and ZVOL.

Drawdown Indicators

	VXX	ZVOL	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-37.25%	-62.75%
Max Drawdown (1Y) Largest decline over 1 year	-56.23%	-16.46%	-39.77%
Max Drawdown (3Y) Largest decline over 3 years	-80.28%	-37.25%	-43.03%
Max Drawdown (5Y) Largest decline over 5 years	-95.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.86%	—	—
Current Drawdown Current decline from peak	-100.00%	-22.17%	-77.83%
Average Drawdown Average peak-to-trough decline	-95.08%	-13.43%	-81.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.88%	5.12%	+34.76%

Volatility

VXX vs. ZVOL - Volatility Comparison

iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 8.29% compared to Volatility Premium Plus ETF (ZVOL) at 3.59%. This indicates that VXX's price experiences larger fluctuations and is considered to be riskier than ZVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VXX	ZVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.29%	3.59%	+4.70%
Volatility (6M) Calculated over the trailing 6-month period	40.88%	13.27%	+27.61%
Volatility (1Y) Calculated over the trailing 1-year period	55.57%	18.74%	+36.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.96%	29.27%	+38.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.96%	29.27%	+41.69%

VXX vs. ZVOL - Expense Ratio Comparison

VXX has a 0.89% expense ratio, which is lower than ZVOL's 1.35% expense ratio.

Dividends

VXX vs. ZVOL - Dividend Comparison

VXX has not paid dividends to shareholders, while ZVOL's dividend yield for the trailing twelve months is around 71.14%.

Position	TTM	2025	2024	2023
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN	0.00%	0.00%	0.00%	0.00%
ZVOL Volatility Premium Plus ETF	71.14%	53.44%	30.68%	0.55%

Frequently Asked Questions

Can I hold both VXX and ZVOL in my portfolio?

VXX and ZVOL have a correlation of -0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VXX or ZVOL?

VXX has higher volatility (8.29%) compared to ZVOL (3.59%). In terms of maximum drawdown, VXX dropped -100.00% vs ZVOL's -37.25%.

Which ETF is better, VXX or ZVOL?

On 3-year performance, ZVOL leads with 9.26% vs -42.02% for VXX. On fees, VXX is cheaper at 0.89% per year. On volatility, ZVOL has been the lower-risk option at 3.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VXX or ZVOL?

Over the 3-year period, ZVOL has performed better with a 9.26% return vs -42.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VXX or ZVOL?

VXX is cheaper with a 0.89% expense ratio, compared with 1.35% for ZVOL.

Which ETF pays a higher dividend yield, VXX or ZVOL?

ZVOL has the higher dividend yield at 71.14%, compared with 0.00% for VXX.

What is the main difference between VXX and ZVOL?

VXX tracks S&P 500 VIX Short-Term Futures Index Total Return, while ZVOL tracks S&P 500 VIX Mid Term Futures Inverse Daily Index. They also come from different issuers: Barclays Capital and Volatility Shares. Their fees differ too: 0.89% for VXX and 1.35% for ZVOL.

Which has better risk-adjusted returns?

ZVOL currently has the higher Sharpe Ratio (0.44 vs -0.96), 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.