VXX vs. ZVOL
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 -39.15%/yr vs 8.01%/yr for ZVOL. At a correlation of -0.89, they often move in opposite directions. VXX charges 0.89%/yr vs 1.35%/yr for ZVOL.
Performance
VXX vs. ZVOL - Performance Comparison
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Returns By Period
In the year-to-date period, VXX achieves a -9.82% return, which is significantly lower than ZVOL's 1.12% 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%
ZVOL
- 1D
- -0.37%
- 1M
- 4.65%
- YTD
- 1.12%
- 6M
- -0.71%
- 1Y
- 14.77%
- 3Y*
- 8.01%
- 5Y*
- —
- 10Y*
- —
VXX vs. ZVOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -9.82% | -42.21% | -26.22% | -60.45% |
ZVOL Volatility Premium Plus ETF | 1.12% | -10.71% | 9.27% | 51.85% |
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 19, 2023 | -0.89 |
The correlation between VXX and ZVOL has been stable across timeframes, ranging from -0.90 to -0.89 - a consistent structural relationship.
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Return for Risk
VXX vs. ZVOL — Risk / Return Rank
VXX
ZVOL
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.
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 | ZVOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -2.90 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.15 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 0.90 | -1.91 |
| Martin ratioReturn relative to average drawdown | -1.55 | 2.87 | -4.42 |
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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.
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Drawdown Indicators
| VXX | ZVOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -37.25% | -62.75% |
Max Drawdown (1Y)Largest decline over 1 year | -54.18% | -16.46% | -37.72% |
Max Drawdown (3Y)Largest decline over 3 years | -79.21% | -37.25% | -41.96% |
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% | -19.46% | -80.54% |
Average DrawdownAverage peak-to-trough decline | -95.08% | -13.53% | -81.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.47% | 5.15% | +34.32% |
Volatility
VXX vs. ZVOL - Volatility Comparison
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 17.21% compared to Volatility Premium Plus ETF (ZVOL) at 4.20%. 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.
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Volatility by Period
| VXX | ZVOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.21% | 4.20% | +13.01% |
Volatility (6M)Calculated over the trailing 6-month period | 43.47% | 13.59% | +29.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.26% | 18.66% | +37.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.03% | 29.08% | +38.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.41% | 29.08% | +41.33% |
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 79.01%.
| 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 | 79.01% | 53.44% | 30.68% | 0.55% |
Frequently Asked Questions
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.
VXX has higher volatility (17.21%) compared to ZVOL (4.20%). In terms of maximum drawdown, VXX dropped -100.00% vs ZVOL's -37.25%.
On 3-year performance, ZVOL leads with 8.01% vs -39.15% for VXX. On fees, VXX is cheaper at 0.89% per year. On volatility, ZVOL has been the lower-risk option at 4.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ZVOL has performed better with a 8.01% return vs -39.15%. 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 1.35% for ZVOL.
ZVOL has the higher dividend yield at 79.01%, compared with 0.00% for VXX.
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.
ZVOL currently has the higher Sharpe Ratio (0.79 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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