VXZ vs. ARKK
VXZ (iPath Series B S&P 500® VIX Mid-Term Futures ETN) is a stock, while ARKK (ARK Innovation ETF) is Technology Equities fund actively managed by ARK. VXZ is passively managed, while ARKK is actively managed. Over the past 5 years, VXZ returned -13.55%/yr vs -7.66%/yr for ARKK. At a correlation of -0.54, they often move in opposite directions. VXZ charges 0.89%/yr vs 0.75%/yr for ARKK.
Performance
VXZ vs. ARKK - Performance Comparison
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Returns By Period
In the year-to-date period, VXZ achieves a -5.72% return, which is significantly lower than ARKK's 1.72% return.
VXZ
- 1D
- -0.06%
- 1M
- -5.96%
- 6M
- -3.69%
- YTD
- -5.72%
- 1Y
- -13.08%
- 3Y*
- -9.32%
- 5Y*
- -13.55%
- 10Y*
- —
ARKK
- 1D
- -2.50%
- 1M
- 3.42%
- 6M
- -5.21%
- YTD
- 1.72%
- 1Y
- 8.23%
- 3Y*
- 17.55%
- 5Y*
- -7.66%
- 10Y*
- 15.34%
VXZ vs. ARKK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VXZ iPath Series B S&P 500® VIX Mid-Term Futures ETN | -5.72% | 5.73% | -12.65% | -43.98% | 0.47% | -16.38% | 72.77% | -20.10% | 31.89% |
ARKK ARK Innovation ETF | 1.72% | 35.49% | 8.40% | 69.04% | -66.97% | -23.60% | 152.71% | 35.08% | -3.38% |
Correlation
The correlation between VXZ and ARKK is -0.52, 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 | -0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.57 |
Correlation (All Time) Calculated using the full available price history since Jan 18, 2018 | -0.54 |
The correlation between VXZ and ARKK has been stable across timeframes, ranging from -0.57 to -0.52 - a consistent structural relationship.
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Return for Risk
VXZ vs. ARKK — Risk / Return Rank
VXZ
ARKK
VXZ vs. ARKK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) and ARK Innovation ETF (ARKK). 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.
| VXZ | ARKK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -1.47 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.07 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 0.26 | -0.96 |
| Martin ratioReturn relative to average drawdown | -1.43 | 0.55 | -1.99 |
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Drawdowns
VXZ vs. ARKK - Drawdown Comparison
The maximum VXZ drawdown since its inception was -69.00%, smaller than the maximum ARKK drawdown of -80.97%. Use the drawdown chart below to compare losses from any high point for VXZ and ARKK.
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Drawdown Indicators
| VXZ | ARKK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.00% | -80.97% | +11.97% |
Max Drawdown (1Y)Largest decline over 1 year | -18.89% | -31.35% | +12.46% |
Max Drawdown (3Y)Largest decline over 3 years | -36.45% | -39.56% | +3.11% |
Max Drawdown (5Y)Largest decline over 5 years | -62.05% | -76.27% | +14.22% |
Max Drawdown (10Y)Largest decline over 10 years | — | -80.97% | — |
Current DrawdownCurrent decline from peak | -67.29% | -49.34% | -17.95% |
Average DrawdownAverage peak-to-trough decline | -37.12% | -30.28% | -6.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.15% | 14.89% | -5.74% |
Volatility
VXZ vs. ARKK - Volatility Comparison
The current volatility for iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) is 3.29%, while ARK Innovation ETF (ARKK) has a volatility of 10.11%. This indicates that VXZ experiences smaller price fluctuations and is considered to be less risky than ARKK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VXZ | ARKK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.29% | 10.11% | -6.82% |
Volatility (6M)Calculated over the trailing 6-month period | 13.60% | 26.97% | -13.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.65% | 36.41% | -17.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.04% | 46.49% | -17.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.92% | 40.41% | -6.49% |
VXZ vs. ARKK - Expense Ratio Comparison
VXZ has a 0.89% expense ratio, which is higher than ARKK's 0.75% expense ratio.
Dividends
VXZ vs. ARKK - Dividend Comparison
Neither VXZ nor ARKK has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARKK ARK Innovation ETF | 0.00% | 0.00% | 0.00% | 0.70% | 0.00% | 0.55% | 1.64% | 0.38% | 3.14% | 1.32% | 0.00% | 2.27% |
VXZ iPath Series B S&P 500® VIX Mid-Term Futures ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VXZ and ARKK have a correlation of -0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ARKK has higher volatility (10.11%) compared to VXZ (3.29%). In terms of maximum drawdown, VXZ dropped -69.00% vs ARKK's -80.97%.
ARKK currently has the higher Sharpe Ratio (0.23 vs -0.71), 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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