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VXZ vs. GSY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VXZ vs. GSY

Last updated Jun 25, 2026

VXZ (iPath Series B S&P 500® VIX Mid-Term Futures ETN) is a stock, while GSY (Invesco Ultra Short Duration ETF) is Ultrashort Bond fund actively managed by Invesco. VXZ is passively managed, while GSY is actively managed. Over the past 5 years, VXZ returned -12.44%/yr vs 3.71%/yr for GSY. At a correlation of -0.04, they often move in opposite directions. VXZ charges 0.89%/yr vs 0.22%/yr for GSY.

Performance

VXZ vs. GSY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) and Invesco Ultra Short Duration ETF (GSY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VXZ achieves a -2.52% return, which is significantly lower than GSY's 1.83% return.

VXZ

1D
-0.82%
1M
-5.77%
YTD
-2.52%
6M
-0.87%
1Y
-11.02%
3Y*
-11.44%
5Y*
-12.44%
10Y*
—

GSY

1D
0.02%
1M
0.39%
YTD
1.83%
6M
1.93%
1Y
4.40%
3Y*
5.43%
5Y*
3.71%
10Y*
2.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VXZ vs. GSY - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
VXZ
iPath Series B S&P 500® VIX Mid-Term Futures ETN		-2.52%5.73%-12.65%-43.98%0.47%-16.38%72.77%-20.10%31.89%
GSY
Invesco Ultra Short Duration ETF		1.83%4.96%5.95%5.99%0.01%0.03%1.88%3.39%2.04%

Correlation

The correlation between VXZ and GSY is -0.14, 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

-0.14

Correlation (3Y)
Calculated over the trailing 3-year period

-0.09

Correlation (5Y)
Calculated over the trailing 5-year period

-0.05

Correlation (All Time)
Calculated using the full available price history since Jan 18, 2018

-0.04

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iPath Series B S&P 500® VIX Mid-Term Futures ETN

Invesco Ultra Short Duration ETF

Often compared with VXZ:
VXZ vs. VXXVXZ vs. VIXMVXZ vs. SPDNVXZ vs. EFAVVXZ vs. UDOWVXZ vs. SPYVXZ vs. QQQ
Often compared with GSY:
GSY vs. JPSTGSY vs. MINTGSY vs. SHVGSY vs. VNLAGSY vs. NEARGSY vs. GBILGSY vs. BIL

Return for Risk

VXZ vs. GSY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VXZ
VXZ Risk / Return Rank: 1616
Overall Rank
VXZ Sharpe Ratio Rank: 1717
Sharpe Ratio Rank
VXZ Sortino Ratio Rank: 1717
Sortino Ratio Rank
VXZ Omega Ratio Rank: 1818
Omega Ratio Rank
VXZ Calmar Ratio Rank: 1616
Calmar Ratio Rank
VXZ Martin Ratio Rank: 1111
Martin Ratio Rank
GSY
GSY Risk / Return Rank: 9999
Overall Rank
GSY Sharpe Ratio Rank: 100100
Sharpe Ratio Rank
GSY Sortino Ratio Rank: 9999
Sortino Ratio Rank
GSY Omega Ratio Rank: 9999
Omega Ratio Rank
GSY Calmar Ratio Rank: 100100
Calmar Ratio Rank
GSY Martin Ratio Rank: 100100
Martin Ratio Rank
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.

VXZ vs. GSY - 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 Invesco Ultra Short Duration ETF (GSY). 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.

VXZGSYDifference
Sharpe ratioReturn per unit of total volatility
-0.60
10.78

-11.38

Sortino ratioReturn per unit of downside risk
-0.73
25.04

-25.77

Omega ratioGain probability vs. loss probability

0.91

6.03

-5.11

Calmar ratioReturn relative to maximum drawdown

-0.70

73.85

-74.56

Martin ratioReturn relative to average drawdown

-1.34

348.33

-349.67

VXZ vs. GSY - Sharpe Ratio Comparison

The current VXZ Sharpe Ratio is -0.60, which is lower than the GSY Sharpe Ratio of 10.78. The chart below compares the historical Sharpe Ratios of VXZ and GSY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VXZ vs. GSY - Drawdown Comparison

The maximum VXZ drawdown since its inception was -69.00%, which is greater than GSY's maximum drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for VXZ and GSY.

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Drawdown Indicators

VXZGSYDifference

Max Drawdown

Largest peak-to-trough decline

-69.00%

-12.14%

-56.86%

Max Drawdown (1Y)

Largest decline over 1 year

-15.73%

-0.06%

-15.67%

Max Drawdown (3Y)

Largest decline over 3 years

-36.45%

-0.18%

-36.27%

Max Drawdown (5Y)

Largest decline over 5 years

-62.05%

-1.48%

-60.57%

Max Drawdown (10Y)

Largest decline over 10 years

—

-5.25%

—

Current Drawdown

Current decline from peak

-66.18%

0.00%

-66.18%

Average Drawdown

Average peak-to-trough decline

-36.95%

-2.38%

-34.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.25%

0.01%

+8.24%

Volatility

VXZ vs. GSY - Volatility Comparison

iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) has a higher volatility of 4.01% compared to Invesco Ultra Short Duration ETF (GSY) at 0.14%. This indicates that VXZ's price experiences larger fluctuations and is considered to be riskier than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VXZGSYDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.01%

0.14%

+3.87%

Volatility (6M)

Calculated over the trailing 6-month period

13.65%

0.31%

+13.34%

Volatility (1Y)

Calculated over the trailing 1-year period

18.75%

0.41%

+18.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.06%

0.58%

+28.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.01%

1.22%

+32.79%

VXZ vs. GSY - Expense Ratio Comparison

VXZ has a 0.89% expense ratio, which is higher than GSY's 0.22% expense ratio.

Dividends

VXZ vs. GSY - Dividend Comparison

VXZ has not paid dividends to shareholders, while GSY's dividend yield for the trailing twelve months is around 4.30%.

PositionTTM20252024202320222021202020192018201720162015
GSY
Invesco Ultra Short Duration ETF		4.30%4.56%5.31%4.95%1.70%0.58%1.45%2.71%2.30%1.80%1.21%1.17%
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 GSY have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VXZ has higher volatility (4.01%) compared to GSY (0.14%). In terms of maximum drawdown, VXZ dropped -69.00% vs GSY's -12.14%.

GSY currently has the higher Sharpe Ratio (10.78 vs -0.60), 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.

Portfolio Optimizer

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