VXZ vs. VXX
VXZ (iPath Series B S&P 500® VIX Mid-Term Futures ETN) is a stock, while 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. Both are passively managed. Over the past 5 years, VXZ returned -12.28%/yr vs -45.02%/yr for VXX. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.89% expense ratio.
Performance
VXZ vs. VXX - Performance Comparison
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Returns By Period
In the year-to-date period, VXZ achieves a -1.72% return, which is significantly higher than VXX's -9.82% return.
VXZ
- 1D
- 0.12%
- 1M
- -4.99%
- YTD
- -1.72%
- 6M
- 0.35%
- 1Y
- -12.57%
- 3Y*
- -11.20%
- 5Y*
- -12.28%
- 10Y*
- —
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%
VXZ vs. VXX - 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 | -1.72% | 5.73% | -12.65% | -43.98% | 0.47% | -16.38% | 72.77% | -20.10% | 31.89% |
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -9.82% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | 11.04% | -67.75% | 74.73% |
Correlation
The correlation between VXZ and VXX 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 VXZ and VXX has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.
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Return for Risk
VXZ vs. VXX — Risk / Return Rank
VXZ
VXX
VXZ vs. VXX - 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 iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX). 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 | VXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.82 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -1.01 | +0.18 |
| Martin ratioReturn relative to average drawdown | -1.54 | -1.55 | +0.01 |
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Drawdowns
VXZ vs. VXX - Drawdown Comparison
The maximum VXZ drawdown since its inception was -69.00%, smaller than the maximum VXX drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for VXZ and VXX.
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Drawdown Indicators
| VXZ | VXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.00% | -100.00% | +31.00% |
Max Drawdown (1Y)Largest decline over 1 year | -15.13% | -54.18% | +39.05% |
Max Drawdown (3Y)Largest decline over 3 years | -36.45% | -79.21% | +42.76% |
Max Drawdown (5Y)Largest decline over 5 years | -62.05% | -95.97% | +33.92% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.87% | — |
Current DrawdownCurrent decline from peak | -65.90% | -100.00% | +34.10% |
Average DrawdownAverage peak-to-trough decline | -36.93% | -95.08% | +58.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.36% | 39.47% | -31.11% |
Volatility
VXZ vs. VXX - Volatility Comparison
The current volatility for iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) is 4.05%, while iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a volatility of 17.21%. This indicates that VXZ experiences smaller price fluctuations and is considered to be less risky than VXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VXZ | VXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.05% | 17.21% | -13.16% |
Volatility (6M)Calculated over the trailing 6-month period | 13.78% | 43.47% | -29.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.74% | 56.26% | -37.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.07% | 68.03% | -38.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.01% | 70.41% | -36.40% |
VXZ vs. VXX - Expense Ratio Comparison
Both VXZ and VXX have an expense ratio of 0.89%.
Dividends
VXZ vs. VXX - Dividend Comparison
Neither VXZ nor VXX has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.90, VXZ and VXX 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 (17.21%) compared to VXZ (4.05%). In terms of maximum drawdown, VXZ dropped -69.00% vs VXX's -100.00%.
VXZ currently has the higher Sharpe Ratio (-0.67 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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