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 -13.66%/yr vs -46.47%/yr for VXX. Their correlation of 0.83 means they have usually moved in the same direction. Both charge a 0.89% expense ratio.
Performance
VXZ vs. VXX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VXZ achieves a -4.62% return, which is significantly higher than VXX's -19.72% return.
VXZ
- 1D
- -0.08%
- 1M
- 1.31%
- 6M
- -4.72%
- YTD
- -4.62%
- 1Y
- -14.50%
- 3Y*
- -8.83%
- 5Y*
- -13.66%
- 10Y*
- —
- ALL TIME*
- -3.24%
VXX
- 1D
- -2.61%
- 1M
- -3.58%
- 6M
- -22.73%
- YTD
- -19.72%
- 1Y
- -53.71%
- 3Y*
- -38.60%
- 5Y*
- -46.47%
- 10Y*
- -46.29%
- ALL TIME*
- -51.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $203.07M | $176.34M | $224.72M | |
| $603.06K | $845.13K | $781.77K |
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 | -4.62% | 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 | -19.72% | -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, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer 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 0.90 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.85 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | -0.92 | +0.25 |
| Martin ratioReturn relative to average drawdown | -1.28 | -1.40 | +0.12 |
Loading charts...
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.
Loading charts...
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 | -19.20% | -54.59% | +35.39% |
Max Drawdown (3Y)Largest decline over 3 years | -36.45% | -80.75% | +44.30% |
Max Drawdown (5Y)Largest decline over 5 years | -62.05% | -95.66% | +33.61% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.80% | — |
Current DrawdownCurrent decline from peak | -66.90% | -100.00% | +33.10% |
Average DrawdownAverage peak-to-trough decline | -37.31% | -95.11% | +57.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.04% | 35.70% | -25.66% |
Volatility
VXZ vs. VXX - Volatility Comparison
The current volatility for iPath Series B S&P 500® VIX Mid-Term Futures ETN (VXZ) is 3.69%, while iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a volatility of 14.47%. 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.
Loading charts...
Volatility by Period
| VXZ | VXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.69% | 14.47% | -10.78% |
Volatility (6M)Calculated over the trailing 6-month period | 13.55% | 42.90% | -29.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.60% | 57.37% | -38.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.95% | 67.63% | -38.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.83% | 70.37% | -36.54% |
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
VXZ and VXX 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 (14.47%) compared to VXZ (3.69%). In terms of maximum drawdown, VXZ dropped -69.00% vs VXX's -100.00%.
VXZ currently has the higher Sharpe Ratio (-0.69 vs -0.87), 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.
Find the right allocation for VXZ and VXX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer