Volatility ETFs and ETNs, against the VIX futures they track
As of Oct 9, 2026, ETFIQ measures 9 funds linked to the Cboe VIX index through its futures. On Oct 8, 2026 the front two VIX futures settled at 17.62 and 18.01, a contango of 2.2%, and rolling the short-term futures cost 47.4% over the year to Oct 8, 2026. Each fund is measured against the index its own filing names, rebuilt by ETFIQ from Cboe VIX futures settlements, and against spot VIX, which is what most holders expect it to follow.
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Every strategy →Browse VIX funds in Leverage
Long VIX futures
Holds VIX futures long at one times, so it rises when expected volatility rises and pays the roll cost when the futures curve slopes up. Click a column to sort.
| Ticker | Fund | Issuer | Tracks | Multiple | Total return 1Y | Index, rebuilt 1Y | Difference 1Y, pts | Spot VIX 1Y | Net assets ↓ |
|---|---|---|---|---|---|---|---|---|---|
| VIXY | ProShares VIX Short-Term Futures ETF | ProShares | Short-term, total return | +1x | −48.9% | −47.6% | −1.3 pts | −5.5% | $221m |
| VIXM | ProShares VIX Mid-Term Futures ETF | ProShares | Mid-term, total return | +1x | −19.7% | −18.6% | −1.1 pts | −5.5% | $49m |
| VXX | iPath Series B S&P 500 VIX Short-Term Futures | iPath | Short-term, total return | +1x | −48.1% | −47.6% | −0.5 pts | −5.5% | not read by ETFIQ |
| VXZ | iPath Series B S&P 500 VIX Mid-Term Futures ET | iPath | Mid-term, total return | +1x | −19.2% | −18.6% | −0.7 pts | −5.5% | not read by ETFIQ |
4 long VIX futures funds over the year to Oct 9, 2026, largest first. Its index is the one its own filing names, rebuilt by ETFIQ from Cboe VIX futures settlements, at its daily multiple. Source: Tiingo end-of-day prices, Cboe VIX futures settlements and VIX index closes; ETFIQ calculation.
Inverse and short VIX futures
Holds VIX futures short, so it gains when expected volatility falls and collects the roll when the curve slopes up. Click a column to sort.
| Ticker | Fund | Issuer | Tracks | Multiple | Total return 1Y | Index, rebuilt 1Y | Difference 1Y, pts | Spot VIX 1Y | Net assets ↓ |
|---|---|---|---|---|---|---|---|---|---|
| SVXY | ProShares Short VIX Short-Term Futures ETF | ProShares | Short-term, total return | −0.5x | +26.4% | +22.2% | +4.2 pts | −5.5% | $258m |
| VYLD | Inverse VIX Short-Term Futures ETNs due March | JPMorgan | Short-term, points | −1x | +15.8% | +12.4% | +3.3 pts | −5.5% | not read by ETFIQ |
2 inverse and short VIX futures funds over the year to Oct 9, 2026, largest first. Its index is the one its own filing names, rebuilt by ETFIQ from Cboe VIX futures settlements, at its daily multiple. Source: Tiingo end-of-day prices, Cboe VIX futures settlements and VIX index closes; ETFIQ calculation.
Leveraged VIX futures
Seeks a multiple above one of a VIX futures index each day, which compounds both its moves and its roll cost. Click a column to sort.
| Ticker | Fund | Issuer | Tracks | Multiple | Total return 1Y | Index, rebuilt 1Y | Difference 1Y, pts | Spot VIX 1Y | Net assets ↓ |
|---|---|---|---|---|---|---|---|---|---|
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | ProShares | Short-term, total return | +1.5x | −68.2% | −66.5% | −1.7 pts | −5.5% | $249m |
1 leveraged VIX futures funds over the year to Oct 9, 2026, largest first. Its index is the one its own filing names, rebuilt by ETFIQ from Cboe VIX futures settlements, at its daily multiple. Source: Tiingo end-of-day prices, Cboe VIX futures settlements and VIX index closes; ETFIQ calculation.
Volatility income
Sells volatility, through short VIX futures or options, and pays out what it collects; it loses when the VIX spikes. Click a column to sort.
2 volatility income funds over the year to Oct 9, 2026, largest first. Paid out is the cash distributed as a share of the starting price. Source: Tiingo end-of-day prices, Cboe VIX index closes; ETFIQ calculation.
What holding the futures cost
Every one of these funds holds VIX futures that expire, so it sells the expiring month and buys a later one. When later months cost more, which is contango and the usual state, each roll costs money even if the VIX stands still. The roll is what the index returned set against what a future of the index’s own maturity did over the same days. A fund short these futures collects it instead. Click a column to sort.
| Futures held | Index the funds name | Contango, front two months | Roll 1 month | Roll 3 months | Roll 1 year |
|---|---|---|---|---|---|
| Mid-term VIX futures | S&P 500 VIX Mid-Term Futures Index | +2.2% on Oct 8, 2026 | −1.7% | −6.8% | −15.8% |
| Short-term VIX futures | S&P 500 VIX Short-Term Futures Index | +2.2% on Oct 8, 2026 | −4.5% | −19.4% | −47.4% |
The two VIX futures indices the funds name, rebuilt by ETFIQ from Cboe VIX futures settlements, to Oct 8, 2026. The roll is the index’s return over the constant-maturity futures price’s, less one; below zero it cost a long holder. The levels are open data at /data/vix-futures.json.
Against the S&P 500
The measures every alternatives fund is held to: how closely its weekly returns moved with the S&P 500 over the last year, and what it did in the weeks the index fell. Click a column to sort.
| Ticker | Fund | Issuer | Strategy | Correlation | Beta | Down-week capture, % | Against T-bills, pts | Net assets ↓ |
|---|---|---|---|---|---|---|---|---|
| SVOL | Simplify Volatility Premium ETF | Simplify | Volatility | +0.74 | +0.66 | 77.5 | +15.8 | $525m |
| SVXY | ProShares Short VIX Short-Term Futures ETF | ProShares | Volatility | +0.75 | +1.37 | 134.7 | +32.5 | $258m |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | ProShares | Volatility | −0.72 | −3.93 | −353.4 | −77.5 | $249m |
| VIXY | ProShares VIX Short-Term Futures ETF | ProShares | Volatility | −0.72 | −2.62 | −241.3 | −58.9 | $221m |
| VIXM | ProShares VIX Mid-Term Futures ETF | ProShares | Volatility | −0.64 | −0.82 | −66.6 | −25.7 | $49m |
| ZVOL | Volatility Premium Plus ETF | Volatility Shares | Volatility | +0.65 | +0.85 | 65.5 | +24.6 | $20m |
| VXX | iPath Series B S&P 500 VIX Short-Term Futures | iPath | Volatility | −0.72 | −2.60 | −244.7 | −58.3 | not read by ETFIQ |
| VXZ | iPath Series B S&P 500 VIX Mid-Term Futures ET | iPath | Volatility | −0.65 | −0.82 | −65.0 | −25.3 | not read by ETFIQ |
| VYLD | Inverse VIX Short-Term Futures ETNs due March | JPMorgan | Volatility | +0.74 | +0.58 | 48.2 | +15.2 | not read by ETFIQ |
9 volatility funds with a full year of weekly prices to Oct 9, 2026, in ticker order. They carry no Diversifier Score, which is computed over the other strategies. Source: weekly closes from Tiingo, ETFIQ calculation.
ETFIQ, Volatility ETFs: VIX futures tracking and roll cost, data as of Oct 9, 2026. https://etfiq.com/alternatives/volatility/
ETFIQ. (Oct 9, 2026). Volatility ETFs: VIX futures tracking and roll cost. Retrieved from https://etfiq.com/alternatives/volatility/
[Volatility ETFs: VIX futures tracking and roll cost (ETFIQ, Oct 9, 2026)](https://etfiq.com/alternatives/volatility/)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.