Which did better when the S&P 500 fell, VXX or VXZ?

In the 21 weeks the S&P 500 fell, by 1.18% a week on average, VXX averaged +2.89% and VXZ +0.77%, so VXX returned more in those weeks.

Which earned more than cash, VXX or VXZ?

Over the same weeks, VXX finished 58.3 percentage points behind cash and VXZ finished 25.3 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

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VXX vs VXZ: which moved less with stocks?

Over the year to Oct 9, 2026, VXX moved less with the S&P 500 than VXZ: correlation −0.72 against −0.65. iPath Series B S&P 500 VIX Short-Term Futures ETN and iPath Series B S&P 500 VIX Mid-Term Futures ETN.

Their one-year returns differ by 29.5 points.

	VXX	VXZ
Total return, 1 year	−48.9%	−19.4%
Holdings in common	not published
Beta to the S&P 500	−2.60: about 2.60% for each 1%	−0.82: about 0.82% for each 1%
Its average week when the S&P 500 fell	rose 2.89%	rose 0.77%
Treasury bills, 52 weeks	+3.7%

−0.72

VXX correlation with the S&P 500

−0.65

VXZ correlation with the S&P 500

−244.7%

VXX down-week capture

−65.0%

VXZ down-week capture

VXXRose when the S&P 500 fell

VXX in the 21 weeks SPY fell, year to Oct 9, 2026: SPY averaged −1.18%, VXX +2.89%.

VXZRose when the S&P 500 fell

VXZ in the 21 weeks SPY fell, year to Oct 9, 2026: SPY averaged −1.18%, VXZ +0.77%.

One strategy, two funds

VXX and VXZ both run a volatility strategy. Over the same 52 weeks to Oct 9, 2026, VXX’s weekly returns had a correlation of −0.72 with the S&P 500 and VXZ’s −0.65. In the 21 weeks the index fell, by 1.18% a week on average, VXX averaged +2.89% and VXZ +0.77%. Over the same weeks, VXX finished 58.3 percentage points behind cash and VXZ finished 25.3 points behind cash.

Performance, window by window

	Total return		vs the S&P 500
Window	VXX	VXZ	VXX	VXZ
3 months	−19.6%	−10.6%	−23.0 pts	−13.9 pts
6 months	−44.8%	−19.7%	−59.9 pts	−34.9 pts
1 year	−48.9%	−19.4%	−66.1 pts	−36.6 pts
3 years	−81.2%	−32.8%	−166.9 pts	−118.5 pts
Since launch VXX Jan 2009 · VXZ Jan 2018	−100.0%	−33.2%	−1,293.0 pts	−251.9 pts

Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

VXX

iPath Series B S&P 500 VIX Short-Term Futures ETN · Volatility exchange traded note: tracks the S&P 500 VIX Short-Term Futures Index TR

VXZ

iPath Series B S&P 500 VIX Mid-Term Futures ETN · Volatility exchange traded note: tracks the S&P 500 VIX Mid-Term Futures Index TR

Issuer iPath iPath

Strategy Volatility Volatility

Correlation with the S&P 500 −0.72 −0.65

Beta to the S&P 500 −2.60 −0.82

Down-week capture −244.7% −65.0%

Average week when the S&P 500 fell +2.89% +0.77%

The S&P 500 in those weeks −1.18% −1.18%

Total return, same 52 weeks −54.7% −21.7%

Against T-bills, percentage points −58.3 pts −25.3 pts

Expense ratio not published not published

First traded Jan 30, 2009 Jan 18, 2018

Structure exchange traded note exchange traded note

Index its filing names S&P 500 VIX Short-Term Futures Index TR S&P 500 VIX Mid-Term Futures Index TR

Daily multiple it seeks +1x +1x

Total return, 1 year −48.1% −19.2%

Its index rebuilt by ETFIQ from Cboe VIX futures settlements, 1 year −47.6% −18.6%

Difference from its index, percentage points −0.5 pts −0.7 pts

Spot VIX, same year −5.5% −5.5%

Roll of the VIX futures it holds, 1 year −47.4% −15.8%

Paid out, 1 year, % of starting price not available not available

Net assets not read by ETFIQ not read by ETFIQ

As of Oct 9, 2026. Source: ETFIQ.

VXX in plain words

VXX is a volatility fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Oct 9, 2026, its weekly returns had a correlation of −0.72 with the S&P 500’s and a beta of −2.60, so for each 1% the index moved it moved about 2.60% the other way. The S&P 500 fell in 21 of those 52 weeks, by 1.18% on average. In the same weeks VXX rose 2.89% on average, a down-week capture of −244.7%. Over the same 52 weeks VXX returned −54.7% and a Treasury bill fund +3.7%, so it finished 58.3 percentage points behind cash.

VXZ in plain words

VXZ is a volatility fund. Over the year to Oct 9, 2026, its weekly returns had a correlation of −0.65 with the S&P 500’s and a beta of −0.82, so for each 1% the index moved it moved about 0.82% the other way. In the same weeks VXZ rose 0.77% on average, a down-week capture of −65.0%. Over the same 52 weeks VXZ returned −21.7% and a Treasury bill fund +3.7%, so it finished 25.3 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, VXX or VXZ?: Over the 52 weeks to Oct 9, 2026, VXX’s weekly returns had a correlation of −0.72 with the S&P 500 and VXZ’s −0.65, so VXX moved less with the index.
Which did better when the S&P 500 fell, VXX or VXZ?: In the 21 weeks the S&P 500 fell, by 1.18% a week on average, VXX averaged +2.89% and VXZ +0.77%, so VXX returned more in those weeks.
Which earned more than cash, VXX or VXZ?: Over the same weeks, VXX finished 58.3 percentage points behind cash and VXZ finished 25.3 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Other comparisons

VXX vs VIXM VXX vs VIXY VXZ vs VIXM VXZ vs VIXY

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →VXX on its own →VXZ on its own →How every figure is computed →Standards and sources →

Where these figures came from

VXX and VXZ filings on SEC EDGAR ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, VXX against VXZ, data as of Oct 9, 2026. https://etfiq.com/compare/alternatives/vxx-vs-vxz

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.