ETFIQetfiq.com · independent ETF data
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 TRiPathan exchange traded note holds no assets; it is the issuing bank’s unsecured debtFirst traded Jan 18, 2018SEC filings ↗Every iPath fund ETFIQ covers
In the S&P 500’s down weeks over the year to Oct 9, 2026, VXZ rose 0.77% a week on average.
−0.65
Correlation with the S&P 500
−0.82
Beta to the S&P 500
−65.0%
Down-week capture
−25.3 pts
Against T-bills, 52 weeks
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Rose 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%.
| Window | The fund | S&P 500 | Difference, percentage points |
|---|---|---|---|
| 3M Jul 10 – Oct 9, 2026 | −10.6% | +3.4% | −13.9 pts |
| 6M Apr 10 – Oct 9, 2026 | −19.7% | +15.2% | −34.9 pts |
| 1Y Oct 9, 2025 – Oct 9, 2026 | −19.4% | +17.3% | −36.6 pts |
| 3Y Oct 10, 2023 – Oct 9, 2026 | −32.8% | +85.8% | −118.5 pts |
| Since launch Jan 18, 2018 – Oct 9, 2026 | −33.2% | +218.7% | −251.9 pts |
Source: ETFIQ.
VXZ beside every long VIX futures fund · 1 month
Every long VIX futures fund ETFIQ covers, each against the VIX futures index its own filing names at its own daily multiple, rebuilt by ETFIQ from Cboe VIX futures settlements, and against spot VIX over the same two closes.
| Fund | Multiple | Returned | Its index, rebuilt | Difference | Spot VIX |
|---|---|---|---|---|---|
| VIXM | +1x | −4.1% | −3.9% | −0.2 pts | −2.0% |
| VIXY | +1x | −4.6% | −4.4% | −0.2 pts | −2.0% |
| VXX | +1x | −4.2% | −4.4% | +0.3 pts | −2.0% |
| VXZ | +1x | −4.0% | −3.9% | −0.1 pts | −2.0% |
VXZ beside every long VIX futures fund · 3 months
| Fund | Multiple | Returned | Its index, rebuilt | Difference | Spot VIX |
|---|---|---|---|---|---|
| VIXM | +1x | −10.3% | −10.0% | −0.2 pts | −2.7% |
| VIXY | +1x | −20.7% | −20.1% | −0.6 pts | −2.7% |
| VXX | +1x | −20.1% | −20.1% | 0.0 pts | −2.7% |
| VXZ | +1x | −10.4% | −10.0% | −0.4 pts | −2.7% |
VXZ beside every long VIX futures fund · 1 year
| Fund | Multiple | Returned | Its index, rebuilt | Difference | Spot VIX |
|---|---|---|---|---|---|
| VIXM | +1x | −19.7% | −18.6% | −1.1 pts | −5.5% |
| VIXY | +1x | −48.9% | −47.6% | −1.3 pts | −5.5% |
| VXX | +1x | −48.1% | −47.6% | −0.5 pts | −5.5% |
| VXZ | +1x | −19.2% | −18.6% | −0.7 pts | −5.5% |
Long VIX futures funds, to Oct 8, 2026. Source: Tiingo end-of-day prices, Cboe VIX futures settlements and VIX index closes; ETFIQ calculation.
In plain words
IssueriPath
Strategy (ETFIQ, from its prospectus)Volatility
Expense rationot read by ETFIQ
Net assetsan exchange traded note holds no assets; it is the issuing bank’s unsecured debt
Issued byBarclays Bank PLC
Structureexchange traded note
Index its own filing namesS&P 500 VIX Mid-Term Futures Index TR
Volatility group (ETFIQ)Long VIX futures
Daily multiple it seeks+1x
VXZ against its index rebuilt by ETFIQ from Cboe VIX futures settlements, 1 month−4.0% against −3.9% at +1x, a difference of −0.1 pts, Sep 8, 2026 to Oct 8, 2026
VXZ against spot VIX, 1 month−4.0% against −2.0% for the VIX index (15.72 to 15.41), Sep 8, 2026 to Oct 8, 2026
VXZ against its index rebuilt by ETFIQ from Cboe VIX futures settlements, 3 months−10.4% against −10.0% at +1x, a difference of −0.4 pts, Jul 9, 2026 to Oct 8, 2026
VXZ against spot VIX, 3 months−10.4% against −2.7% for the VIX index (15.84 to 15.41), Jul 9, 2026 to Oct 8, 2026
VXZ against its index rebuilt by ETFIQ from Cboe VIX futures settlements, 1 year−19.2% against −18.6% at +1x, a difference of −0.7 pts, Oct 8, 2025 to Oct 8, 2026
VXZ against spot VIX, 1 year−19.2% against −5.5% for the VIX index (16.30 to 15.41), Oct 8, 2025 to Oct 8, 2026
Roll of the mid-term VIX futures, 1 month−1.7%: the index rebuilt by ETFIQ from Cboe VIX futures settlements returned −4.2% while the constant-maturity futures price moved −2.5%, Sep 8, 2026 to Oct 8, 2026; in contango on 22 of 22 days
Roll of the mid-term VIX futures, 3 months−6.8%: the index rebuilt by ETFIQ from Cboe VIX futures settlements returned −10.9% while the constant-maturity futures price moved −4.4%, Jul 9, 2026 to Oct 8, 2026; in contango on 64 of 64 days
Roll of the mid-term VIX futures, 1 year−15.8%: the index rebuilt by ETFIQ from Cboe VIX futures settlements returned −21.6% while the constant-maturity futures price moved −6.8%, Oct 8, 2025 to Oct 8, 2026; in contango on 220 of 251 days
Front two VIX futures on Oct 8, 202617.62 and 18.01, a contango of 2.2%
Weeks measured52, from Oct 10, 2025 to Oct 9, 2026
Weeks the S&P 500 fell21
The S&P 500 in those weeks, on average−1.18%
VXZ in those weeks, on average+0.77%
VXZ total return over those weeks−21.7%
T-bills (BIL) over the same weeks+3.7%
First tradedJan 18, 2018
Days traded90
Quotedon an exchange, every trading day
How this is computed
Weekly closes from Tiingo with distributions reinvested, 52 weeks to the same date for the fund, SPY and BIL. ETFIQ calculation. How these figures are computed
Questions people ask about VXZ
- Does VXZ move with the S&P 500?
- Over the year to Oct 9, 2026, VXZ’s weekly returns had a correlation of −0.65 with the S&P 500’s, on a scale where 1 moves in step, 0 shows no pattern and −1 moves opposite. Its beta was −0.82, so for each 1% the index moved it moved about 0.82% the other way.
- What did VXZ do when stocks fell?
- The S&P 500 fell in 21 of the 52 weeks to Oct 9, 2026, by 1.18% on average. In those weeks VXZ rose 0.77% on average, a down-week capture of −65.0%.
- Did VXZ earn more than cash?
- Over the same 52 weeks VXZ returned −21.7% with distributions reinvested, and BIL, a fund of Treasury bills, returned +3.7%. VXZ finished 25.3 percentage points behind it.
- Why is VXZ listed as volatility?
- ETFIQ files each fund by what its own prospectus says it does, and VXZ’s describes a volatility fund.
- How closely did VXZ track its VIX futures index?
- Over the year from Oct 8, 2025 to Oct 8, 2026, VXZ returned −19.2%. The S&P 500 VIX Mid-Term Futures Index TR, rebuilt by ETFIQ from Cboe VIX futures settlements and taken at +1x each day, returned −18.6%, a difference of −0.7 pts. Spot VIX moved −5.5%.
- What did rolling the VIX futures cost over the last year?
- Holding the mid-term VIX futures returned −21.6% from Oct 8, 2025 to Oct 8, 2026, while the constant-maturity futures price moved −6.8%. The difference, −15.8%, is the roll: what selling the expiring month and buying the next cost. A fund short these futures collects it instead.
Sources and dates
Prices, VXZ and S&P 500Prices, Tiingo end of day ↗
Fee, not read by ETFIQ
Net assets, an exchange traded note holds no assets; it is the issuing bank’s unsecured debt
IssuerCboe VIX index history ↗
All fund filingsFund filings on SEC EDGAR ↗
ETFIQ links to the documents behind every figure; a link is not an endorsement.
Cite this page
ETFIQ, VXZ, alternatives ETFs, data as of Oct 9, 2026. https://etfiq.com/funds/vxz
ETFIQ. (Oct 9, 2026). VXZ, alternatives ETFs. Retrieved from https://etfiq.com/funds/vxz
[VXZ, alternatives ETFs (ETFIQ, Oct 9, 2026)](https://etfiq.com/funds/vxz)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.
Correlation
How closely the fund’s weekly returns moved with the S&P 500’s over the last year, from −1 to 1. At 1 the two rise and fall together, at 0 there is no pattern, and below 0 the fund tended to move the other way.
Beta
How far the fund moved, on average, for each 1% move in the S&P 500 over the same weeks. At 0.3 it moved about 0.3% the same way; below 0 it moved the other way.
Down week
A week in which the S&P 500 fell, measured through SPY with dividends reinvested. A week that ended exactly level is not a down week.
Down-week capture
The fund’s average return in the S&P 500’s down weeks as a share of the index’s own average in those weeks. At 100% it fell as much, at 50% half as much, and below zero it rose. It is weekly and covers one year, so it is not the same figure as Morningstar’s downside capture.
Against T-bills
The fund’s total return minus a short Treasury bill fund’s (BIL) over the same year, in percentage points. A fund can steady a portfolio and still earn less than cash.
VXZ, Alternatives ETFs, ETFIQ, data as of Oct 9, 2026. Every figure is calculated from a named public source; the method is at etfiq.com/methodology. ETFIQ is an independent publisher, is not a fund issuer, broker-dealer or investment adviser, and makes no recommendations.