iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) Performance
VXZ total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −12.7% since Dec 31, 2025
- 1 year
- −17.0% total return
- 5 years
- −14.5% a year
- Since first price
- −4.1% a year since 2018
VXZ trailing returns vs SPY, QQQ, AGG
| Period | VXZ total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +2.5% | +2.5% | −1.0% | −5.0% | +0.9% |
| 3 months | −9.3% | −9.3% | +3.2% | +1.9% | −0.4% |
| 6 months | −16.1% | −16.1% | +7.8% | +8.4% | −1.5% |
| YTD | −12.7% | −12.7% | +12.3% | +15.1% | −1.0% |
| 1 year | −17.0% | −17.0% | +14.4% | +15.9% | −1.1% |
| 3 years | −36.1%−13.9%/yr | −36.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −54.2%−14.5%/yr | −54.2% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionJan 18, 2018 | −30.9%−4.1%/yr | −30.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: VXZ vs SPY
From Jan 18, 2018: VXZ grew to $6,907, SPY to $31,089.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
VXZ returns by calendar year
3 of 7 full years positive. Best 2020 (+72.8%), worst 2023 (−44.0%). 2026 is year to date.
VXZ annual returns table
| Year | VXZ | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −12.7% | −27.7% | +12.3% | +15.1% | −1.0% |
| 2025 | +5.7% | −22.7% | +17.7% | +20.8% | +7.2% |
| 2024 | −12.7% | −24.5% | +24.9% | +25.6% | +1.3% |
| 2023 | −44.0% | −45.4% | +26.2% | +54.9% | +5.7% |
| 2022 | +0.5% | −19.2% | −18.2% | −32.6% | −13.0% |
| 2021 | −16.4% | −30.8% | +28.7% | +27.4% | −1.8% |
| 2020 | +72.8% | −26.4% | +18.3% | +48.6% | +7.5% |
| 2019 | −20.1% | −24.2% | +31.2% | +39.0% | +8.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
VXZ largest drawdowns
Now 69.7% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 18, 2020 | −71.0% | Oct 13, 2026 | not yet | 6.6 years | 6.6 years so far |
| Apr 12, 2018 | −28.8% | Feb 12, 2020 | Mar 9, 2020 | 1.8 years | 1.9 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
VXZ risk statistics
| Statistic | 3 years | 5 years | Since 2018 |
|---|---|---|---|
| Annualized return | −12.0% | −15.9% | −4.5% |
| Volatility (annualized) | 20.0% | 21.9% | 31.4% |
| Sharpe ratio | -0.76 | -0.83 | -0.09 |
| Sortino ratio | -0.91 | -0.97 | -0.16 |
| Best month | +14.3% | +14.3% | +61.8% |
| Worst month | −14.8% | −17.4% | −17.4% |
| Best 12 months | +22.5% | +22.5% | +102.3% |
| Worst 12 months | −22.6% | −44.3% | −44.3% |
| Positive months | 50% | 47% | 49% |
| Beta vs S&P 500 | -1.07 | -0.96 | — |
| Correlation with S&P 500 | -0.67 | -0.69 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
VXZ rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 94 | −44.3% | −8.8% | +102.3% | 39% |
| 3-year (a year) | 70 | −26.9% | −13.9% | +28.2% | 37% |
| 5-year (a year) | 46 | −17.8% | −8.3% | +4.8% | 11% |
Every holding period starting at a month-end since 2018. Returns for 3 years and longer are annualized.
VXZ performance overview
iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) returned −17.0% over the past year and −14.5% a year over five years, with distributions reinvested. Since its first recorded price in 2018 it has returned −4.1% a year, turning $10,000 into about $6,907. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −71.0%, from Mar 18, 2020 to Oct 13, 2026; the fund has not yet regained that high. VXZ finished 3 of its 7 full calendar years with a gain; the best year was 2020 (+72.8%) and the worst 2023 (−44.0%). Volatility has been 31.4% a year.
Related: VXZ chart. See the VXZ overview for the latest quote and fund facts.
VXZ performance FAQ
What is the VXZ return over the past year?
VXZ returned −17.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 17.0%.
What is the average annual return of VXZ?
VXZ has returned −14.5% a year over 5 years, −4.1% a year since January 18, 2018 (total return, distributions reinvested).
How much would $10,000 invested in VXZ be worth?
$10,000 invested in VXZ at its first recorded close on January 18, 2018 would be worth about $6,907 on October 23, 2026 with distributions reinvested.
What was the worst year for VXZ?
The worst calendar year was 2023, with a total return of −44.0%. The best was 2020 at +72.8%.
What is the biggest drawdown of VXZ?
The largest peak-to-trough decline was −71.0% between March 18, 2020 and October 13, 2026. It has not yet recovered to that high; it is 69.7% below its peak.
How volatile is VXZ?
Over the past 3 years VXZ had an annualized volatility of 20.0% and a Sharpe ratio of -0.76 (excess return over 1–3 month T-bills per unit of risk).