VXX Volume Picks Up

Up until recently, many investors were unaware that there is an ETN that tracks the VIX Volatility Index.  Its ticker is VXX.  The VIX generally moves in the opposite direction of the market, so it is more of a hedge or a short bet on the market than anything.  As shown below, VXX has gone from $110 down to the mid-$20s since the bull market started last March.  VXX didn't trade much volume in 2009, but over the last few months, its daily volume has picked up immensely.  In 2009, VXX averaged 956,000 shares a day.  So far this year, the average daily volume has been 6,500,000 shares.

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Comments

[vil-trader]

Im sorry to tell you that VXX and VXZ are not ETF. Are ETNs.

[Bespoke]

Hi Vil-Trader,

For simplicity, we use ETF just as a generic term. But yes, it is an exchange traded note.

[vil-trader]

LOL

for simplicity you keep some readers un-informed.

[tony]

great study
looks to show the downside contained for now

[Bespoke]

Vil, we switched it over to ETN.

[Paul Teetor]

Thanks for bringing this to people's attention. I did not realize the volume had grown so tremendously.

Your readers might want to know there is another ETN with symbol VXZ which tracks the total return on the VIX futures, not just the spot index. It has outperformed the VXX ETN by over 40 percentage points over the last year. The lesson is clear: if you are buying VXX, consider VXZ instead. Conversely, if you are shorting VXZ, consider VXX instead.

[Marrilyn]

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