VIX ETF List & Volatility Funds Directory
Navigate market fluctuations with our comprehensive guide to every major VIX ETF and low-volatility fund. From equity-based stability tools to complex futures products, find the right vehicle for your tactical trading strategy.
Navigating market turbulence requires a clear understanding of the List of Volatility ETFs currently available. These instruments help investors manage the expected volatility of their portfolios during uncertain times. Most products are benchmarked against the CBOE Volatility Index VIX, which is maintained by the Chicago Board Options Exchange.
Financial instruments in this space are broadly categorized into two groups. Low-volatility exchange traded funds offer long-term stability by holding defensive stocks. In contrast, a VIX ETF typically uses derivatives to provide exposure to the market's "fear gauge" for short-term tactical plays.
Understanding the volatility of the S&P 500 is vital for effective risk management. While funds like USMV and SPLV focus on reducing downside, VIX-linked products like VXX and UVXY track VIX futures indexes directly. Investors should evaluate expense ratios and tracking methods carefully before allocating capital.
Key Takeaways
The List of Volatility ETFs includes minimum volatility, VIX futures, and leveraged inverse products.
VIX-linked tools suffer from roll decay. They are rarely suitable for long-term strategic investing.
Low-volatility funds hold actual stocks. A VIX ETF tracks futures contracts which can diverge from the spot index.
Investors can access minimum volatility strategies across international markets using tickers like ACWV and EFAV.
Understanding VIX Futures Mechanics
Most investors looking for a VIX ETF do not realize these funds cannot buy the spot VIX index. Instead, they must hold a short term futures index or mid-term contracts. This creates a unique performance profile compared to the headline VIX number.
When the market is calm, the futures curve is typically in "contango." This means longer-dated contracts cost more than current ones. Over time, this causes the fund to lose value as it "rolls" from expiring contracts to more expensive future ones.
Because of this constant decay, these funds often trade well below their long term average price over multi-year periods. They are best utilized as "insurance" during spikes in expected volatility rather than core portfolio holdings.
Top VIX ETF and Volatility Funds by Market Cap (2026)
The following table highlights the most prominent volatility-related funds across low-volatility and VIX futures categories based on current market data.
| Rank | Ticker | Fund Name | Type | Strategy | Exp. Ratio | AUM (Est) | Risk Level |
|---|---|---|---|---|---|---|---|
| 1 | USMV | iShares MSCI USA Min Vol Factor ETF | Equity | Minimum Volatility | 0.15% | $25B+ | Low/Medium |
| 2 | SPLV | Invesco S&P 500 Low Volatility ETF | Equity | Low Volatility | 0.25% | $7B+ | Low/Medium |
| 3 | VIXY | ProShares VIX Short-Term Futures ETF | Futures | VIX Long | 0.85% | $150M+ | Extreme |
| 4 | VXX | iPath Series B S&P 500 VIX ST Futures | ETN | VIX Long | 0.89% | $300M+ | Extreme |
| 5 | UVXY | ProShares Ultra VIX Short-Term Futures | Leveraged | 2x VIX Long | 0.95% | $200M+ | Extreme |
| 6 | SVXY | ProShares Short VIX Short-Term Futures | Inverse | 0.5x Inverse VIX | 0.95% | $250M+ | High |
| 7 | FDLO | Fidelity Low Volatility Factor ETF | Equity | Low Volatility | 0.15% | $4B+ | Medium |
| 8 | ACWV | iShares MSCI Global Min Vol ETF | Global Equity | Global Min Vol | 0.20% | $3B+ | Medium |
| 9 | VXZ | iPath Series B S&P 500 VIX Mid-Term | ETN | VIX Mid-Term | 0.89% | $40M+ | High |
| 10 | EFAV | iShares MSCI EAFE Min Vol ETF | Intl Equity | EAFE Min Vol | 0.20% | $6B+ | Medium |
Volatility ETF vs. Exchange Traded Note (ETN)
When choosing a vix etf, it is critical to distinguish between a standard fund and an exchange traded note. A standard ETF holds actual assets or derivatives in a trust for the benefit of shareholders.
An ETN, such as VXX, is actually an unsecured debt obligation issued by a bank. This means investors are exposed to the credit risk of the issuing institution. If the bank fails, the value of the note could be compromised regardless of market volatility.
Despite these differences, both structures are common on the Chicago Board Options Exchange. Traders often prefer ETNs for their precise tracking of vix futures indexes, as they do not suffer from the same tracking errors as some physical funds.
List of Volatility ETFs — Complete Company List
Hedging & Tactical Volatility Funds
- Barclays ETN+ VEQTOR S&P 500 Linked ETN (VQT)
- Compass EMP US 500 Volatility Weighted Index ETF (CFA)
- Compass EMP US 500 Enhanced Volatility Weighted Index ETF (CFO)
- Compass EMP U.S. EQ Income 100 Enhanced Volatility Weighted Index ETF (CDC)
- Compass EMP US Discovery 500 Enhanced Volatility Weighted Fund (CSF)
- First Trust Capital Strength ETF (FTCS)
- First Trust CBOE VIX Tail Hedge Index ETF (VIXH)
- First Trust Horizon Managed Volatility Domestic ETF (HUSV)
- PowerShares S&P 500 Downside Hedged Portfolio (PHDG)
- QuantShares U.S. Market Neutral Anti-Beta Fund (BTAL)
- VelocityShares Tail Risk Hedged Large Cap ETF (TRSK)
- VelocityShares Volatility Hedged Large Cap ETF (SPXH)
Low/Minimum Volatility ETFs
- Fidelity Low Volatility Factor ETF (FDLO)
- Franklin Liberty U.S. Low Volatility ETF (FLLV)
- iShares Edge MSCI Min Vol USA Small-Cap ETF (SMMV)
- iShares MSCI USA Minimum Volatility ETF (USMV)
- Legg Mason Low Volatility High Dividend ETF (LVHD)
- PowerShares DWA Momentum & Low Volatility Rotation Portfolio (DWLV)
- PowerShares S&P 500 ex-Rate Sensitive Low Volatility Portfolio (XRLV)
- PowerShares S&P 500 Low Volatility Portfolio (SPLV)
- PowerShares S&P MidCap Low Volatility ETF (XMLV)
- PowerShares S&P SmallCap Low Volatility Portfolio (XSLV)
- SPDR Russell 1000 Low Volatility ETF (LGLV)
- SPDR Russell 1000 Low Volatility Focus ETF (ONEV)
- SPDR Russell 2000 Low Volatility ETF (SMLV)
VIX Futures ETFs & ETNs
- iPath S&P 500 Dynamic VIX ETN (XVZ)
- iPath S&P 500 VIX Mid-Term Futures ETN (VXZ)
- iPath S&P 500 VIX Short Term Futures ETN (VXX)
- ProShares VIX Mid-Term Futures ETF (VIXM)
- ProShares VIX Short-Term Futures ETF (VIXY)
- VelocityShares VIX Medium Term ETN (VIIZ)
- VelocityShares VIX Short Term ETN (VIIX)
- VelocityShares VIX Tail Risk ETN (BSWN)
VIX Futures: Leveraged
- ProShares Ultra VIX Short-Term Futures ETF (UVXY)
- VelocityShares Daily 2x VIX Medium Term ETN (TVIZ)
- VelocityShares Daily 2x VIX Short Term ETN (TVIX)
VIX Futures: Short (Inverse)
Risks & Considerations
Contango and Roll Decay
Futures-based funds often lose value even if market fear stays flat. They must constantly sell cheap expiring contracts to buy expensive future ones.
Leverage Erosion
Leveraged products like UVXY face daily rebalancing math. This can cause significant losses in volatile, non-trending markets over several days.
Tracking Divergence
These funds track futures, not the spot VIX index. The price of the fund may not move in sync with news headlines.
Underperformance in Bull Markets
Minimum volatility equity funds often lag behind during strong rallies. They typically hold defensive, slower-growing stocks compared to growth-heavy indexes.