04.14.22 | Directional Exposure to Volatility

The correlation of the $VIXY to the S&P 500 is -76%.   $VIXY has a positive return 95% of the time that the S&P 500 has a loss of more than 1%.   $VXX suffers from roll loss due to term structure decay.   Conversely, short positions in $VXX provide exposure to forward starting volatility arbitrage strategies.