On February 5, 2018, a massive spike in the VIX caused XIV to lose over 80% of its value
During this period:
" : This 2016 paper by Bordonado, Molnar, and Samdal is a primary source for trading the . It tests the ability of these ETPs to hedge the S&P 500 and proposes a strategy to capture the VIX futures roll yield by switching between long and inverse volatility products. vxx xiv ratio