And the more things change, the more they remain the same. If it’s Monday, its tough sailing for VXX. Or Tuesday, or Wednesday, or … you get the point.

Adjusting for a 1:4 reverse split, VXX has drifted from 400 to 33 in less than two years, a staggeringly tough performance. One might think some day, some way that VXX will stand up and explode. But it’s the same old, same old.

We have frequently documented the Contango Crush here. VXX has to maintain 30 days duration. But so long as VIX futures with less than 30 days remaining trade at a discount to the first VIX future with duration over 30 days, VXX will have the wind in its face.

One might think some day, some way...