Very quiet weeks, like last week, usually result in a slight shift lower in the VXST – VIX – VXV – VXMT curve.
Contango persists and it worked its magic on SVXY, VXX, and UVXY last week. SVXY had a good week rising over 5% while VXX gave up just about the same amount and UVXY lost over 11%. Note VVIX is remaining at relatively high levels as is SKEW.
For the year SVXY is up about 7%, VXX has lost 21% and UVXY is down 45% (after being up over 100% back in February).