The iPath S&P 500 VIX Short-Term Futures exchange-traded note (VXX), supposedly a hedge against stock market volatility, crashed last week losing over 10% of its market value. The sharp drop, which sent the VXX to an all-time low, occurred as positive economic news in the U.S. and Europe sent the S&P 500 stock index sharply upward. The VXX is designed to zag as the stock market zigs, and it did just that. (“ETN tied to VIX vaporizes as S&P rises on job data,” by Jason Kephart, InvestmentNews).