Yes, but look at VXX. It goes down no matter what the market does. It has a built in drop over 1%per day. To overcome this and close flat you need a drop of at least 0.5% in the S&P. If you think the market slowly grinds down to 1350, VXX will still go down hard. The only way it benefits is from HUGE drops in the market, like 500 points in a day, and we will never see one of those again IMO. The expected annual return of VXX is -60%, so you can just short it with 1/3 of your money and collect a nice 20% annually with no work and no risk.
Did you just say we will never have any more 500 point down days again ? HAHAHAHAHAHA ! i promise you will we have numerous down 500 point days between now and Christmas ! IF I AM WRONG I WILL WALK COMPLETELY NUDE IN DOWNTOWN BOSTON ON A WEEK DAY AT LUNCH TIME !