The VXX is excellent for hedging your portfolio. Time to buy some risk off to hedge recent gains. I am expecting a 4 dollar gain within the next two weeks. Earnings are winding down and there is no catalyst to keep the market going from the lower left to the upper right.
I am not trying be difficult here, but the VXX will never see $100 again. I would bet my house on it. Now, 40-60 is possible at this point, but more it goes down before a correction in the market occurs, the less likely 40-60 is.
My case would be that as a short, decay helps you, but going long XIV, decay will be against you. Plus, if market actually crashes in panic fashion, XIV can lose up to 75% of its value within a few days and will take much longer to reach pre-crash levels after a crash where as VXX will take a relatively short amount of time to reach pre-crash levels...
Well, both products decay, so being short is an advantage on any decaying product, as the decay is in your favor, instead of against you.
XIV is up more since 2011, but that's because of a rare anomaly in the VIX, being @ 7 year lows.