Why a Volatility-Linked ETN is Diverging from the VIX

VelocityShares Daily 2x VIX Short-Term ETN (NYSEArca: TVIX) was down about 15% in afternoon trading Thursday. The volatility-linked exchange traded note was sharply lower even as the CBOE Volatility Index, or VIX, was up roughly 6%. The divergence between the 200% leveraged ETN and the VIX...