The largest exchange traded product indexed to VIX futures is on a four-day losing streak as the S&P 500 tries to break out of its recent doldrums on better-than-expected first quarter earnings.

The $1.7 billion iPath S&P VIX Short-Term Futures ETN (NYSEArca: VXX) was on track for a weekly loss of 9% in afternoon trading Friday as investors grow more bullish on U.S. stocks.

The VIX product is testing the lows from March on easing concerns over Europe’s debt crisis and hopes the U.S. has avoided a double-dip recession.

Meanwhile, the VIX itself has dropped below the 50-day moving average, a technical indicator. Volatility products such as VXX track VIX futures contracts, not the spot price. The VIX has hovering around 16 on Friday afternoon. Wall Street’s so-called fear index briefly fell below 14 in March.

U.S. stocks on Friday shook off a weaker-than-expected report on U.S. GDP growth in the first quarter.

The four-day rally to end the week has pushed the S&P 500 above its recent trading range.

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