The CBOE Volatility Index, or VIX, has fallen to record lows this year, reflecting subdued volatility in the equities market while equities continued to march higher this year. Consequently, volatility-related investments have floundered, with the C-Tracks on Citit Volatility Index ETN (NYSEArca: CVOL) down 54.7% and the VelocityShares Daily 2X VIX Short-Term ETN (NYSEArca: TVIX) down 54.4% year-to-date. [VIX ETFs Reveal a Complacent Market]

Additionally, the uncharacteristically frigid winter months caused a surge in natural gas demand to keep the cold at bay, which helped push down inventory levels to record lows. Consequently, the leveraged bearish play, VelocityShares Daily 3x Inverse Natural Gas ETN (NYSEArca: DGAZ), has declined 53.7% so far this year. [Low Production Outlook is Supporting Natural Gas ETFs]

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