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This topic has appeared in the English Wikipedia rankings 1 time. It first appeared on 2026-05-17 and was most recently seen on 2026-05-17.
The volatility tax is a mathematical finance term first published by Rick Ashburn, CFA in a 2003 column, and formalized by hedge fund manager Mark Spitznagel, describing the effect of large investment losses on compound returns. It has also been called volatility drag, volatility decay or variance drain. This is not literally a tax in the sense of a levy imposed by a government, but the mathematical difference between geometric averages compared to arithmetic averages. This difference resembles a tax due to the mathematics which impose a lower compound return when returns vary over time, compared to a simple sum of returns. This diminishment of returns is in increasing proportion to volatility, such that volatility itself appears to be the basis of a progressive tax. Conversely, fixed-return investments appear to be "volatility tax free".
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