The Vix is extra shady because they reversed split them, making the prices high so they have more room to fall. I guess the easiest thing would be to place a hard stop to simply cut your losses, and just re-buy it if it starts to perform again. The trend definitely looks down for the vix. I actually own a little bit too, since it's a tiny percentage of my portfolio I'm just biting the bullet because if something unexpected happens, like the Corona Variant, a terrorist attack, riots, who knows, even an Alien Invasion, then these vix will come back. Even if the market keeps trending up to DOW 50K, like I'm expecting in the long run, there will be plenty of dips and fakeouts along the way. I would wait till it spikes again to sell at lease. Usually there is a dip in-between summer and Xmas, to fuel the X-Mas rally. Maybe not though, the market is a raging bull right now. BTC was a raging bull at the beginning of the year, look how much changed in 3 months.

Another option for you may be earning income off your VIX. If you are very very sure it's gonna go down, as long as you own 100 of them you can sell coverd calls short against them at higher strike price. If VIX never gets up to the strike, the options expire worthless and you pocket that premium.

It's not good to have all your eggs in one basket, nothing wrong with holding hedges that aren't performing, hedge funds do it all the time. Also as soon as you sell them, there's a good chance they will probably spike. We're at All time highs on the stock market, however the market can stay irrational longer than we can stay sane about our positions. I wonder the same thing about mine, I decided just to HODL and keep trading good stocks in the meantime.