Kind of a weird question - but does anyone know? In other words, lets say one has shorted VIXY, UVXY, or TVIX when there is contango, or is long them when there is backwardation. So in both cases your position will increase in value each day even if volatility stays the same. Is there an easy way to tell what that increase, and that increase only, is, leaving out all changes in actual volatility? One might think of comparing them to changes in VIX, but that is not accurate as VIX is a calculation of current volatility whereas these products use the future two contracts to create an implied 30 day volatility. Thanks for any help!