Volatility has many characteristics (mean-reversion, risk premiums, contango/backwardation in futures term structure, low correlation to S&P 500, etc.) that make it a unique asset class, and that have recently caused VIX strategies and products (such as XIV and VXX) to grow in popularity. Many strategies have emerged to try to take advantage of the unique opportunities that are present, yet few successfully do so while also handling the extreme ups and downs. Our goal is to help you navigate VIX strategies with a simple, yet rigorous approach, that has historically produced higher returns and lower drawdowns than other popular strategies. Our strategies take advantage of roll-yield, the volatility risk premium in VIX futures, and spot VIX mean-version.