The Russell 2000 was up a whopping 0.04% last week which lagged the gains racked up last week in the S&P 500 (0.39%) and Nasdaq-100 (1.55%). Despite the underlying market rising more, VXN was actually up slightly more than RVX last week. The Russell 2000 has had a tough 2014, but since the equity market bottomed out on October 15th small cap stocks have kept pace with large cap stocks as represented by the S&P 500.
Both the RVX and VXN curves experienced unusual moves as the spot indexes rose and the futures all lost value. November expiration is this coming Wednesday so with little action in the index, the futures closed the gap by losing value.