Edit Re: VXX

Earlier I failed to mention you can use XIV to go short VXX with no leverage, you just buy XIV and it gives you 1:1 short exposure to VXX.

UVXY is VXX's 2x leveraged long, the  2x leveraged short for XIV is SVXY.

So I prefer VXX Puts in this case, but if you wanted the same position without options, you'd either go long XIV or SVXY depending on whether you want leverage or not, these volatility ETFs can really move.