We compare dynamical and energetical stability criteria for vortex rings. I
t is argued that vortex rings will be intrinsically unstable against pertur
bations with short wavelengths below a critical wavelength because the cano
nical vortex Hamiltonian is unbounded from below for these modes. To explic
itly demonstrate this behavior, we derive the oscillation spectrum of vorte
x rings in incompressible, inviscid fluids within a geometrical cutoff proc
edure for the core. The spectrum develops an anomalous branch of negative g
roup velocity and approaches the zero of energy for wavelengths that are ab
out six times the core diameter. We show the consequences of this dispersio
n relation for the thermodynamics of vortex rings in superfluid He-4 at low
temperatures.