- CUSIP
- 92864M202
- Issuer
- Volatility Shares
- Inception Date
- Apr 17, 2023
- Category
- Volatility
- Leveraged
- 1x (No leverage)
- Index Tracked
- S&P 500 VIX Mid Term Futures Inverse Daily Index
- Distribution Policy
- Distributing
- Asset Class
- Volatility
- Assets Under Management
- $15M
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
ZVOL Performance Chart
Volatility Premium Plus ETF (ZVOL) is up 1.5% since the beginning of the year. ZVOL is currently trading at $8 per share.
Loading charts...
Returns By Period
Volatility Premium Plus ETF (ZVOL) has returned 1.50% so far this year and 15.47% over the past 12 months.
Volatility Premium Plus ETF
- 1D
- 0.38%
- 1M
- 5.05%
- YTD
- 1.50%
- 6M
- -0.24%
- 1Y
- 15.47%
- 3Y*
- 8.14%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
ZVOL Monthly Returns History
Based on dividend-adjusted daily data since Apr 19, 2023, ZVOL's average daily return is +0.07%, while the average monthly return is +1.28%. At this rate, an investment would double in approximately 4.5 years.
Historically, 51% of months were positive and 49% were negative. The best month was Jun 2023 with a return of +22.1%, while the worst month was Apr 2025 at -15.8%. The longest winning streak lasted 4 consecutive months, and the longest losing streak was 5 months.
On a daily basis, ZVOL closed higher 53% of trading days. The best single day was Apr 9, 2025 with a return of +10.2%, while the worst single day was Aug 5, 2024 at -13.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.42% | -2.46% | -8.77% | 8.43% | 3.11% | 2.46% | 1.50% | ||||||
| 2025 | -1.35% | -3.12% | -5.68% | -15.82% | 4.97% | 1.54% | -0.08% | 2.49% | 3.17% | -2.66% | 1.46% | 5.78% | -10.71% |
| 2024 | 4.04% | 3.57% | -1.58% | 3.09% | 10.49% | -2.13% | -0.88% | -4.08% | -5.37% | -3.68% | 13.77% | -6.26% | 9.27% |
| 2023 | -2.52% | 6.90% | 22.13% | 5.42% | 1.54% | -1.91% | -6.00% | 17.70% | 2.72% | 51.85% |
Benchmark Metrics
Volatility Premium Plus ETF has an annualized alpha of -11.07%, beta of 1.47, and R2 of 0.56 versus S&P 500 Index. Calculated based on daily prices since April 19, 2023.
- This ETF participated in 127.93% of S&P 500 Index downside but only 91.04% of its upside - more exposed to losses than it benefited from rallies.
- This ETF had an annualized alpha of -11.07% versus S&P 500 Index - delivering less than market exposure alone would predict.
- Alpha
- -11.07%
- Beta
- 1.47
- R²
- 0.56
- Upside Capture
- 91.04%
- Downside Capture
- 127.93%
Expense Ratio
ZVOL has a high expense ratio of 1.35%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
ZVOL ranks 23 for risk / return — below 23% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Volatility Premium Plus ETF (ZVOL) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ZVOL | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.20 | ||
| Sortino ratioReturn per unit of downside risk | -1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.37 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.94 | 2.78 | -1.84 |
| Martin ratioReturn relative to average drawdown | 3.01 | 12.44 | -9.43 |
Dividends
Dividend History
Volatility Premium Plus ETF provided a 78.71% dividend yield over the last twelve months, with an annual payout of $6.31 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $6.31 | $5.82 | $5.82 | $0.12 |
Dividend yield | 78.71% | 53.44% | 30.68% | 0.55% |
Monthly Dividends
The table displays the monthly dividend distributions for Volatility Premium Plus ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $2.91 | ||||||
| 2025 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $5.82 |
| 2024 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $5.82 |
| 2023 | $0.12 | $0.12 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
Loading charts...
Worst Drawdowns
The table below displays the maximum drawdowns of the Volatility Premium Plus ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Volatility Premium Plus ETF was 37.25%, occurring on Apr 21, 2025. The portfolio has not yet recovered.
The current Volatility Premium Plus ETF drawdown is 19.15%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 selloff2025 | -37.25%Apr 2025 | 9mo 14d | — | 1y 11moJul 2024 - now |
2023 correction2023 | -18.00%Oct 2023 | 1mo 12d | 20d | 2mo 2dSep 2023 - Nov 2023 |
2024 pullback2024 | -8.59%Apr 2024 | 2mo 22d | 14d | 3mo 6dJan 2024 - Apr 2024 |
2023 pullback2023 | -8.13%Dec 2023 | 5d | 20d | 25dDec 2023 - Jan 2024 |
2023 pullback2023 | -7.47%Aug 2023 | 21d | 14d | 1mo 5dJul 2023 - Aug 2023 |
Drawdown Indicators
| ZVOL | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.25% | -56.78% | +19.53% |
Max Drawdown (1Y)Largest decline over 1 year | -16.46% | -9.10% | -7.36% |
Max Drawdown (3Y)Largest decline over 3 years | -37.25% | -18.90% | -18.35% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -19.15% | -1.80% | -17.35% |
Average DrawdownAverage peak-to-trough decline | -13.52% | -10.71% | -2.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.15% | 2.03% | +3.12% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with ZVOL
Add Volatility Premium Plus ETF to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with ZVOL