ECAT vs. ZVOL

Last updated Jun 5, 2026

ECAT (BlackRock ESG Capital Allocation Term Trust) and ZVOL (Volatility Premium Plus ETF) are both funds - ECAT is a Derivative Income fund managed by BlackRock, while ZVOL is a Volatility fund tracking the S&P 500 VIX Mid Term Futures Inverse Daily Index. Over the past 3 years, ECAT returned 19.60%/yr vs 9.56%/yr for ZVOL. At a 0.49 correlation, their price movements are largely independent. ECAT charges 1.38%/yr vs 1.35%/yr for ZVOL.

Performance

ECAT vs. ZVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock ESG Capital Allocation Term Trust (ECAT) and Volatility Premium Plus ETF (ZVOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ECAT achieves a 11.44% return, which is significantly higher than ZVOL's -1.35% return.

ECAT

• 1D: 0.19%
• 1M: 6.55%
• YTD: 11.44%
• 6M: 9.71%
• 1Y: 20.46%
• 3Y*: 19.60%
• 5Y*: —
• 10Y*: —

ZVOL

• 1D: 0.97%
• 1M: 3.59%
• YTD: -1.35%
• 6M: 2.75%
• 1Y: 9.99%
• 3Y*: 9.56%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ECAT vs. ZVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ECAT BlackRock ESG Capital Allocation Term Trust	11.44%	16.64%	19.96%	12.19%
ZVOL Volatility Premium Plus ETF	-1.35%	-10.71%	9.27%	51.65%

Correlation

The correlation between ECAT and ZVOL is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (All Time) Calculated using the full available price history since Apr 20, 2023	0.49

Return for Risk

ECAT vs. ZVOL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ECAT

ECAT Risk / Return Rank: 26
ECAT Sharpe Ratio Rank: 28
ECAT Sortino Ratio Rank: 27
ECAT Omega Ratio Rank: 27
ECAT Calmar Ratio Rank: 22
ECAT Martin Ratio Rank: 28

ZVOL

ZVOL Risk / Return Rank: 18
ZVOL Sharpe Ratio Rank: 18
ZVOL Sortino Ratio Rank: 19
ZVOL Omega Ratio Rank: 18
ZVOL Calmar Ratio Rank: 17
ZVOL Martin Ratio Rank: 19

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ECAT vs. ZVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock ESG Capital Allocation Term Trust (ECAT) and Volatility Premium Plus ETF (ZVOL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ECAT	ZVOL	Difference
Sharpe ratio: Return per unit of total volatility	1.53	0.54	+1.00
Sortino ratio: Return per unit of downside risk	2.18	0.92	+1.26
Omega ratio: Gain probability vs. loss probability	1.27	1.11	+0.17
Calmar ratio: Return relative to maximum drawdown	1.74	0.61	+1.13
Martin ratio: Return relative to average drawdown	6.53	1.95	+4.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ECAT vs. ZVOL - Sharpe Ratio Comparison

The current ECAT Sharpe Ratio is 1.53, which is higher than the ZVOL Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of ECAT and ZVOL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ECAT	ZVOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.53	0.54	+1.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.44	+0.11

Drawdowns

ECAT vs. ZVOL - Drawdown Comparison

The maximum ECAT drawdown since its inception was -32.23%, smaller than the maximum ZVOL drawdown of -37.25%. Use the drawdown chart below to compare losses from any high point for ECAT and ZVOL.

Drawdown Indicators

	ECAT	ZVOL	Difference
Max Drawdown Largest peak-to-trough decline	-32.23%	-37.25%	+5.02%
Max Drawdown (1Y) Largest decline over 1 year	-11.80%	-16.46%	+4.66%
Max Drawdown (3Y) Largest decline over 3 years	-15.79%	-37.25%	+21.46%
Current Drawdown Current decline from peak	-1.01%	-21.42%	+20.41%
Average Drawdown Average peak-to-trough decline	-9.11%	-13.44%	+4.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	5.12%	-1.98%

Volatility

ECAT vs. ZVOL - Volatility Comparison

The current volatility for BlackRock ESG Capital Allocation Term Trust (ECAT) is 3.31%, while Volatility Premium Plus ETF (ZVOL) has a volatility of 3.66%. This indicates that ECAT experiences smaller price fluctuations and is considered to be less risky than ZVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ECAT	ZVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.31%	3.66%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	10.50%	13.28%	-2.78%
Volatility (1Y) Calculated over the trailing 1-year period	13.43%	18.76%	-5.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.89%	29.25%	-12.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.89%	29.25%	-12.36%

ECAT vs. ZVOL - Expense Ratio Comparison

ECAT has a 1.38% expense ratio, which is higher than ZVOL's 1.35% expense ratio.

Dividends

ECAT vs. ZVOL - Dividend Comparison

ECAT's dividend yield for the trailing twelve months is around 21.67%, less than ZVOL's 70.46% yield.

Position	TTM	2025	2024	2023	2022	2021
ECAT BlackRock ESG Capital Allocation Term Trust	21.67%	23.00%	17.44%	9.14%	8.94%	0.54%
ZVOL Volatility Premium Plus ETF	70.46%	53.44%	30.68%	0.55%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ECAT and ZVOL in my portfolio?

ECAT and ZVOL have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ECAT or ZVOL?

ZVOL has higher volatility (3.66%) compared to ECAT (3.31%). In terms of maximum drawdown, ECAT dropped -32.23% vs ZVOL's -37.25%.

Which has better risk-adjusted returns?

ECAT currently has the higher Sharpe Ratio (1.53 vs 0.54), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.