EUM vs. SVIX
EUM (ProShares Short MSCI Emerging Markets) and SVIX (Volatility Shares -1x Short VIX Futures ETF) are both Inverse Equities funds. Over the past 3 years, EUM returned -15.90%/yr vs -0.23%/yr for SVIX. At a correlation of -0.52, they often move in opposite directions. EUM charges 0.95%/yr vs 1.47%/yr for SVIX.
Performance
EUM vs. SVIX - Performance Comparison
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Returns By Period
In the year-to-date period, EUM achieves a -21.40% return, which is significantly lower than SVIX's -5.20% return.
EUM
- 1D
- 1.09%
- 1M
- -5.64%
- YTD
- -21.40%
- 6M
- -22.97%
- 1Y
- -32.85%
- 3Y*
- -15.90%
- 5Y*
- -5.09%
- 10Y*
- -10.22%
SVIX
- 1D
- 3.24%
- 1M
- 20.39%
- YTD
- -5.20%
- 6M
- 9.90%
- 1Y
- 56.79%
- 3Y*
- -0.23%
- 5Y*
- —
- 10Y*
- —
EUM vs. SVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
EUM ProShares Short MSCI Emerging Markets | -21.40% | -22.61% | -0.83% | -3.89% | 16.01% |
SVIX Volatility Shares -1x Short VIX Futures ETF | -5.20% | -4.49% | -32.76% | 157.37% | -0.88% |
Correlation
The correlation between EUM and SVIX is -0.53, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.50 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022 | -0.52 |
The correlation between EUM and SVIX has been stable across timeframes, ranging from -0.53 to -0.50 - a consistent structural relationship.
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Return for Risk
EUM vs. SVIX — Risk / Return Rank
EUM
SVIX
EUM vs. SVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI Emerging Markets (EUM) and Volatility Shares -1x Short VIX Futures ETF (SVIX). 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.
| EUM | SVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.66 | ||
| Sortino ratioReturn per unit of downside risk | -3.97 | ||
| Omega ratioGain probability vs. loss probability | 0.72 | 1.22 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 1.34 | -2.30 |
| Martin ratioReturn relative to average drawdown | -1.91 | 3.86 | -5.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EUM | SVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.61 | 1.04 | -2.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.27 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.50 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.36 | 0.17 | -0.53 |
Drawdowns
EUM vs. SVIX - Drawdown Comparison
The maximum EUM drawdown since its inception was -93.07%, which is greater than SVIX's maximum drawdown of -79.30%. Use the drawdown chart below to compare losses from any high point for EUM and SVIX.
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Drawdown Indicators
| EUM | SVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.07% | -79.30% | -13.77% |
Max Drawdown (1Y)Largest decline over 1 year | -34.25% | -42.69% | +8.44% |
Max Drawdown (3Y)Largest decline over 3 years | -47.06% | -79.30% | +32.24% |
Max Drawdown (5Y)Largest decline over 5 years | -50.02% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -68.27% | — | — |
Current DrawdownCurrent decline from peak | -92.91% | -54.72% | -38.19% |
Average DrawdownAverage peak-to-trough decline | -77.17% | -31.62% | -45.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.41% | 14.76% | +2.65% |
Volatility
EUM vs. SVIX - Volatility Comparison
ProShares Short MSCI Emerging Markets (EUM) has a higher volatility of 8.73% compared to Volatility Shares -1x Short VIX Futures ETF (SVIX) at 7.75%. This indicates that EUM's price experiences larger fluctuations and is considered to be riskier than SVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUM | SVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.73% | 7.75% | +0.98% |
Volatility (6M)Calculated over the trailing 6-month period | 17.94% | 41.14% | -23.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.45% | 54.79% | -34.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.14% | 66.26% | -47.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.54% | 66.26% | -45.72% |
EUM vs. SVIX - Expense Ratio Comparison
EUM has a 0.95% expense ratio, which is lower than SVIX's 1.47% expense ratio.
Dividends
EUM vs. SVIX - Dividend Comparison
EUM's dividend yield for the trailing twelve months is around 4.54%, while SVIX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EUM ProShares Short MSCI Emerging Markets | 4.54% | 3.98% | 4.22% | 3.86% | 0.82% | 0.00% | 0.15% | 1.35% | 0.88% |
SVIX Volatility Shares -1x Short VIX Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EUM and SVIX have a correlation of -0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EUM has higher volatility (8.73%) compared to SVIX (7.75%). In terms of maximum drawdown, EUM dropped -93.07% vs SVIX's -79.30%.
On 3-year performance, SVIX leads with -0.23% vs -15.90% for EUM. On fees, EUM is cheaper at 0.95% per year. On volatility, SVIX has been the lower-risk option at 7.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SVIX has performed better with a -0.23% return vs -15.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EUM is cheaper with a 0.95% expense ratio, compared with 1.47% for SVIX.
EUM has the higher dividend yield at 4.54%, compared with 0.00% for SVIX.
They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 0.95% for EUM and 1.47% for SVIX.
SVIX currently has the higher Sharpe Ratio (1.04 vs -1.61), 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.
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