FLYD vs. SVIX

Last updated Apr 1, 2026

Compare and contrast key facts about MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) and Volatility Shares -1x Short VIX Futures ETF (SVIX).

FLYD and SVIX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FLYD is a passively managed fund by REX that tracks the performance of the MerQube MicroSectors U.S. Travel Index. It was launched on Jun 22, 2022. SVIX is managed by Volatility Shares. It was launched on Mar 28, 2022.

Performance

FLYD vs. SVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) and Volatility Shares -1x Short VIX Futures ETF (SVIX). The values are adjusted to include any dividend payments, if applicable.

FLYD vs. SVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	31.58%	-60.42%	-54.13%	-75.14%	-46.23%
SVIX Volatility Shares -1x Short VIX Futures ETF	-35.16%	-4.49%	-32.76%	157.37%	42.05%

Returns By Period

In the year-to-date period, FLYD achieves a 31.58% return, which is significantly higher than SVIX's -35.16% return.

FLYD

• 1D: -12.05%
• 1M: 19.00%
• YTD: 31.58%
• 6M: 12.07%
• 1Y: -60.68%
• 3Y*: -51.49%
• 5Y*: —
• 10Y*: —

SVIX

• 1D: 9.17%
• 1M: -25.51%
• YTD: -35.16%
• 6M: -26.52%
• 1Y: -22.76%
• 3Y*: -1.64%
• 5Y*: —
• 10Y*: —

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

FLYD vs. SVIX - Expense Ratio Comparison

FLYD has a 0.95% expense ratio, which is lower than SVIX's 1.47% expense ratio.

SVIX

Volatility Shares -1x Short VIX Futures ETF

FLYD

MicroSectors Travel -3X Inverse Leveraged ETNs

Return for Risk

FLYD vs. SVIX — Risk / Return Rank

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

FLYD

FLYD Risk / Return Rank: 3
FLYD Sharpe Ratio Rank: 2
FLYD Sortino Ratio Rank: 3
FLYD Omega Ratio Rank: 3
FLYD Calmar Ratio Rank: 1
FLYD Martin Ratio Rank: 5

SVIX

SVIX Risk / Return Rank: 8
SVIX Sharpe Ratio Rank: 7
SVIX Sortino Ratio Rank: 11
SVIX Omega Ratio Rank: 11
SVIX Calmar Ratio Rank: 5
SVIX Martin Ratio Rank: 4

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.

FLYD vs. SVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) 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.

	FLYD	SVIX	Difference
Sharpe ratio Return per unit of total volatility	-0.66	-0.31	-0.35
Sortino ratio Return per unit of downside risk	-0.66	0.05	-0.71
Omega ratio Gain probability vs. loss probability	0.91	1.01	-0.10
Calmar ratio Return relative to maximum drawdown	-0.73	-0.45	-0.28
Martin ratio Return relative to average drawdown	-0.83	-1.03	+0.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLYD vs. SVIX - Sharpe Ratio Comparison

The current FLYD Sharpe Ratio is -0.66, which is lower than the SVIX Sharpe Ratio of -0.31. The chart below compares the historical Sharpe Ratios of FLYD and SVIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FLYD	SVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.66	-0.31	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	-0.72	0.02	-0.74

Correlation

The correlation between FLYD and SVIX is -0.59. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

FLYD vs. SVIX - Dividend Comparison

Neither FLYD nor SVIX has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

FLYD vs. SVIX - Drawdown Comparison

The maximum FLYD drawdown since its inception was -97.96%, which is greater than SVIX's maximum drawdown of -79.30%. Use the drawdown chart below to compare losses from any high point for FLYD and SVIX.

Drawdown Indicators

	FLYD	SVIX	Difference
Max Drawdown Largest peak-to-trough decline	-97.96%	-79.30%	-18.66%
Max Drawdown (1Y) Largest decline over 1 year	-82.41%	-49.47%	-32.94%
Current Drawdown Current decline from peak	-96.97%	-69.03%	-27.94%
Average Drawdown Average peak-to-trough decline	-82.45%	-30.26%	-52.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	72.38%	21.52%	+50.86%

Volatility

FLYD vs. SVIX - Volatility Comparison

The current volatility for MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) is 27.93%, while Volatility Shares -1x Short VIX Futures ETF (SVIX) has a volatility of 29.79%. This indicates that FLYD experiences smaller price fluctuations and is considered to be less risky than SVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLYD	SVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.93%	29.79%	-1.86%
Volatility (6M) Calculated over the trailing 6-month period	54.96%	47.49%	+7.47%
Volatility (1Y) Calculated over the trailing 1-year period	92.80%	74.62%	+18.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.50%	67.26%	+16.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.50%	67.26%	+16.24%