IVOL vs. SVXY
IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) and SVXY (ProShares Short VIX Short-Term Futures ETF) are both exchange-traded funds - IVOL is a Inflation-Protected Bonds fund actively managed by CICC, while SVXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index (-0.5x). IVOL is actively managed, while SVXY is passively managed. Over the past 5 years, IVOL returned -5.80%/yr vs 15.52%/yr for SVXY. At a correlation of -0.03, they often move in opposite directions. IVOL charges 0.99%/yr vs 0.95%/yr for SVXY.
Performance
IVOL vs. SVXY - Performance Comparison
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Returns By Period
In the year-to-date period, IVOL achieves a -8.68% return, which is significantly lower than SVXY's 2.06% return.
IVOL
- 1D
- -0.42%
- 1M
- -3.37%
- YTD
- -8.68%
- 6M
- -8.41%
- 1Y
- -7.18%
- 3Y*
- -2.75%
- 5Y*
- -5.80%
- 10Y*
- —
SVXY
- 1D
- 0.14%
- 1M
- 7.11%
- YTD
- 2.06%
- 6M
- 2.78%
- 1Y
- 39.97%
- 3Y*
- 11.27%
- 5Y*
- 15.52%
- 10Y*
- 2.76%
IVOL vs. SVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -8.68% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
SVXY ProShares Short VIX Short-Term Futures ETF | 2.06% | 10.63% | -3.17% | 76.21% | -4.66% | 48.53% | -36.47% | 33.89% |
Correlation
The correlation between IVOL and SVXY is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since May 14, 2019 | -0.03 |
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Return for Risk
IVOL vs. SVXY — Risk / Return Rank
IVOL
SVXY
IVOL vs. SVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) and ProShares Short VIX Short-Term Futures ETF (SVXY). 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.
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.
| IVOL | SVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.42 | ||
| Sortino ratioReturn per unit of downside risk | -3.30 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.27 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 1.75 | -2.35 |
| Martin ratioReturn relative to average drawdown | -1.46 | 5.71 | -7.17 |
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Drawdowns
IVOL vs. SVXY - Drawdown Comparison
The maximum IVOL drawdown since its inception was -31.16%, smaller than the maximum SVXY drawdown of -95.25%. Use the drawdown chart below to compare losses from any high point for IVOL and SVXY.
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Drawdown Indicators
| IVOL | SVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.16% | -95.25% | +64.09% |
Max Drawdown (1Y)Largest decline over 1 year | -12.08% | -22.94% | +10.86% |
Max Drawdown (3Y)Largest decline over 3 years | -14.48% | -46.45% | +31.97% |
Max Drawdown (5Y)Largest decline over 5 years | -30.28% | -46.45% | +16.17% |
Max Drawdown (10Y)Largest decline over 10 years | — | -95.25% | — |
Current DrawdownCurrent decline from peak | -28.19% | -79.55% | +51.36% |
Average DrawdownAverage peak-to-trough decline | -13.38% | -56.93% | +43.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.94% | 7.02% | -2.08% |
Volatility
IVOL vs. SVXY - Volatility Comparison
The current volatility for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) is 2.51%, while ProShares Short VIX Short-Term Futures ETF (SVXY) has a volatility of 8.30%. This indicates that IVOL experiences smaller price fluctuations and is considered to be less risky than SVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IVOL | SVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 8.30% | -5.79% |
Volatility (6M)Calculated over the trailing 6-month period | 4.96% | 22.60% | -17.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.06% | 28.87% | -21.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 35.38% | -22.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.98% | 50.36% | -38.38% |
IVOL vs. SVXY - Expense Ratio Comparison
IVOL has a 0.99% expense ratio, which is higher than SVXY's 0.95% expense ratio.
Dividends
IVOL vs. SVXY - Dividend Comparison
IVOL's dividend yield for the trailing twelve months is around 4.00%, while SVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 4.00% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% |
SVXY ProShares Short VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IVOL and SVXY have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVXY has higher volatility (8.30%) compared to IVOL (2.51%). In terms of maximum drawdown, IVOL dropped -31.16% vs SVXY's -95.25%.
On 5-year performance, SVXY leads with 15.52% vs -5.80% for IVOL. On fees, SVXY is cheaper at 0.95% per year. On volatility, IVOL has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SVXY has performed better with a 15.52% return vs -5.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SVXY is cheaper with a 0.95% expense ratio, compared with 0.99% for IVOL.
IVOL has the higher dividend yield at 4.00%, compared with 0.00% for SVXY.
IVOL is categorized as Inflation-Protected Bonds, while SVXY is Volatility. They also come from different issuers: CICC and ProShares. Their fees differ too: 0.99% for IVOL and 0.95% for SVXY.
SVXY currently has the higher Sharpe Ratio (1.39 vs -1.02), 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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