SOLZ vs. SOL-USD

Last updated Jul 9, 2026

SOLZ (Solana ETF) is Cryptocurrency fund actively managed by Volatility Shares, while SOL-USD (Solana) is a cryptocurrency. Over the past year, SOLZ returned -53.09% vs -48.85% for SOL-USD. A 0.69 correlation means they provide meaningful diversification when combined.

Performance

SOLZ vs. SOL-USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Solana ETF (SOLZ) and Solana (SOL-USD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SOLZ having a -38.47% return and SOL-USD slightly higher at -37.64%.

SOLZ

• 1D: -4.91%
• 1M: 14.68%
• 6M: -43.61%
• YTD: -38.47%
• 1Y: -53.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SOL-USD

• 1D: -3.61%
• 1M: 16.17%
• 6M: -43.04%
• YTD: -37.64%
• 1Y: -48.85%
• 3Y*: 53.81%
• 5Y*: 18.41%
• 10Y*: —

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

SOLZ vs. SOL-USD - Yearly Performance Comparison

	2026 (YTD)	2025
SOLZ Solana ETF	-38.47%	-14.53%
SOL-USD Solana	-37.64%	-8.08%

Correlation

The correlation between SOLZ and SOL-USD is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (All Time) Calculated using the full available price history since Mar 20, 2025	0.70

The correlation between SOLZ and SOL-USD has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.

Return for Risk

SOLZ vs. SOL-USD — Risk / Return Rank

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

SOLZ

SOLZ Risk / Return Rank: 4
SOLZ Sharpe Ratio Rank: 3
SOLZ Sortino Ratio Rank: 4
SOLZ Omega Ratio Rank: 4
SOLZ Calmar Ratio Rank: 3
SOLZ Martin Ratio Rank: 4

SOL-USD

SOL-USD Risk / Return Rank: 56
SOL-USD Sharpe Ratio Rank: 51
SOL-USD Sortino Ratio Rank: 52
SOL-USD Omega Ratio Rank: 53
SOL-USD Calmar Ratio Rank: 65
SOL-USD Martin Ratio Rank: 60

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.

SOLZ vs. SOL-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Solana ETF (SOLZ) and Solana (SOL-USD). 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.

	SOLZ	SOL-USD	Difference
Sharpe ratio: Return per unit of total volatility	-0.71	-0.68	-0.03
Sortino ratio: Return per unit of downside risk	-0.91	-0.80	-0.11
Omega ratio: Gain probability vs. loss probability	0.90	0.92	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.70	-0.65	-0.05
Martin ratio: Return relative to average drawdown	-1.04	-0.98	-0.07

SOLZ vs. SOL-USD - Sharpe Ratio Comparison

The current SOLZ Sharpe Ratio is -0.71, which is comparable to the SOL-USD Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of SOLZ and SOL-USD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SOLZ vs. SOL-USD - Drawdown Comparison

The maximum SOLZ drawdown since its inception was -75.68%, smaller than the maximum SOL-USD drawdown of -96.27%. Use the drawdown chart below to compare losses from any high point for SOLZ and SOL-USD.

Drawdown Indicators

	SOLZ	SOL-USD	Difference
Max Drawdown Largest peak-to-trough decline	-75.68%	-96.27%	+20.59%
Max Drawdown (1Y) Largest decline over 1 year	-75.68%	-74.89%	-0.79%
Max Drawdown (3Y) Largest decline over 3 years	—	-76.28%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-96.27%	—
Current Drawdown Current decline from peak	-70.27%	-70.38%	+0.11%
Average Drawdown Average peak-to-trough decline	-36.73%	-51.64%	+14.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.89%	47.59%	+3.30%

Volatility

SOLZ vs. SOL-USD - Volatility Comparison

Solana ETF (SOLZ) has a higher volatility of 23.12% compared to Solana (SOL-USD) at 16.67%. This indicates that SOLZ's price experiences larger fluctuations and is considered to be riskier than SOL-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOLZ	SOL-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.12%	16.67%	+6.45%
Volatility (6M) Calculated over the trailing 6-month period	52.77%	47.85%	+4.92%
Volatility (1Y) Calculated over the trailing 1-year period	74.61%	59.64%	+14.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.59%	81.42%	-4.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.59%	99.40%	-22.81%

Frequently Asked Questions

Can I hold both SOLZ and SOL-USD in my portfolio?

SOLZ and SOL-USD have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SOLZ or SOL-USD?

SOLZ has higher volatility (23.12%) compared to SOL-USD (16.67%). In terms of maximum drawdown, SOLZ dropped -75.68% vs SOL-USD's -96.27%.

Which has better risk-adjusted returns?

SOL-USD currently has the higher Sharpe Ratio (-0.68 vs -0.71), 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.