SOLZ vs. ZVOL

Last updated Jun 4, 2026

SOLZ (Solana ETF) and ZVOL (Volatility Premium Plus ETF) are both exchange-traded funds - SOLZ is a Cryptocurrency fund actively managed by Volatility Shares, while ZVOL is a Volatility fund tracking the S&P 500 VIX Mid Term Futures Inverse Daily Index. SOLZ is actively managed, while ZVOL is passively managed. Over the past year, SOLZ returned -59.43% vs 8.27% for ZVOL. At a 0.34 correlation, their price movements are largely independent. SOLZ charges 0.95%/yr vs 1.35%/yr for ZVOL.

Performance

SOLZ vs. ZVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Solana ETF (SOLZ) 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, SOLZ achieves a -42.90% return, which is significantly lower than ZVOL's -2.29% return.

SOLZ

• 1D: -4.69%
• 1M: -15.18%
• YTD: -42.90%
• 6M: -50.08%
• 1Y: -59.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZVOL

• 1D: -0.60%
• 1M: 2.30%
• YTD: -2.29%
• 6M: 2.14%
• 1Y: 8.27%
• 3Y*: 9.26%
• 5Y*: —
• 10Y*: —

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

SOLZ vs. ZVOL - Yearly Performance Comparison

	2026 (YTD)	2025
SOLZ Solana ETF	-42.90%	-12.47%
ZVOL Volatility Premium Plus ETF	-2.29%	-4.06%

Correlation

The correlation between SOLZ and ZVOL is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Mar 21, 2025	0.34

Return for Risk

SOLZ vs. ZVOL — Risk / Return Rank

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

SOLZ

SOLZ Risk / Return Rank: 2
SOLZ Sharpe Ratio Rank: 3
SOLZ Sortino Ratio Rank: 2
SOLZ Omega Ratio Rank: 3
SOLZ Calmar Ratio Rank: 2
SOLZ Martin Ratio Rank: 3

ZVOL

ZVOL Risk / Return Rank: 16
ZVOL Sharpe Ratio Rank: 15
ZVOL Sortino Ratio Rank: 16
ZVOL Omega Ratio Rank: 15
ZVOL Calmar Ratio Rank: 15
ZVOL Martin Ratio Rank: 17

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. ZVOL - Risk-Adjusted Trends Comparison

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

	SOLZ	ZVOL	Difference
Sharpe ratio: Return per unit of total volatility	-0.81	0.44	-1.25
Sortino ratio: Return per unit of downside risk	-1.18	0.79	-1.97
Omega ratio: Gain probability vs. loss probability	0.87	1.09	-0.22
Calmar ratio: Return relative to maximum drawdown	-0.82	0.50	-1.33
Martin ratio: Return relative to average drawdown	-1.29	1.62	-2.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SOLZ vs. ZVOL - Sharpe Ratio Comparison

The current SOLZ Sharpe Ratio is -0.81, which is lower than the ZVOL Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of SOLZ 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

	SOLZ	ZVOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.81	0.44	-1.25
Sharpe Ratio (All Time) Calculated using the full available price history	-0.58	0.43	-1.01

Drawdowns

SOLZ vs. ZVOL - Drawdown Comparison

The maximum SOLZ drawdown since its inception was -72.41%, which is greater than ZVOL's maximum drawdown of -37.25%. Use the drawdown chart below to compare losses from any high point for SOLZ and ZVOL.

Drawdown Indicators

	SOLZ	ZVOL	Difference
Max Drawdown Largest peak-to-trough decline	-72.41%	-37.25%	-35.16%
Max Drawdown (1Y) Largest decline over 1 year	-72.41%	-16.46%	-55.95%
Max Drawdown (3Y) Largest decline over 3 years	—	-37.25%	—
Current Drawdown Current decline from peak	-72.41%	-22.17%	-50.24%
Average Drawdown Average peak-to-trough decline	-34.11%	-13.43%	-20.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.03%	5.12%	+40.91%

Volatility

SOLZ vs. ZVOL - Volatility Comparison

Solana ETF (SOLZ) has a higher volatility of 16.15% compared to Volatility Premium Plus ETF (ZVOL) at 3.59%. This indicates that SOLZ's price experiences larger fluctuations and is considered to be riskier than ZVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOLZ	ZVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.15%	3.59%	+12.56%
Volatility (6M) Calculated over the trailing 6-month period	50.76%	13.27%	+37.49%
Volatility (1Y) Calculated over the trailing 1-year period	74.02%	18.74%	+55.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.07%	29.27%	+46.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.07%	29.27%	+46.80%

SOLZ vs. ZVOL - Expense Ratio Comparison

SOLZ has a 0.95% expense ratio, which is lower than ZVOL's 1.35% expense ratio.

Dividends

SOLZ vs. ZVOL - Dividend Comparison

SOLZ's dividend yield for the trailing twelve months is around 3.92%, less than ZVOL's 71.14% yield.

Position	TTM	2025	2024	2023
SOLZ Solana ETF	3.92%	1.75%	0.00%	0.00%
ZVOL Volatility Premium Plus ETF	71.14%	53.44%	30.68%	0.55%

Frequently Asked Questions

Can I hold both SOLZ and ZVOL in my portfolio?

SOLZ and ZVOL have a correlation of 0.35, 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 ZVOL?

SOLZ has higher volatility (16.15%) compared to ZVOL (3.59%). In terms of maximum drawdown, SOLZ dropped -72.41% vs ZVOL's -37.25%.

Which ETF is better, SOLZ or ZVOL?

On 1-year performance, ZVOL leads with 8.27% vs -59.43% for SOLZ. On fees, SOLZ is cheaper at 0.95% per year. On volatility, ZVOL has been the lower-risk option at 3.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOLZ or ZVOL?

Over the 1-year period, ZVOL has performed better with a 8.27% return vs -59.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOLZ or ZVOL?

SOLZ is cheaper with a 0.95% expense ratio, compared with 1.35% for ZVOL.

Which ETF pays a higher dividend yield, SOLZ or ZVOL?

ZVOL has the higher dividend yield at 71.14%, compared with 3.92% for SOLZ.

What is the main difference between SOLZ and ZVOL?

SOLZ is categorized as Cryptocurrency, while ZVOL is Volatility. Their fees differ too: 0.95% for SOLZ and 1.35% for ZVOL.

Which has better risk-adjusted returns?

ZVOL currently has the higher Sharpe Ratio (0.44 vs -0.81), 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.