SVIX vs. ^VIX
SVIX (-1x Short VIX Futures ETF) is Volatility fund tracking the Short VIX Futures Index, while ^VIX (CBOE Volatility Index) is an index. Over the past 3 years, SVIX returned -2.73%/yr vs -2.48%/yr for ^VIX. Their -0.88 correlation means they have often moved in opposite directions in the past.
Performance
SVIX vs. ^VIX - Performance Comparison
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Returns By Period
In the year-to-date period, SVIX achieves a 0.58% return, which is significantly lower than ^VIX's 6.09% return.
SVIX
- 1D
- 0.66%
- 1M
- 2.57%
- 6M
- 2.35%
- YTD
- 0.58%
- 1Y
- 52.31%
- 3Y*
- -2.73%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.02%
^VIX
- 1D
- -0.81%
- 1M
- -1.80%
- 6M
- -2.94%
- YTD
- 6.09%
- 1Y
- -22.18%
- 3Y*
- -2.48%
- 5Y*
- -2.47%
- 10Y*
- 3.37%
- ALL TIME*
- -0.23%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $63.66M | $59.67M | $62.71M |
SVIX vs. ^VIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SVIX -1x Short VIX Futures ETF | 0.58% | -4.49% | -32.76% | 157.37% | -1.48% |
^VIX CBOE Volatility Index | 6.09% | -13.83% | 39.36% | -42.55% | 14.66% |
Correlation
The correlation between SVIX and ^VIX is -0.89, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.89 |
Correlation (3Y) Balances recent behavior with more history. | -0.88 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | -0.88 |
The correlation between SVIX and ^VIX has been stable across timeframes, ranging from -0.89 to -0.88 - a consistent structural relationship.
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Return for Risk
SVIX vs. ^VIX — Risk / Return Rank
SVIX
^VIX
SVIX vs. ^VIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for -1x Short VIX Futures ETF (SVIX) and CBOE Volatility Index (^VIX). 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.
| SVIX | ^VIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.07 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | -0.43 | +1.66 |
| Martin ratioReturn relative to average drawdown | 3.49 | -0.67 | +4.16 |
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Drawdowns
SVIX vs. ^VIX - Drawdown Comparison
The maximum SVIX drawdown since its inception was -79.30%, smaller than the maximum ^VIX drawdown of -88.70%. Use the drawdown chart below to compare losses from any high point for SVIX and ^VIX.
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Drawdown Indicators
| SVIX | ^VIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.30% | -88.70% | +9.40% |
Max Drawdown (1Y)Largest decline over 1 year | -42.69% | -51.59% | +8.90% |
Max Drawdown (3Y)Largest decline over 3 years | -79.30% | -74.26% | -5.04% |
Max Drawdown (5Y)Largest decline over 5 years | — | -74.26% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -85.66% | — |
Current DrawdownCurrent decline from peak | -51.96% | -80.82% | +28.86% |
Average DrawdownAverage peak-to-trough decline | -32.42% | -64.12% | +31.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.03% | 32.95% | -17.92% |
Volatility
SVIX vs. ^VIX - Volatility Comparison
The current volatility for -1x Short VIX Futures ETF (SVIX) is 14.34%, while CBOE Volatility Index (^VIX) has a volatility of 37.00%. This indicates that SVIX experiences smaller price fluctuations and is considered to be less risky than ^VIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SVIX | ^VIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.34% | 37.00% | -22.66% |
Volatility (6M)Calculated over the trailing 6-month period | 42.92% | 92.00% | -49.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.96% | 125.83% | -69.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 65.78% | 127.52% | -61.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.78% | 136.73% | -70.95% |
Frequently Asked Questions
SVIX and ^VIX have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^VIX has higher volatility (37.00%) compared to SVIX (14.34%). In terms of maximum drawdown, SVIX dropped -79.30% vs ^VIX's -88.70%.
SVIX currently has the higher Sharpe Ratio (0.94 vs -0.18), 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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