SVIX vs. ^VIX
SVIX (Volatility Shares -1x Short VIX Futures ETF) is Inverse Equities fund managed by Volatility Shares, while ^VIX (CBOE Volatility Index) is an index. Over the past 3 years, SVIX returned -0.59%/yr vs 3.23%/yr for ^VIX. At a correlation of -0.87, they often move in opposite directions.
Performance
SVIX vs. ^VIX - Performance Comparison
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Returns By Period
In the year-to-date period, SVIX achieves a -8.17% return, which is significantly lower than ^VIX's 7.42% return.
SVIX
- 1D
- -0.09%
- 1M
- 16.92%
- YTD
- -8.17%
- 6M
- 7.59%
- 1Y
- 51.46%
- 3Y*
- -0.59%
- 5Y*
- —
- 10Y*
- —
^VIX
- 1D
- 1.84%
- 1M
- -12.19%
- YTD
- 7.42%
- 6M
- -0.12%
- 1Y
- -9.21%
- 3Y*
- 3.23%
- 5Y*
- -0.44%
- 10Y*
- 1.77%
SVIX vs. ^VIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SVIX Volatility Shares -1x Short VIX Futures ETF | -8.17% | -4.49% | -32.76% | 157.37% | -0.88% |
^VIX CBOE Volatility Index | 7.42% | -13.83% | 39.36% | -42.55% | 12.11% |
Correlation
The correlation between SVIX and ^VIX is -0.86, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.86 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022 | -0.87 |
The correlation between SVIX and ^VIX has been stable across timeframes, ranging from -0.87 to -0.86 - 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 Volatility Shares -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.
| SVIX | ^VIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.08 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | -0.18 | +1.39 |
| Martin ratioReturn relative to average drawdown | 3.50 | -0.28 | +3.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SVIX | ^VIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.95 | -0.08 | +1.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.00 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.01 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | -0.00 | +0.16 |
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% | -50.66% | +7.97% |
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 | -56.14% | -80.58% | +24.44% |
Average DrawdownAverage peak-to-trough decline | -31.60% | -64.11% | +32.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.75% | 31.88% | -17.13% |
Volatility
SVIX vs. ^VIX - Volatility Comparison
The current volatility for Volatility Shares -1x Short VIX Futures ETF (SVIX) is 7.38%, while CBOE Volatility Index (^VIX) has a volatility of 15.18%. 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 | 7.38% | 15.18% | -7.80% |
Volatility (6M)Calculated over the trailing 6-month period | 41.05% | 78.84% | -37.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.75% | 112.68% | -57.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 66.27% | 123.93% | -57.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.27% | 135.82% | -69.55% |
Frequently Asked Questions
SVIX and ^VIX have a correlation of -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^VIX has higher volatility (15.18%) compared to SVIX (7.38%). In terms of maximum drawdown, SVIX dropped -79.30% vs ^VIX's -88.70%.
SVIX currently has the higher Sharpe Ratio (0.95 vs -0.08), 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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