SVIX vs. BITX

Last updated Jul 17, 2026

SVIX (-1x Short VIX Futures ETF) and BITX (2x Bitcoin Strategy ETF) are both exchange-traded funds - SVIX is a Volatility fund tracking the Short VIX Futures Index, while BITX is a Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%). Both are passively managed. Over the past 3 years, SVIX returned -5.58%/yr vs 4.76%/yr for BITX. At a 0.28 correlation, their price movements are largely independent. SVIX charges 1.47%/yr vs 2.38%/yr for BITX.

Performance

SVIX vs. BITX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in -1x Short VIX Futures ETF (SVIX) and 2x Bitcoin Strategy ETF (BITX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SVIX achieves a 1.07% return, which is significantly higher than BITX's -55.44% return.

SVIX

• 1D: -2.39%
• 1M: 3.86%
• 6M: 0.74%
• YTD: 1.07%
• 1Y: 51.45%
• 3Y*: -5.58%
• 5Y*: —
• 10Y*: —

BITX

• 1D: -2.23%
• 1M: -5.99%
• 6M: -61.95%
• YTD: -55.44%
• 1Y: -79.43%
• 3Y*: 4.76%
• 5Y*: —
• 10Y*: —

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

SVIX vs. BITX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SVIX -1x Short VIX Futures ETF	1.07%	-4.49%	-32.76%	42.43%
BITX 2x Bitcoin Strategy ETF	-55.44%	-38.71%	163.41%	46.18%

Correlation

The correlation between SVIX and BITX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023	0.28

The correlation between SVIX and BITX shifts across timeframes, from 0.28 (all time) to 0.39 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SVIX vs. BITX — Risk / Return Rank

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

SVIX

SVIX Risk / Return Rank: 31
SVIX Sharpe Ratio Rank: 31
SVIX Sortino Ratio Rank: 32
SVIX Omega Ratio Rank: 35
SVIX Calmar Ratio Rank: 29
SVIX Martin Ratio Rank: 30

BITX

BITX Risk / Return Rank: 1
BITX Sharpe Ratio Rank: 2
BITX Sortino Ratio Rank: 1
BITX Omega Ratio Rank: 1
BITX Calmar Ratio Rank: 1
BITX Martin Ratio Rank: 2

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.

SVIX vs. BITX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for -1x Short VIX Futures ETF (SVIX) and 2x Bitcoin Strategy ETF (BITX). 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	BITX	Difference
Sharpe ratio: Return per unit of total volatility	0.93	-0.91	+1.84
Sortino ratio: Return per unit of downside risk	1.44	-1.80	+3.24
Omega ratio: Gain probability vs. loss probability	1.20	0.80	+0.39
Calmar ratio: Return relative to maximum drawdown	1.21	-0.95	+2.16
Martin ratio: Return relative to average drawdown	3.44	-1.39	+4.83

SVIX vs. BITX - Sharpe Ratio Comparison

The current SVIX Sharpe Ratio is 0.93, which is higher than the BITX Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of SVIX and BITX, 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

SVIX vs. BITX - Drawdown Comparison

The maximum SVIX drawdown since its inception was -79.30%, roughly equal to the maximum BITX drawdown of -83.45%. Use the drawdown chart below to compare losses from any high point for SVIX and BITX.

Drawdown Indicators

	SVIX	BITX	Difference
Max Drawdown Largest peak-to-trough decline	-79.30%	-83.45%	+4.15%
Max Drawdown (1Y) Largest decline over 1 year	-42.69%	-83.45%	+40.76%
Max Drawdown (3Y) Largest decline over 3 years	-79.30%	-83.45%	+4.15%
Current Drawdown Current decline from peak	-51.72%	-80.30%	+28.58%
Average Drawdown Average peak-to-trough decline	-32.18%	-33.53%	+1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.99%	57.04%	-42.05%

Volatility

SVIX vs. BITX - Volatility Comparison

The current volatility for -1x Short VIX Futures ETF (SVIX) is 11.40%, while 2x Bitcoin Strategy ETF (BITX) has a volatility of 21.49%. This indicates that SVIX experiences smaller price fluctuations and is considered to be less risky than BITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SVIX	BITX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.40%	21.49%	-10.09%
Volatility (6M) Calculated over the trailing 6-month period	43.72%	69.81%	-26.09%
Volatility (1Y) Calculated over the trailing 1-year period	55.42%	88.02%	-32.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	65.88%	97.70%	-31.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.88%	97.70%	-31.82%

SVIX vs. BITX - Expense Ratio Comparison

SVIX has a 1.47% expense ratio, which is lower than BITX's 2.38% expense ratio.

Dividends

SVIX vs. BITX - Dividend Comparison

SVIX has not paid dividends to shareholders, while BITX's dividend yield for the trailing twelve months is around 31.36%.

Position	TTM	2025	2024
BITX 2x Bitcoin Strategy ETF	31.36%	21.69%	10.70%
SVIX -1x Short VIX Futures ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SVIX and BITX in my portfolio?

SVIX and BITX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SVIX or BITX?

BITX has higher volatility (21.49%) compared to SVIX (11.40%). In terms of maximum drawdown, SVIX dropped -79.30% vs BITX's -83.45%.

Which ETF is better, SVIX or BITX?

On 3-year performance, BITX leads with 4.76% vs -5.58% for SVIX. On fees, SVIX is cheaper at 1.47% per year. On volatility, SVIX has been the lower-risk option at 11.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SVIX or BITX?

Over the 3-year period, BITX has performed better with a 4.76% return vs -5.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVIX or BITX?

SVIX is cheaper with a 1.47% expense ratio, compared with 2.38% for BITX.

Which ETF pays a higher dividend yield, SVIX or BITX?

BITX has the higher dividend yield at 31.36%, compared with 0.00% for SVIX.

What is the main difference between SVIX and BITX?

SVIX is categorized as Volatility, while BITX is Cryptocurrency. SVIX tracks Short VIX Futures Index, while BITX tracks S&P CME Bitcoin Futures Daily Roll Index (200%). Their fees differ too: 1.47% for SVIX and 2.38% for BITX.

Which has better risk-adjusted returns?

SVIX currently has the higher Sharpe Ratio (0.93 vs -0.91), 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.