SVIX vs. SVXY

Last updated Jun 21, 2026

SVIX (-1x Short VIX Futures ETF) and SVXY (ProShares Short VIX Short-Term Futures ETF) are both Volatility funds - SVIX tracks the Short VIX Futures Index while SVXY tracks the S&P 500 VIX Short-Term Futures Index (-0.5x). Both are passively managed. Over the past 3 years, SVIX returned -3.40%/yr vs 11.77%/yr for SVXY. With a 0.99 correlation, they move nearly in lockstep. SVIX charges 1.47%/yr vs 0.95%/yr for SVXY.

Performance

SVIX vs. SVXY - Performance Comparison

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

Returns By Period

In the year-to-date period, SVIX achieves a -4.25% return, which is significantly lower than SVXY's 1.91% return.

SVIX

• 1D: 3.07%
• 1M: 12.68%
• YTD: -4.25%
• 6M: 0.39%
• 1Y: 65.24%
• 3Y*: -3.40%
• 5Y*: —
• 10Y*: —

SVXY

• 1D: 1.64%
• 1M: 6.95%
• YTD: 1.91%
• 6M: 4.31%
• 1Y: 39.77%
• 3Y*: 11.77%
• 5Y*: 17.03%
• 10Y*: 0.16%

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

SVIX vs. SVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SVIX -1x Short VIX Futures ETF	-4.25%	-4.49%	-32.76%	157.37%	-1.48%
SVXY ProShares Short VIX Short-Term Futures ETF	1.91%	10.63%	-3.17%	76.21%	3.99%

Correlation

The correlation between SVIX and SVXY is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022	0.99

The correlation between SVIX and SVXY has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

SVIX vs. SVXY — Risk / Return Rank

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

SVIX

SVIX Risk / Return Rank: 33
SVIX Sharpe Ratio Rank: 34
SVIX Sortino Ratio Rank: 32
SVIX Omega Ratio Rank: 36
SVIX Calmar Ratio Rank: 31
SVIX Martin Ratio Rank: 31

SVXY

SVXY Risk / Return Rank: 38
SVXY Sharpe Ratio Rank: 40
SVXY Sortino Ratio Rank: 37
SVXY Omega Ratio Rank: 41
SVXY Calmar Ratio Rank: 35
SVXY Martin Ratio Rank: 38

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. SVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for -1x Short VIX Futures ETF (SVIX) and ProShares Short VIX Short-Term Futures ETF (SVXY). 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	SVXY	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.36	-0.20
Sortino ratio: Return per unit of downside risk	1.65	1.85	-0.19
Omega ratio: Gain probability vs. loss probability	1.23	1.26	-0.03
Calmar ratio: Return relative to maximum drawdown	1.49	1.71	-0.22
Martin ratio: Return relative to average drawdown	4.26	5.57	-1.31

SVIX vs. SVXY - Sharpe Ratio Comparison

The current SVIX Sharpe Ratio is 1.16, which is comparable to the SVXY Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of SVIX and SVXY, 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. SVXY - Drawdown Comparison

The maximum SVIX drawdown since its inception was -79.30%, smaller than the maximum SVXY drawdown of -95.25%. Use the drawdown chart below to compare losses from any high point for SVIX and SVXY.

Drawdown Indicators

	SVIX	SVXY	Difference
Max Drawdown Largest peak-to-trough decline	-79.30%	-95.25%	+15.95%
Max Drawdown (1Y) Largest decline over 1 year	-42.69%	-22.94%	-19.75%
Max Drawdown (3Y) Largest decline over 3 years	-79.30%	-46.45%	-32.85%
Max Drawdown (5Y) Largest decline over 5 years	—	-46.45%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-95.25%	—
Current Drawdown Current decline from peak	-54.27%	-79.58%	+25.31%
Average Drawdown Average peak-to-trough decline	-31.82%	-56.92%	+25.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.91%	7.02%	+7.89%

Volatility

SVIX vs. SVXY - Volatility Comparison

-1x Short VIX Futures ETF (SVIX) has a higher volatility of 15.95% compared to ProShares Short VIX Short-Term Futures ETF (SVXY) at 8.31%. This indicates that SVIX's price experiences larger fluctuations and is considered to be riskier than SVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SVIX	SVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.95%	8.31%	+7.64%
Volatility (6M) Calculated over the trailing 6-month period	43.32%	22.60%	+20.72%
Volatility (1Y) Calculated over the trailing 1-year period	55.15%	28.84%	+26.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.28%	35.42%	+30.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.28%	50.47%	+15.81%

SVIX vs. SVXY - Expense Ratio Comparison

SVIX has a 1.47% expense ratio, which is higher than SVXY's 0.95% expense ratio.

Dividends

SVIX vs. SVXY - Dividend Comparison

Neither SVIX nor SVXY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SVIX and SVXY in my portfolio?

With a correlation of 0.99, SVIX and SVXY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SVIX or SVXY?

SVIX has higher volatility (15.95%) compared to SVXY (8.31%). In terms of maximum drawdown, SVIX dropped -79.30% vs SVXY's -95.25%.

Which ETF is better, SVIX or SVXY?

On 3-year performance, SVXY leads with 11.77% vs -3.40% for SVIX. On fees, SVXY is cheaper at 0.95% per year. On volatility, SVXY has been the lower-risk option at 8.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SVIX or SVXY?

Over the 3-year period, SVXY has performed better with a 11.77% return vs -3.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVIX or SVXY?

SVXY is cheaper with a 0.95% expense ratio, compared with 1.47% for SVIX.

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

SVIX and SVXY have nearly identical dividend yields, around 0.00%.

What is the main difference between SVIX and SVXY?

SVIX tracks Short VIX Futures Index, while SVXY tracks S&P 500 VIX Short-Term Futures Index (-0.5x). They also come from different issuers: Volatility Shares and ProShares. Their fees differ too: 1.47% for SVIX and 0.95% for SVXY.

Which has better risk-adjusted returns?

SVXY currently has the higher Sharpe Ratio (1.36 vs 1.16), 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.