SVIX vs. UVIX

Last updated Jul 12, 2026

SVIX (-1x Short VIX Futures ETF) and UVIX (2x Long VIX Futures ETF) are both Volatility funds from Volatility Shares - SVIX tracks the Short VIX Futures Index while UVIX tracks the Long VIX Futures Index (200% Daily). Both are passively managed. Over the past 3 years, SVIX returned -3.07%/yr vs -81.75%/yr for UVIX. At a correlation of -0.99, they often move in opposite directions. SVIX charges 1.47%/yr vs 2.78%/yr for UVIX.

Performance

SVIX vs. UVIX - Performance Comparison

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

Returns By Period

In the year-to-date period, SVIX achieves a 2.64% return, which is significantly higher than UVIX's -50.60% return.

SVIX

• 1D: 2.22%
• 1M: 17.87%
• 6M: -0.12%
• YTD: 2.64%
• 1Y: 51.19%
• 3Y*: -3.07%
• 5Y*: —
• 10Y*: —

UVIX

• 1D: -4.24%
• 1M: -32.36%
• 6M: -47.18%
• YTD: -50.60%
• 1Y: -85.68%
• 3Y*: -81.75%
• 5Y*: —
• 10Y*: —

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

SVIX vs. UVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SVIX -1x Short VIX Futures ETF	2.64%	-4.49%	-32.76%	157.37%	-1.48%
UVIX 2x Long VIX Futures ETF	-50.60%	-83.21%	-75.24%	-95.28%	-61.86%

Correlation

The correlation between SVIX and UVIX is -1.00, 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	-1.00
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 UVIX has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

Return for Risk

SVIX vs. UVIX — 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: 31
SVIX Omega Ratio Rank: 36
SVIX Calmar Ratio Rank: 29
SVIX Martin Ratio Rank: 30

UVIX

UVIX Risk / Return Rank: 1
UVIX Sharpe Ratio Rank: 3
UVIX Sortino Ratio Rank: 1
UVIX Omega Ratio Rank: 1
UVIX Calmar Ratio Rank: 0
UVIX 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. UVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for -1x Short VIX Futures ETF (SVIX) and 2x Long VIX Futures ETF (UVIX). 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	UVIX	Difference
Sharpe ratio: Return per unit of total volatility	0.92	-0.76	+1.68
Sortino ratio: Return per unit of downside risk	1.43	-1.65	+3.08
Omega ratio: Gain probability vs. loss probability	1.20	0.81	+0.38
Calmar ratio: Return relative to maximum drawdown	1.19	-0.99	+2.19
Martin ratio: Return relative to average drawdown	3.39	-1.39	+4.78

SVIX vs. UVIX - Sharpe Ratio Comparison

The current SVIX Sharpe Ratio is 0.92, which is higher than the UVIX Sharpe Ratio of -0.76. The chart below compares the historical Sharpe Ratios of SVIX and UVIX, 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. UVIX - Drawdown Comparison

The maximum SVIX drawdown since its inception was -79.30%, smaller than the maximum UVIX drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for SVIX and UVIX.

Drawdown Indicators

	SVIX	UVIX	Difference
Max Drawdown Largest peak-to-trough decline	-79.30%	-99.98%	+20.68%
Max Drawdown (1Y) Largest decline over 1 year	-42.69%	-86.11%	+43.42%
Max Drawdown (3Y) Largest decline over 3 years	-79.30%	-99.40%	+20.10%
Current Drawdown Current decline from peak	-50.98%	-99.98%	+49.00%
Average Drawdown Average peak-to-trough decline	-32.11%	-88.71%	+56.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.99%	61.40%	-46.41%

Volatility

SVIX vs. UVIX - Volatility Comparison

The current volatility for -1x Short VIX Futures ETF (SVIX) is 14.74%, while 2x Long VIX Futures ETF (UVIX) has a volatility of 29.96%. This indicates that SVIX experiences smaller price fluctuations and is considered to be less risky than UVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SVIX	UVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.74%	29.96%	-15.22%
Volatility (6M) Calculated over the trailing 6-month period	43.53%	87.43%	-43.90%
Volatility (1Y) Calculated over the trailing 1-year period	55.21%	112.34%	-57.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	65.96%	135.50%	-69.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.96%	135.50%	-69.54%

SVIX vs. UVIX - Expense Ratio Comparison

SVIX has a 1.47% expense ratio, which is lower than UVIX's 2.78% expense ratio.

Dividends

SVIX vs. UVIX - Dividend Comparison

Neither SVIX nor UVIX has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SVIX and UVIX in my portfolio?

SVIX and UVIX have a correlation of -1.00, 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 UVIX?

UVIX has higher volatility (29.96%) compared to SVIX (14.74%). In terms of maximum drawdown, SVIX dropped -79.30% vs UVIX's -99.98%.

Which ETF is better, SVIX or UVIX?

On 3-year performance, SVIX leads with -3.07% vs -81.75% for UVIX. On fees, SVIX is cheaper at 1.47% per year. On volatility, SVIX has been the lower-risk option at 14.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SVIX or UVIX?

Over the 3-year period, SVIX has performed better with a -3.07% return vs -81.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVIX or UVIX?

SVIX is cheaper with a 1.47% expense ratio, compared with 2.78% for UVIX.

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

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

What is the main difference between SVIX and UVIX?

SVIX tracks Short VIX Futures Index, while UVIX tracks Long VIX Futures Index (200% Daily). Their fees differ too: 1.47% for SVIX and 2.78% for UVIX.

Which has better risk-adjusted returns?

SVIX currently has the higher Sharpe Ratio (0.92 vs -0.76), 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.