SVIX vs. XRPI

Last updated Aug 2, 2026

SVIX (-1x Short VIX Futures ETF) and XRPI (Volatility Shares XRP ETF) are both exchange-traded funds - SVIX is a Volatility fund tracking the Short VIX Futures Index, while XRPI is a Cryptocurrency fund actively managed by Volatility Shares. SVIX is passively managed, while XRPI is actively managed. Over the past year, SVIX returned 51.31% vs -68.52% for XRPI. Their 0.40 correlation means their historical movements had little consistent relationship. SVIX charges 1.47%/yr vs 0.94%/yr for XRPI.

Performance

SVIX vs. XRPI - Performance Comparison

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

Returns By Period

In the year-to-date period, SVIX achieves a -0.08% return, which is significantly higher than XRPI's -44.21% return.

SVIX

• 1D: 3.02%
• 1M: 1.89%
• 6M: 6.65%
• YTD: -0.08%
• 1Y: 51.31%
• 3Y*: -6.83%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.88%

XRPI

• 1D: -2.35%
• 1M: -2.33%
• 6M: -40.99%
• YTD: -44.21%
• 1Y: -68.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -56.09%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SVIX -1x Short VIX Futures ETF	$67.82M	$60.76M	$62.62M
XRPI Volatility Shares XRP ETF	$676.75K	$653.10K	$1.16M

SVIX vs. XRPI - Yearly Performance Comparison

	2026 (YTD)	2025
SVIX -1x Short VIX Futures ETF	-0.08%	73.20%
XRPI Volatility Shares XRP ETF	-44.21%	-32.74%

Correlation

The correlation between SVIX and XRPI is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (All Time) Calculated using the full available price history since May 22, 2025	0.40

Return for Risk

SVIX vs. XRPI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SVIX

SVIX Risk / Return Rank: 31
SVIX Sharpe Ratio Rank: 29
SVIX Sortino Ratio Rank: 32
SVIX Omega Ratio Rank: 34
SVIX Calmar Ratio Rank: 28
SVIX Martin Ratio Rank: 30

XRPI

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SVIX vs. XRPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for -1x Short VIX Futures ETF (SVIX) and Volatility Shares XRP ETF (XRPI). 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	XRPI	Difference
Sharpe ratio: Return per unit of total volatility	0.70	-0.96	+1.65
Sortino ratio: Return per unit of downside risk	1.21	-1.84	+3.05
Omega ratio: Gain probability vs. loss probability	1.16	0.80	+0.36
Calmar ratio: Return relative to maximum drawdown	0.92	-0.96	+1.88
Martin ratio: Return relative to average drawdown	2.61	-1.35	+3.97

SVIX vs. XRPI - Sharpe Ratio Comparison

The current SVIX Sharpe Ratio is 0.70, which is higher than the XRPI Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of SVIX and XRPI, 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. XRPI - Drawdown Comparison

The maximum SVIX drawdown since its inception was -79.30%, which is greater than XRPI's maximum drawdown of -74.60%. Use the drawdown chart below to compare losses from any high point for SVIX and XRPI.

Drawdown Indicators

	SVIX	XRPI	Difference
Max Drawdown Largest peak-to-trough decline	-79.30%	-74.60%	-4.70%
Max Drawdown (1Y) Largest decline over 1 year	-42.69%	-72.38%	+29.69%
Max Drawdown (3Y) Largest decline over 3 years	-79.30%	—	—
Current Drawdown Current decline from peak	-52.28%	-73.97%	+21.69%
Average Drawdown Average peak-to-trough decline	-32.40%	-44.07%	+11.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.03%	51.04%	-36.01%

Volatility

SVIX vs. XRPI - Volatility Comparison

-1x Short VIX Futures ETF (SVIX) has a higher volatility of 14.34% compared to Volatility Shares XRP ETF (XRPI) at 12.02%. This indicates that SVIX's price experiences larger fluctuations and is considered to be riskier than XRPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SVIX	XRPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.34%	12.02%	+2.32%
Volatility (6M) Calculated over the trailing 6-month period	42.92%	49.26%	-6.34%
Volatility (1Y) Calculated over the trailing 1-year period	56.46%	72.24%	-15.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	65.81%	73.25%	-7.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.81%	73.25%	-7.44%

SVIX vs. XRPI - Expense Ratio Comparison

SVIX has a 1.47% expense ratio, which is higher than XRPI's 0.94% expense ratio.

Dividends

SVIX vs. XRPI - Dividend Comparison

SVIX has not paid dividends to shareholders, while XRPI's dividend yield for the trailing twelve months is around 4.21%.

Position	TTM	2025
SVIX -1x Short VIX Futures ETF	0.00%	0.00%
XRPI Volatility Shares XRP ETF	4.21%	1.54%

Frequently Asked Questions

Can I hold both SVIX and XRPI in my portfolio?

SVIX and XRPI have a correlation of 0.41, 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 XRPI?

SVIX has higher volatility (14.34%) compared to XRPI (12.02%). In terms of maximum drawdown, SVIX dropped -79.30% vs XRPI's -74.60%.

Which ETF is better, SVIX or XRPI?

On 1-year performance, SVIX leads with 51.31% vs -68.52% for XRPI. On fees, XRPI is cheaper at 0.94% per year. On volatility, XRPI has been the lower-risk option at 12.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SVIX or XRPI?

Over the 1-year period, SVIX has performed better with a 51.31% return vs -68.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVIX or XRPI?

XRPI is cheaper with a 0.94% expense ratio, compared with 1.47% for SVIX.

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

XRPI has the higher dividend yield at 4.21%, compared with 0.00% for SVIX.

What is the main difference between SVIX and XRPI?

SVIX is categorized as Volatility, while XRPI is Cryptocurrency. Their fees differ too: 1.47% for SVIX and 0.94% for XRPI.

Which has better risk-adjusted returns?

SVIX currently has the higher Sharpe Ratio (0.70 vs -0.96), 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.