SVIX vs. ZVOL

Last updated Jun 24, 2026

SVIX (-1x Short VIX Futures ETF) and ZVOL (Volatility Premium Plus ETF) are both Volatility funds from Volatility Shares - SVIX tracks the Short VIX Futures Index while ZVOL tracks the S&P 500 VIX Mid Term Futures Inverse Daily Index. Both are passively managed. Over the past 3 years, SVIX returned -5.66%/yr vs 8.01%/yr for ZVOL. Their correlation of 0.90 suggests significant overlap in exposure. SVIX charges 1.47%/yr vs 1.35%/yr for ZVOL.

Performance

SVIX vs. ZVOL - Performance Comparison

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

Returns By Period

In the year-to-date period, SVIX achieves a -8.30% return, which is significantly lower than ZVOL's 1.12% return.

SVIX

• 1D: -4.80%
• 1M: 7.92%
• YTD: -8.30%
• 6M: -6.56%
• 1Y: 56.04%
• 3Y*: -5.66%
• 5Y*: —
• 10Y*: —

ZVOL

• 1D: -0.37%
• 1M: 4.65%
• YTD: 1.12%
• 6M: -0.71%
• 1Y: 14.77%
• 3Y*: 8.01%
• 5Y*: —
• 10Y*: —

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

SVIX vs. ZVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SVIX -1x Short VIX Futures ETF	-8.30%	-4.49%	-32.76%	100.80%
ZVOL Volatility Premium Plus ETF	1.12%	-10.71%	9.27%	51.85%

Correlation

The correlation between SVIX and ZVOL is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 19, 2023	0.90

The correlation between SVIX and ZVOL has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

SVIX vs. ZVOL — Risk / Return Rank

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

SVIX

SVIX Risk / Return Rank: 29
SVIX Sharpe Ratio Rank: 29
SVIX Sortino Ratio Rank: 29
SVIX Omega Ratio Rank: 33
SVIX Calmar Ratio Rank: 28
SVIX Martin Ratio Rank: 28

ZVOL

ZVOL Risk / Return Rank: 23
ZVOL Sharpe Ratio Rank: 24
ZVOL Sortino Ratio Rank: 24
ZVOL Omega Ratio Rank: 23
ZVOL Calmar Ratio Rank: 21
ZVOL Martin Ratio Rank: 23

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. ZVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for -1x Short VIX Futures ETF (SVIX) and Volatility Premium Plus ETF (ZVOL). 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	ZVOL	Difference
Sharpe ratio: Return per unit of total volatility	1.02	0.79	+0.22
Sortino ratio: Return per unit of downside risk	1.53	1.29	+0.24
Omega ratio: Gain probability vs. loss probability	1.21	1.15	+0.06
Calmar ratio: Return relative to maximum drawdown	1.32	0.90	+0.42
Martin ratio: Return relative to average drawdown	3.76	2.87	+0.89

SVIX vs. ZVOL - Sharpe Ratio Comparison

The current SVIX Sharpe Ratio is 1.02, which is comparable to the ZVOL Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of SVIX and ZVOL, 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. ZVOL - Drawdown Comparison

The maximum SVIX drawdown since its inception was -79.30%, which is greater than ZVOL's maximum drawdown of -37.25%. Use the drawdown chart below to compare losses from any high point for SVIX and ZVOL.

Drawdown Indicators

	SVIX	ZVOL	Difference
Max Drawdown Largest peak-to-trough decline	-79.30%	-37.25%	-42.05%
Max Drawdown (1Y) Largest decline over 1 year	-42.69%	-16.46%	-26.23%
Max Drawdown (3Y) Largest decline over 3 years	-79.30%	-37.25%	-42.05%
Current Drawdown Current decline from peak	-56.20%	-19.46%	-36.74%
Average Drawdown Average peak-to-trough decline	-31.87%	-13.53%	-18.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.93%	5.15%	+9.78%

Volatility

SVIX vs. ZVOL - Volatility Comparison

-1x Short VIX Futures ETF (SVIX) has a higher volatility of 16.67% compared to Volatility Premium Plus ETF (ZVOL) at 4.20%. This indicates that SVIX's price experiences larger fluctuations and is considered to be riskier than ZVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SVIX	ZVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.67%	4.20%	+12.47%
Volatility (6M) Calculated over the trailing 6-month period	43.44%	13.59%	+29.85%
Volatility (1Y) Calculated over the trailing 1-year period	55.33%	18.66%	+36.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.26%	29.08%	+37.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.26%	29.08%	+37.18%

SVIX vs. ZVOL - Expense Ratio Comparison

SVIX has a 1.47% expense ratio, which is higher than ZVOL's 1.35% expense ratio.

Dividends

SVIX vs. ZVOL - Dividend Comparison

SVIX has not paid dividends to shareholders, while ZVOL's dividend yield for the trailing twelve months is around 79.01%.

Position	TTM	2025	2024	2023
SVIX -1x Short VIX Futures ETF	0.00%	0.00%	0.00%	0.00%
ZVOL Volatility Premium Plus ETF	79.01%	53.44%	30.68%	0.55%

Frequently Asked Questions

Can I hold both SVIX and ZVOL in my portfolio?

SVIX and ZVOL have a correlation of 0.89, 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 ZVOL?

SVIX has higher volatility (16.67%) compared to ZVOL (4.20%). In terms of maximum drawdown, SVIX dropped -79.30% vs ZVOL's -37.25%.

Which ETF is better, SVIX or ZVOL?

On 3-year performance, ZVOL leads with 8.01% vs -5.66% for SVIX. On fees, ZVOL is cheaper at 1.35% per year. On volatility, ZVOL has been the lower-risk option at 4.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SVIX or ZVOL?

Over the 3-year period, ZVOL has performed better with a 8.01% return vs -5.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVIX or ZVOL?

ZVOL is cheaper with a 1.35% expense ratio, compared with 1.47% for SVIX.

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

ZVOL has the higher dividend yield at 79.01%, compared with 0.00% for SVIX.

What is the main difference between SVIX and ZVOL?

SVIX tracks Short VIX Futures Index, while ZVOL tracks S&P 500 VIX Mid Term Futures Inverse Daily Index. Their fees differ too: 1.47% for SVIX and 1.35% for ZVOL.

Which has better risk-adjusted returns?

SVIX currently has the higher Sharpe Ratio (1.02 vs 0.79), 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.