SVOL vs. UVIX

Last updated Jun 4, 2026

SVOL (Simplify Volatility Premium ETF) and UVIX (Volatility Shares 2x Long VIX Futures ETF) are both Volatility funds. SVOL is actively managed, while UVIX is passively managed. Over the past 3 years, SVOL returned 6.58%/yr vs -82.43%/yr for UVIX. At a correlation of -0.81, they often move in opposite directions. SVOL charges 0.50%/yr vs 2.78%/yr for UVIX.

Performance

SVOL vs. UVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Volatility Premium ETF (SVOL) and Volatility Shares 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, SVOL achieves a -0.40% return, which is significantly higher than UVIX's -31.87% return.

SVOL

• 1D: -0.12%
• 1M: 2.98%
• YTD: -0.40%
• 6M: 1.29%
• 1Y: 10.62%
• 3Y*: 6.58%
• 5Y*: 6.70%
• 10Y*: —

UVIX

• 1D: -0.26%
• 1M: -29.01%
• YTD: -31.87%
• 6M: -51.86%
• 1Y: -85.80%
• 3Y*: -82.43%
• 5Y*: —
• 10Y*: —

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

SVOL vs. UVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SVOL Simplify Volatility Premium ETF	-0.40%	2.41%	6.77%	22.88%	0.97%
UVIX Volatility Shares 2x Long VIX Futures ETF	-31.87%	-83.21%	-75.24%	-95.28%	-62.08%

Correlation

The correlation between SVOL and UVIX is -0.73, 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	-0.73
Correlation (3Y) Calculated over the trailing 3-year period	-0.79
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022	-0.81

The correlation between SVOL and UVIX has been stable across timeframes, ranging from -0.81 to -0.73 - a consistent structural relationship.

Return for Risk

SVOL vs. UVIX — Risk / Return Rank

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

SVOL

SVOL Risk / Return Rank: 18
SVOL Sharpe Ratio Rank: 16
SVOL Sortino Ratio Rank: 16
SVOL Omega Ratio Rank: 18
SVOL Calmar Ratio Rank: 19
SVOL Martin Ratio Rank: 18

UVIX

UVIX Risk / Return Rank: 2
UVIX Sharpe Ratio Rank: 3
UVIX Sortino Ratio Rank: 1
UVIX Omega Ratio Rank: 1
UVIX Calmar Ratio Rank: 1
UVIX Martin Ratio Rank: 3

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.

SVOL vs. UVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Volatility Premium ETF (SVOL) and Volatility Shares 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.

	SVOL	UVIX	Difference
Sharpe ratio: Return per unit of total volatility	0.51	-0.77	+1.28
Sortino ratio: Return per unit of downside risk	0.85	-1.70	+2.55
Omega ratio: Gain probability vs. loss probability	1.12	0.81	+0.31
Calmar ratio: Return relative to maximum drawdown	0.82	-0.98	+1.80
Martin ratio: Return relative to average drawdown	1.94	-1.26	+3.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SVOL vs. UVIX - Sharpe Ratio Comparison

The current SVOL Sharpe Ratio is 0.51, which is higher than the UVIX Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of SVOL 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.

Sharpe Ratios by Period

	SVOL	UVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.51	-0.77	+1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	-0.62	+0.97

Drawdowns

SVOL vs. UVIX - Drawdown Comparison

The maximum SVOL drawdown since its inception was -33.50%, smaller than the maximum UVIX drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for SVOL and UVIX.

Drawdown Indicators

	SVOL	UVIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.50%	-99.97%	+66.47%
Max Drawdown (1Y) Largest decline over 1 year	-13.01%	-87.35%	+74.34%
Max Drawdown (3Y) Largest decline over 3 years	-33.50%	-99.44%	+65.94%
Max Drawdown (5Y) Largest decline over 5 years	-33.50%	—	—
Current Drawdown Current decline from peak	-2.98%	-99.97%	+96.99%
Average Drawdown Average peak-to-trough decline	-4.77%	-88.52%	+83.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.49%	67.78%	-62.29%

Volatility

SVOL vs. UVIX - Volatility Comparison

The current volatility for Simplify Volatility Premium ETF (SVOL) is 1.41%, while Volatility Shares 2x Long VIX Futures ETF (UVIX) has a volatility of 15.41%. This indicates that SVOL 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

	SVOL	UVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	15.41%	-14.00%
Volatility (6M) Calculated over the trailing 6-month period	9.57%	82.35%	-72.78%
Volatility (1Y) Calculated over the trailing 1-year period	20.90%	111.51%	-90.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.99%	136.15%	-114.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.92%	136.15%	-114.23%

SVOL vs. UVIX - Expense Ratio Comparison

SVOL has a 0.50% expense ratio, which is lower than UVIX's 2.78% expense ratio.

Dividends

SVOL vs. UVIX - Dividend Comparison

SVOL's dividend yield for the trailing twelve months is around 22.10%, while UVIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
SVOL Simplify Volatility Premium ETF	22.10%	19.82%	16.79%	16.36%	18.32%	4.65%
UVIX Volatility Shares 2x Long VIX Futures ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SVOL and UVIX in my portfolio?

SVOL and UVIX have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SVOL or UVIX?

UVIX has higher volatility (15.41%) compared to SVOL (1.41%). In terms of maximum drawdown, SVOL dropped -33.50% vs UVIX's -99.97%.

Which ETF is better, SVOL or UVIX?

On 3-year performance, SVOL leads with 6.58% vs -82.43% for UVIX. On fees, SVOL is cheaper at 0.50% per year. On volatility, SVOL has been the lower-risk option at 1.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SVOL or UVIX?

Over the 3-year period, SVOL has performed better with a 6.58% return vs -82.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVOL or UVIX?

SVOL is cheaper with a 0.50% expense ratio, compared with 2.78% for UVIX.

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

SVOL has the higher dividend yield at 22.10%, compared with 0.00% for UVIX.

What is the main difference between SVOL and UVIX?

They also come from different issuers: Simplify and Volatility Shares. Their fees differ too: 0.50% for SVOL and 2.78% for UVIX.

Which has better risk-adjusted returns?

SVOL currently has the higher Sharpe Ratio (0.51 vs -0.77), 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.