SVOL vs. ZVOL

Last updated Jun 6, 2026

SVOL (Simplify Volatility Premium ETF) and ZVOL (Volatility Premium Plus ETF) are both Volatility funds. SVOL is actively managed, while ZVOL is passively managed. Over the past 3 years, SVOL returned 5.84%/yr vs 7.92%/yr for ZVOL. A 0.73 correlation means they provide meaningful diversification when combined. SVOL charges 0.50%/yr vs 1.35%/yr for ZVOL.

Performance

SVOL vs. ZVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Volatility Premium ETF (SVOL) 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, SVOL achieves a -1.34% return, which is significantly higher than ZVOL's -1.95% return.

SVOL

• 1D: -1.98%
• 1M: 2.02%
• YTD: -1.34%
• 6M: 0.46%
• 1Y: 11.78%
• 3Y*: 5.84%
• 5Y*: 6.50%
• 10Y*: —

ZVOL

• 1D: -0.61%
• 1M: 1.82%
• YTD: -1.95%
• 6M: 1.48%
• 1Y: 10.60%
• 3Y*: 7.92%
• 5Y*: —
• 10Y*: —

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

SVOL vs. ZVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SVOL Simplify Volatility Premium ETF	-1.34%	2.41%	6.77%	16.32%
ZVOL Volatility Premium Plus ETF	-1.95%	-10.71%	9.27%	51.65%

Correlation

The correlation between SVOL and ZVOL is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (All Time) Calculated using the full available price history since Apr 20, 2023	0.73

The correlation between SVOL and ZVOL has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

Return for Risk

SVOL vs. ZVOL — Risk / Return Rank

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

SVOL

SVOL Risk / Return Rank: 20
SVOL Sharpe Ratio Rank: 19
SVOL Sortino Ratio Rank: 19
SVOL Omega Ratio Rank: 20
SVOL Calmar Ratio Rank: 21
SVOL Martin Ratio Rank: 20

ZVOL

ZVOL Risk / Return Rank: 19
ZVOL Sharpe Ratio Rank: 19
ZVOL Sortino Ratio Rank: 20
ZVOL Omega Ratio Rank: 18
ZVOL Calmar Ratio Rank: 18
ZVOL Martin Ratio Rank: 19

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. ZVOL - Risk-Adjusted Trends Comparison

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

	SVOL	ZVOL	Difference
Sharpe ratio: Return per unit of total volatility	0.57	0.57	0.00
Sortino ratio: Return per unit of downside risk	0.93	0.97	-0.04
Omega ratio: Gain probability vs. loss probability	1.13	1.11	+0.02
Calmar ratio: Return relative to maximum drawdown	0.91	0.65	+0.26
Martin ratio: Return relative to average drawdown	2.15	2.07	+0.08
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. ZVOL - Sharpe Ratio Comparison

The current SVOL Sharpe Ratio is 0.57, which is comparable to the ZVOL Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of SVOL 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.

Sharpe Ratios by Period

	SVOL	ZVOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.57	0.57	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.43	-0.09

Drawdowns

SVOL vs. ZVOL - Drawdown Comparison

The maximum SVOL drawdown since its inception was -33.50%, smaller than the maximum ZVOL drawdown of -37.25%. Use the drawdown chart below to compare losses from any high point for SVOL and ZVOL.

Drawdown Indicators

	SVOL	ZVOL	Difference
Max Drawdown Largest peak-to-trough decline	-33.50%	-37.25%	+3.75%
Max Drawdown (1Y) Largest decline over 1 year	-13.01%	-16.46%	+3.45%
Max Drawdown (3Y) Largest decline over 3 years	-33.50%	-37.25%	+3.75%
Max Drawdown (5Y) Largest decline over 5 years	-33.50%	—	—
Current Drawdown Current decline from peak	-3.89%	-21.90%	+18.01%
Average Drawdown Average peak-to-trough decline	-4.77%	-13.45%	+8.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.49%	5.13%	+0.36%

Volatility

SVOL vs. ZVOL - Volatility Comparison

The current volatility for Simplify Volatility Premium ETF (SVOL) is 2.74%, while Volatility Premium Plus ETF (ZVOL) has a volatility of 3.59%. This indicates that SVOL experiences smaller price fluctuations and is considered to be less risky than ZVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SVOL	ZVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	3.59%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	9.81%	13.30%	-3.49%
Volatility (1Y) Calculated over the trailing 1-year period	20.95%	18.76%	+2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.00%	29.23%	-7.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.93%	29.23%	-7.30%

SVOL vs. ZVOL - Expense Ratio Comparison

SVOL has a 0.50% expense ratio, which is lower than ZVOL's 1.35% expense ratio.

Dividends

SVOL vs. ZVOL - Dividend Comparison

SVOL's dividend yield for the trailing twelve months is around 22.31%, less than ZVOL's 70.89% yield.

Position	TTM	2025	2024	2023	2022	2021
SVOL Simplify Volatility Premium ETF	22.31%	19.82%	16.79%	16.36%	18.32%	4.65%
ZVOL Volatility Premium Plus ETF	70.89%	53.44%	30.68%	0.55%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SVOL and ZVOL in my portfolio?

SVOL and ZVOL have a correlation of 0.68, 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 ZVOL?

ZVOL has higher volatility (3.59%) compared to SVOL (2.74%). In terms of maximum drawdown, SVOL dropped -33.50% vs ZVOL's -37.25%.

Which ETF is better, SVOL or ZVOL?

On 3-year performance, ZVOL leads with 7.92% vs 5.84% for SVOL. On fees, SVOL is cheaper at 0.50% per year. On volatility, SVOL has been the lower-risk option at 2.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SVOL or ZVOL?

Over the 3-year period, ZVOL has performed better with a 7.92% return vs 5.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVOL or ZVOL?

SVOL is cheaper with a 0.50% expense ratio, compared with 1.35% for ZVOL.

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

ZVOL has the higher dividend yield at 70.89%, compared with 22.31% for SVOL.

What is the main difference between SVOL and ZVOL?

They also come from different issuers: Simplify and Volatility Shares. Their fees differ too: 0.50% for SVOL and 1.35% for ZVOL.

Which has better risk-adjusted returns?

ZVOL currently has the higher Sharpe Ratio (0.57 vs 0.57), 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.