SVXY vs. IVOL
SVXY (ProShares Short VIX Short-Term Futures ETF) and IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) are both exchange-traded funds - SVXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index (-0.5x), while IVOL is a Inflation-Protected Bonds fund actively managed by CICC. SVXY is passively managed, while IVOL is actively managed. Over the past 5 years, SVXY returned 16.64%/yr vs -5.87%/yr for IVOL. Their -0.03 correlation means they have often moved in opposite directions in the past. SVXY charges 0.95%/yr vs 0.99%/yr for IVOL.
Performance
SVXY vs. IVOL - Performance Comparison
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Returns By Period
In the year-to-date period, SVXY achieves a 4.84% return, which is significantly higher than IVOL's -7.33% return.
SVXY
- 1D
- 1.47%
- 1M
- 1.31%
- 6M
- 7.32%
- YTD
- 4.84%
- 1Y
- 33.59%
- 3Y*
- 9.63%
- 5Y*
- 16.64%
- 10Y*
- -1.01%
- ALL TIME*
- 12.70%
IVOL
- 1D
- 0.17%
- 1M
- 0.36%
- 6M
- -6.64%
- YTD
- -7.33%
- 1Y
- -7.62%
- 3Y*
- -1.90%
- 5Y*
- -5.87%
- 10Y*
- —
- ALL TIME*
- -1.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.46M | $1.22M | $2.07M | |
| $95.64M | $79.87M | $82.81M |
SVXY vs. IVOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SVXY ProShares Short VIX Short-Term Futures ETF | 4.84% | 10.63% | -3.17% | 76.21% | -4.66% | 48.53% | -36.47% | 33.89% |
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -7.33% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
Correlation
The correlation between SVXY and IVOL is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.07 |
Correlation (3Y) Balances recent behavior with more history. | -0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.07 |
Correlation (All Time) Calculated using the full available price history since May 14, 2019 | -0.03 |
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Return for Risk
SVXY vs. IVOL — Risk / Return Rank
SVXY
IVOL
SVXY vs. IVOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short VIX Short-Term Futures ETF (SVXY) and Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL). 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.
| SVXY | IVOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.88 | ||
| Sortino ratioReturn per unit of downside risk | +2.65 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.86 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | -0.51 | +1.74 |
| Martin ratioReturn relative to average drawdown | 4.00 | -0.99 | +4.98 |
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Drawdowns
SVXY vs. IVOL - Drawdown Comparison
The maximum SVXY drawdown since its inception was -95.25%, which is greater than IVOL's maximum drawdown of -31.16%. Use the drawdown chart below to compare losses from any high point for SVXY and IVOL.
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Drawdown Indicators
| SVXY | IVOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.25% | -31.16% | -64.09% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -12.17% | -10.77% |
Max Drawdown (3Y)Largest decline over 3 years | -46.45% | -14.48% | -31.97% |
Max Drawdown (5Y)Largest decline over 5 years | -46.45% | -30.07% | -16.38% |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | — | — |
Current DrawdownCurrent decline from peak | -79.00% | -27.12% | -51.88% |
Average DrawdownAverage peak-to-trough decline | -57.10% | -13.60% | -43.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.05% | 6.22% | +0.83% |
Volatility
SVXY vs. IVOL - Volatility Comparison
ProShares Short VIX Short-Term Futures ETF (SVXY) has a higher volatility of 7.44% compared to Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) at 1.74%. This indicates that SVXY's price experiences larger fluctuations and is considered to be riskier than IVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SVXY | IVOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.44% | 1.74% | +5.70% |
Volatility (6M)Calculated over the trailing 6-month period | 22.23% | 4.95% | +17.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.49% | 6.74% | +22.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.19% | 12.85% | +22.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.47% | 11.91% | +37.56% |
SVXY vs. IVOL - Expense Ratio Comparison
SVXY has a 0.95% expense ratio, which is lower than IVOL's 0.99% expense ratio.
Dividends
SVXY vs. IVOL - Dividend Comparison
SVXY has not paid dividends to shareholders, while IVOL's dividend yield for the trailing twelve months is around 3.88%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.88% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% |
SVXY ProShares Short VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SVXY and IVOL have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVXY has higher volatility (7.44%) compared to IVOL (1.74%). In terms of maximum drawdown, SVXY dropped -95.25% vs IVOL's -31.16%.
On 5-year performance, SVXY leads with 16.64% vs -5.87% for IVOL. On fees, SVXY is cheaper at 0.95% per year. On volatility, IVOL has been the lower-risk option at 1.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SVXY has performed better with a 16.64% return vs -5.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SVXY is cheaper with a 0.95% expense ratio, compared with 0.99% for IVOL.
IVOL has the higher dividend yield at 3.88%, compared with 0.00% for SVXY.
SVXY is categorized as Volatility, while IVOL is Inflation-Protected Bonds. They also come from different issuers: ProShares and CICC. Their fees differ too: 0.95% for SVXY and 0.99% for IVOL.
SVXY currently has the higher Sharpe Ratio (0.96 vs -0.92), 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.
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