SVXY vs. SVIX
SVXY (ProShares Short VIX Short-Term Futures ETF) and SVIX (Volatility Shares -1x Short VIX Futures ETF) are both exchange-traded funds - SVXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index (-100%), while SVIX is a Inverse Equities fund managed by Volatility Shares. Over the past 3 years, SVXY returned 10.93%/yr vs -4.33%/yr for SVIX. With a 0.99 correlation, they move nearly in lockstep. SVXY charges 1.38%/yr vs 1.47%/yr for SVIX.
Performance
SVXY vs. SVIX - Performance Comparison
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Returns By Period
In the year-to-date period, SVXY achieves a -2.91% return, which is significantly higher than SVIX's -11.60% return.
SVXY
- 1D
- -3.72%
- 1M
- 4.98%
- YTD
- -2.91%
- 6M
- 4.21%
- 1Y
- 31.76%
- 3Y*
- 10.93%
- 5Y*
- 15.29%
- 10Y*
- -1.90%
SVIX
- 1D
- -6.75%
- 1M
- 10.30%
- YTD
- -11.60%
- 6M
- 1.32%
- 1Y
- 48.34%
- 3Y*
- -4.33%
- 5Y*
- —
- 10Y*
- —
SVXY vs. SVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SVXY ProShares Short VIX Short-Term Futures ETF | -2.91% | 10.63% | -3.17% | 76.21% | 4.75% |
SVIX Volatility Shares -1x Short VIX Futures ETF | -11.60% | -4.49% | -32.76% | 157.37% | -0.88% |
Correlation
The correlation between SVXY and SVIX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022 | 0.99 |
The correlation between SVXY and SVIX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
SVXY vs. SVIX — Risk / Return Rank
SVXY
SVIX
SVXY vs. SVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short VIX Short-Term Futures ETF (SVXY) and Volatility Shares -1x Short VIX Futures ETF (SVIX). 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.
| SVXY | SVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.19 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 1.14 | +0.25 |
| Martin ratioReturn relative to average drawdown | 4.54 | 3.28 | +1.27 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SVXY | SVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.10 | 0.88 | +0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.04 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | 0.14 | +0.07 |
Drawdowns
SVXY vs. SVIX - Drawdown Comparison
The maximum SVXY drawdown since its inception was -95.25%, which is greater than SVIX's maximum drawdown of -79.30%. Use the drawdown chart below to compare losses from any high point for SVXY and SVIX.
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Drawdown Indicators
| SVXY | SVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.25% | -79.30% | -15.95% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -42.69% | +19.75% |
Max Drawdown (3Y)Largest decline over 3 years | -46.45% | -79.30% | +32.85% |
Max Drawdown (5Y)Largest decline over 5 years | -46.45% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | — | — |
Current DrawdownCurrent decline from peak | -80.55% | -57.78% | -22.77% |
Average DrawdownAverage peak-to-trough decline | -56.88% | -31.64% | -25.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.01% | 14.78% | -7.77% |
Volatility
SVXY vs. SVIX - Volatility Comparison
The current volatility for ProShares Short VIX Short-Term Futures ETF (SVXY) is 5.81%, while Volatility Shares -1x Short VIX Futures ETF (SVIX) has a volatility of 10.97%. This indicates that SVXY experiences smaller price fluctuations and is considered to be less risky than SVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SVXY | SVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.81% | 10.97% | -5.16% |
Volatility (6M)Calculated over the trailing 6-month period | 21.82% | 41.74% | -19.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.91% | 55.23% | -26.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.39% | 66.31% | -30.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.76% | 66.31% | -15.55% |
SVXY vs. SVIX - Expense Ratio Comparison
SVXY has a 1.38% expense ratio, which is lower than SVIX's 1.47% expense ratio.
Dividends
SVXY vs. SVIX - Dividend Comparison
Neither SVXY nor SVIX has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, SVXY and SVIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SVIX has higher volatility (10.97%) compared to SVXY (5.81%). In terms of maximum drawdown, SVXY dropped -95.25% vs SVIX's -79.30%.
On 3-year performance, SVXY leads with 10.93% vs -4.33% for SVIX. On fees, SVXY is cheaper at 1.38% per year. On volatility, SVXY has been the lower-risk option at 5.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SVXY has performed better with a 10.93% return vs -4.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SVXY is cheaper with a 1.38% expense ratio, compared with 1.47% for SVIX.
SVXY and SVIX have nearly identical dividend yields, around 0.00%.
SVXY is categorized as Volatility, while SVIX is Inverse Equities. They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 1.38% for SVXY and 1.47% for SVIX.
SVXY currently has the higher Sharpe Ratio (1.10 vs 0.88), 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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