SVXY vs. VIXY
SVXY (ProShares Short VIX Short-Term Futures ETF) and VIXY (ProShares VIX Short-Term Futures ETF) are both Volatility funds from ProShares - SVXY tracks the S&P 500 VIX Short-Term Futures Index (-0.5x) while VIXY tracks the S&P 500 VIX Short-Term Futures Index. Both are passively managed. Over the past 10 years, SVXY returned 2.76%/yr vs -48.85%/yr for VIXY. At a correlation of -0.98, they often move in opposite directions. SVXY charges 0.95%/yr vs 0.85%/yr for VIXY.
Performance
SVXY vs. VIXY - Performance Comparison
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Returns By Period
In the year-to-date period, SVXY achieves a 2.06% return, which is significantly higher than VIXY's -14.78% return. Over the past 10 years, SVXY has outperformed VIXY with an annualized return of 2.76%, while VIXY has yielded a comparatively lower -48.85% annualized return.
SVXY
- 1D
- 0.14%
- 1M
- 7.11%
- YTD
- 2.06%
- 6M
- 2.78%
- 1Y
- 39.97%
- 3Y*
- 11.27%
- 5Y*
- 15.52%
- 10Y*
- 2.76%
VIXY
- 1D
- -0.23%
- 1M
- -14.08%
- YTD
- -14.78%
- 6M
- -16.35%
- 1Y
- -58.11%
- 3Y*
- -40.97%
- 5Y*
- -46.43%
- 10Y*
- -48.85%
SVXY vs. VIXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SVXY ProShares Short VIX Short-Term Futures ETF | 2.06% | 10.63% | -3.17% | 76.21% | -4.66% | 48.53% | -36.47% | 54.21% | -91.75% | 181.84% |
VIXY ProShares VIX Short-Term Futures ETF | -14.78% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
Correlation
The correlation between SVXY and VIXY is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.98 |
The correlation between SVXY and VIXY has been stable across timeframes, ranging from -0.99 to -0.98 - a consistent structural relationship.
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Return for Risk
SVXY vs. VIXY — Risk / Return Rank
SVXY
VIXY
SVXY vs. VIXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short VIX Short-Term Futures ETF (SVXY) and ProShares VIX Short-Term Futures ETF (VIXY). 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 | VIXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.43 | ||
| Sortino ratioReturn per unit of downside risk | +3.67 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.80 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | -1.01 | +2.76 |
| Martin ratioReturn relative to average drawdown | 5.71 | -1.47 | +7.18 |
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Drawdowns
SVXY vs. VIXY - Drawdown Comparison
The maximum SVXY drawdown since its inception was -95.25%, roughly equal to the maximum VIXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SVXY and VIXY.
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Drawdown Indicators
| SVXY | VIXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.25% | -100.00% | +4.75% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -57.79% | +34.85% |
Max Drawdown (3Y)Largest decline over 3 years | -46.45% | -79.94% | +33.49% |
Max Drawdown (5Y)Largest decline over 5 years | -46.45% | -96.20% | +49.75% |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | -99.88% | +4.63% |
Current DrawdownCurrent decline from peak | -79.55% | -100.00% | +20.45% |
Average DrawdownAverage peak-to-trough decline | -56.93% | -92.19% | +35.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.02% | 40.39% | -33.37% |
Volatility
SVXY vs. VIXY - Volatility Comparison
The current volatility for ProShares Short VIX Short-Term Futures ETF (SVXY) is 8.30%, while ProShares VIX Short-Term Futures ETF (VIXY) has a volatility of 16.16%. This indicates that SVXY experiences smaller price fluctuations and is considered to be less risky than VIXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SVXY | VIXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.30% | 16.16% | -7.86% |
Volatility (6M)Calculated over the trailing 6-month period | 22.60% | 43.79% | -21.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.87% | 56.29% | -27.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.38% | 70.34% | -34.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.36% | 72.33% | -21.97% |
SVXY vs. VIXY - Expense Ratio Comparison
SVXY has a 0.95% expense ratio, which is higher than VIXY's 0.85% expense ratio.
Dividends
SVXY vs. VIXY - Dividend Comparison
Neither SVXY nor VIXY has paid dividends to shareholders.
Frequently Asked Questions
SVXY and VIXY have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXY has higher volatility (16.16%) compared to SVXY (8.30%). In terms of maximum drawdown, SVXY dropped -95.25% vs VIXY's -100.00%.
On 10-year performance, SVXY leads with 2.76% vs -48.85% for VIXY. On fees, VIXY is cheaper at 0.85% per year. On volatility, SVXY has been the lower-risk option at 8.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SVXY has performed better with a 2.76% return vs -48.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXY is cheaper with a 0.85% expense ratio, compared with 0.95% for SVXY.
SVXY and VIXY have nearly identical dividend yields, around 0.00%.
SVXY tracks S&P 500 VIX Short-Term Futures Index (-0.5x), while VIXY tracks S&P 500 VIX Short-Term Futures Index. Their fees differ too: 0.95% for SVXY and 0.85% for VIXY.
SVXY currently has the higher Sharpe Ratio (1.39 vs -1.04), 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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