SVXY vs. ZVOL
SVXY (ProShares Short VIX Short-Term Futures ETF) and ZVOL (Volatility Premium Plus ETF) are both Volatility funds - SVXY tracks the S&P 500 VIX Short-Term Futures Index (-100%) while ZVOL tracks the S&P 500 VIX Mid Term Futures Inverse Daily Index. Both are passively managed. Over the past 3 years, SVXY returned 13.21%/yr vs 9.26%/yr for ZVOL. Their correlation of 0.89 suggests significant overlap in exposure. SVXY charges 1.38%/yr vs 1.35%/yr for ZVOL.
Performance
SVXY vs. ZVOL - Performance Comparison
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Returns By Period
In the year-to-date period, SVXY achieves a -0.92% return, which is significantly higher than ZVOL's -2.29% return.
SVXY
- 1D
- -0.20%
- 1M
- 8.44%
- YTD
- -0.92%
- 6M
- 7.55%
- 1Y
- 33.37%
- 3Y*
- 13.21%
- 5Y*
- 15.76%
- 10Y*
- -1.59%
ZVOL
- 1D
- -0.60%
- 1M
- 2.30%
- YTD
- -2.29%
- 6M
- 2.14%
- 1Y
- 8.27%
- 3Y*
- 9.26%
- 5Y*
- —
- 10Y*
- —
SVXY vs. ZVOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SVXY ProShares Short VIX Short-Term Futures ETF | -0.92% | 10.63% | -3.17% | 51.48% |
ZVOL Volatility Premium Plus ETF | -2.29% | -10.71% | 9.27% | 51.65% |
Correlation
The correlation between SVXY and ZVOL is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2023 | 0.89 |
The correlation between SVXY and ZVOL has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.
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Return for Risk
SVXY vs. ZVOL — Risk / Return Rank
SVXY
ZVOL
SVXY vs. ZVOL - 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 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.
| SVXY | ZVOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.09 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | 0.50 | +0.96 |
| Martin ratioReturn relative to average drawdown | 4.78 | 1.62 | +3.16 |
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 | ZVOL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.17 | 0.44 | +0.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.03 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.43 | -0.21 |
Drawdowns
SVXY vs. ZVOL - Drawdown Comparison
The maximum SVXY drawdown since its inception was -95.25%, which is greater than ZVOL's maximum drawdown of -37.25%. Use the drawdown chart below to compare losses from any high point for SVXY and ZVOL.
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Drawdown Indicators
| SVXY | ZVOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.25% | -37.25% | -58.00% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -16.46% | -6.48% |
Max Drawdown (3Y)Largest decline over 3 years | -46.45% | -37.25% | -9.20% |
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 | -80.15% | -22.17% | -57.98% |
Average DrawdownAverage peak-to-trough decline | -56.87% | -13.43% | -43.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.00% | 5.12% | +1.88% |
Volatility
SVXY vs. ZVOL - Volatility Comparison
ProShares Short VIX Short-Term Futures ETF (SVXY) and Volatility Premium Plus ETF (ZVOL) have volatilities of 3.76% and 3.59%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SVXY | ZVOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.76% | 3.59% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 21.42% | 13.27% | +8.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.62% | 18.74% | +9.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.38% | 29.27% | +6.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.75% | 29.27% | +21.48% |
SVXY vs. ZVOL - Expense Ratio Comparison
SVXY has a 1.38% expense ratio, which is higher than ZVOL's 1.35% expense ratio.
Dividends
SVXY vs. ZVOL - Dividend Comparison
SVXY has not paid dividends to shareholders, while ZVOL's dividend yield for the trailing twelve months is around 71.14%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
SVXY ProShares Short VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% |
ZVOL Volatility Premium Plus ETF | 71.14% | 53.44% | 30.68% | 0.55% |
Frequently Asked Questions
SVXY and ZVOL have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVXY has higher volatility (3.76%) compared to ZVOL (3.59%). In terms of maximum drawdown, SVXY dropped -95.25% vs ZVOL's -37.25%.
On 3-year performance, SVXY leads with 13.21% vs 9.26% for ZVOL. On fees, ZVOL is cheaper at 1.35% per year. On volatility, ZVOL has been the lower-risk option at 3.59%. 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 13.21% return vs 9.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZVOL is cheaper with a 1.35% expense ratio, compared with 1.38% for SVXY.
ZVOL has the higher dividend yield at 71.14%, compared with 0.00% for SVXY.
SVXY tracks S&P 500 VIX Short-Term Futures Index (-100%), while ZVOL tracks S&P 500 VIX Mid Term Futures Inverse Daily Index. They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 1.38% for SVXY and 1.35% for ZVOL.
SVXY currently has the higher Sharpe Ratio (1.17 vs 0.44), 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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