SVXY vs. ZVOL

Last updated Jun 24, 2026

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 (-0.5x) 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 10.26%/yr vs 8.01%/yr for ZVOL. Their correlation of 0.89 suggests significant overlap in exposure. SVXY charges 0.95%/yr vs 1.35%/yr for ZVOL.

Performance

SVXY vs. ZVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short VIX Short-Term Futures ETF (SVXY) 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, SVXY achieves a -0.69% return, which is significantly lower than ZVOL's 1.12% return.

SVXY

• 1D: -2.69%
• 1M: 4.23%
• YTD: -0.69%
• 6M: 0.15%
• 1Y: 35.14%
• 3Y*: 10.26%
• 5Y*: 14.63%
• 10Y*: 2.48%

ZVOL

• 1D: -0.37%
• 1M: 4.65%
• YTD: 1.12%
• 6M: -0.71%
• 1Y: 14.77%
• 3Y*: 8.01%
• 5Y*: —
• 10Y*: —

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

SVXY vs. ZVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SVXY ProShares Short VIX Short-Term Futures ETF	-0.69%	10.63%	-3.17%	51.46%
ZVOL Volatility Premium Plus ETF	1.12%	-10.71%	9.27%	51.85%

Correlation

The correlation between SVXY and ZVOL is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (All Time) Calculated using the full available price history since Apr 19, 2023	0.89

The correlation between SVXY and ZVOL has been stable across timeframes, ranging from 0.89 to 0.89 - a consistent structural relationship.

Return for Risk

SVXY vs. ZVOL — Risk / Return Rank

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

SVXY

SVXY Risk / Return Rank: 34
SVXY Sharpe Ratio Rank: 35
SVXY Sortino Ratio Rank: 33
SVXY Omega Ratio Rank: 37
SVXY Calmar Ratio Rank: 32
SVXY Martin Ratio Rank: 35

ZVOL

ZVOL Risk / Return Rank: 23
ZVOL Sharpe Ratio Rank: 24
ZVOL Sortino Ratio Rank: 24
ZVOL Omega Ratio Rank: 23
ZVOL Calmar Ratio Rank: 21
ZVOL Martin Ratio Rank: 23

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.

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.

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	ZVOL	Difference
Sharpe ratio: Return per unit of total volatility	1.22	0.79	+0.42
Sortino ratio: Return per unit of downside risk	1.69	1.29	+0.40
Omega ratio: Gain probability vs. loss probability	1.24	1.15	+0.09
Calmar ratio: Return relative to maximum drawdown	1.54	0.90	+0.64
Martin ratio: Return relative to average drawdown	5.02	2.87	+2.14

SVXY vs. ZVOL - Sharpe Ratio Comparison

The current SVXY Sharpe Ratio is 1.22, which is higher than the ZVOL Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of SVXY 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.

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.

Drawdown Indicators

	SVXY	ZVOL	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-80.10%	-19.46%	-60.64%
Average Drawdown Average peak-to-trough decline	-56.93%	-13.53%	-43.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.02%	5.15%	+1.87%

Volatility

SVXY vs. ZVOL - Volatility Comparison

ProShares Short VIX Short-Term Futures ETF (SVXY) has a higher volatility of 8.75% compared to Volatility Premium Plus ETF (ZVOL) at 4.20%. This indicates that SVXY's price experiences larger fluctuations and is considered to be riskier than ZVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SVXY	ZVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.75%	4.20%	+4.55%
Volatility (6M) Calculated over the trailing 6-month period	22.73%	13.59%	+9.14%
Volatility (1Y) Calculated over the trailing 1-year period	28.95%	18.66%	+10.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.40%	29.08%	+6.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.67%	29.08%	+20.59%

SVXY vs. ZVOL - Expense Ratio Comparison

SVXY has a 0.95% expense ratio, which is lower 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 79.01%.

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	79.01%	53.44%	30.68%	0.55%

Frequently Asked Questions

Can I hold both SVXY and ZVOL in my portfolio?

SVXY and ZVOL have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SVXY or ZVOL?

SVXY has higher volatility (8.75%) compared to ZVOL (4.20%). In terms of maximum drawdown, SVXY dropped -95.25% vs ZVOL's -37.25%.

Which ETF is better, SVXY or ZVOL?

On 3-year performance, SVXY leads with 10.26% vs 8.01% for ZVOL. On fees, SVXY is cheaper at 0.95% per year. On volatility, ZVOL has been the lower-risk option at 4.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SVXY or ZVOL?

Over the 3-year period, SVXY has performed better with a 10.26% return vs 8.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVXY or ZVOL?

SVXY is cheaper with a 0.95% expense ratio, compared with 1.35% for ZVOL.

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

ZVOL has the higher dividend yield at 79.01%, compared with 0.00% for SVXY.

What is the main difference between SVXY and ZVOL?

SVXY tracks S&P 500 VIX Short-Term Futures Index (-0.5x), 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: 0.95% for SVXY and 1.35% for ZVOL.

Which has better risk-adjusted returns?

SVXY currently has the higher Sharpe Ratio (1.22 vs 0.79), 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.