VIXY vs. SVIX
VIXY (ProShares VIX Short-Term Futures ETF) and SVIX (Volatility Shares -1x Short VIX Futures ETF) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, while SVIX is a Inverse Equities fund managed by Volatility Shares. Over the past 3 years, VIXY returned -42.73%/yr vs -0.59%/yr for SVIX. At a correlation of -0.99, they often move in opposite directions. VIXY charges 0.85%/yr vs 1.47%/yr for SVIX.
Performance
VIXY vs. SVIX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VIXY having a -8.27% return and SVIX slightly higher at -8.17%.
VIXY
- 1D
- 0.26%
- 1M
- -15.15%
- YTD
- -8.27%
- 6M
- -22.71%
- 1Y
- -53.80%
- 3Y*
- -42.73%
- 5Y*
- -46.70%
- 10Y*
- -47.13%
SVIX
- 1D
- -0.09%
- 1M
- 16.92%
- YTD
- -8.17%
- 6M
- 7.59%
- 1Y
- 51.46%
- 3Y*
- -0.59%
- 5Y*
- —
- 10Y*
- —
VIXY vs. SVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -8.27% | -43.05% | -27.43% | -72.74% | -27.93% |
SVIX Volatility Shares -1x Short VIX Futures ETF | -8.17% | -4.49% | -32.76% | 157.37% | -0.88% |
Correlation
The correlation between VIXY and SVIX 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 (All Time) Calculated using the full available price history since Mar 31, 2022 | -0.99 |
The correlation between VIXY 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
VIXY vs. SVIX — Risk / Return Rank
VIXY
SVIX
VIXY vs. SVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) 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.
| VIXY | SVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.91 | ||
| Sortino ratioReturn per unit of downside risk | -3.02 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.20 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 1.21 | -2.16 |
| Martin ratioReturn relative to average drawdown | -1.34 | 3.50 | -4.84 |
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
| VIXY | SVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.97 | 0.95 | -1.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.67 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.65 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.69 | 0.16 | -0.85 |
Drawdowns
VIXY vs. SVIX - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, which is greater than SVIX's maximum drawdown of -79.30%. Use the drawdown chart below to compare losses from any high point for VIXY and SVIX.
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Drawdown Indicators
| VIXY | SVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -79.30% | -20.70% |
Max Drawdown (1Y)Largest decline over 1 year | -56.72% | -42.69% | -14.03% |
Max Drawdown (3Y)Largest decline over 3 years | -81.00% | -79.30% | -1.70% |
Max Drawdown (5Y)Largest decline over 5 years | -95.92% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.87% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -56.14% | -43.86% |
Average DrawdownAverage peak-to-trough decline | -92.18% | -31.60% | -60.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.22% | 14.75% | +25.47% |
Volatility
VIXY vs. SVIX - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 8.03% compared to Volatility Shares -1x Short VIX Futures ETF (SVIX) at 7.38%. This indicates that VIXY's price experiences larger fluctuations and is considered to be riskier 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
| VIXY | SVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.03% | 7.38% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 41.47% | 41.05% | +0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.89% | 54.75% | +1.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.31% | 66.27% | +4.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.48% | 66.27% | +6.21% |
VIXY vs. SVIX - Expense Ratio Comparison
VIXY has a 0.85% expense ratio, which is lower than SVIX's 1.47% expense ratio.
Dividends
VIXY vs. SVIX - Dividend Comparison
Neither VIXY nor SVIX has paid dividends to shareholders.
Frequently Asked Questions
VIXY and SVIX 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 (8.03%) compared to SVIX (7.38%). In terms of maximum drawdown, VIXY dropped -100.00% vs SVIX's -79.30%.
On 3-year performance, SVIX leads with -0.59% vs -42.73% for VIXY. On fees, VIXY is cheaper at 0.85% per year. On volatility, SVIX has been the lower-risk option at 7.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SVIX has performed better with a -0.59% return vs -42.73%. 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 1.47% for SVIX.
VIXY and SVIX have nearly identical dividend yields, around 0.00%.
VIXY is categorized as Volatility, while SVIX is Inverse Equities. They also come from different issuers: ProFund Advisors LLC and Volatility Shares. Their fees differ too: 0.85% for VIXY and 1.47% for SVIX.
SVIX currently has the higher Sharpe Ratio (0.95 vs -0.97), 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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