VIXY vs. SVOL

Last updated Jun 24, 2026

VIXY (ProShares VIX Short-Term Futures ETF) and SVOL (Simplify Volatility Premium ETF) are both Volatility funds. VIXY is passively managed, while SVOL is actively managed. Over the past 5 years, VIXY returned -45.65%/yr vs 6.24%/yr for SVOL. At a correlation of -0.84, they often move in opposite directions. VIXY charges 0.85%/yr vs 0.50%/yr for SVOL.

Performance

VIXY vs. SVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares VIX Short-Term Futures ETF (VIXY) and Simplify Volatility Premium ETF (SVOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIXY achieves a -10.37% return, which is significantly lower than SVOL's -0.40% return.

VIXY

• 1D: 5.17%
• 1M: -9.63%
• YTD: -10.37%
• 6M: -12.36%
• 1Y: -55.30%
• 3Y*: -39.97%
• 5Y*: -45.65%
• 10Y*: -48.59%

SVOL

• 1D: -1.35%
• 1M: 0.75%
• YTD: -0.40%
• 6M: -0.86%
• 1Y: 18.10%
• 3Y*: 5.79%
• 5Y*: 6.24%
• 10Y*: —

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

VIXY vs. SVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VIXY ProShares VIX Short-Term Futures ETF	-10.37%	-43.05%	-27.43%	-72.74%	-24.98%	-61.65%
SVOL Simplify Volatility Premium ETF	-0.40%	2.41%	6.77%	22.88%	-3.30%	12.70%

Correlation

The correlation between VIXY and SVOL is -0.77, 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	-0.77
Correlation (3Y) Calculated over the trailing 3-year period	-0.79
Correlation (5Y) Calculated over the trailing 5-year period	-0.83
Correlation (All Time) Calculated using the full available price history since May 13, 2021	-0.84

The correlation between VIXY and SVOL has been stable across timeframes, ranging from -0.84 to -0.77 - a consistent structural relationship.

Return for Risk

VIXY vs. SVOL — Risk / Return Rank

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

VIXY

VIXY Risk / Return Rank: 1
VIXY Sharpe Ratio Rank: 1
VIXY Sortino Ratio Rank: 1
VIXY Omega Ratio Rank: 1
VIXY Calmar Ratio Rank: 0
VIXY Martin Ratio Rank: 1

SVOL

SVOL Risk / Return Rank: 27
SVOL Sharpe Ratio Rank: 26
SVOL Sortino Ratio Rank: 25
SVOL Omega Ratio Rank: 28
SVOL Calmar Ratio Rank: 29
SVOL Martin Ratio Rank: 26

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.

VIXY vs. SVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) and Simplify Volatility Premium ETF (SVOL). 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.

	VIXY	SVOL	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	0.89	-1.87
Sortino ratio: Return per unit of downside risk	-1.62	1.35	-2.97
Omega ratio: Gain probability vs. loss probability	0.82	1.19	-0.37
Calmar ratio: Return relative to maximum drawdown	-1.02	1.40	-2.41
Martin ratio: Return relative to average drawdown	-1.56	3.33	-4.89

VIXY vs. SVOL - Sharpe Ratio Comparison

The current VIXY Sharpe Ratio is -0.98, which is lower than the SVOL Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of VIXY and SVOL, 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

VIXY vs. SVOL - Drawdown Comparison

The maximum VIXY drawdown since its inception was -100.00%, which is greater than SVOL's maximum drawdown of -33.50%. Use the drawdown chart below to compare losses from any high point for VIXY and SVOL.

Drawdown Indicators

	VIXY	SVOL	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-33.50%	-66.50%
Max Drawdown (1Y) Largest decline over 1 year	-54.55%	-13.01%	-41.54%
Max Drawdown (3Y) Largest decline over 3 years	-79.94%	-33.50%	-46.44%
Max Drawdown (5Y) Largest decline over 5 years	-96.20%	-33.50%	-62.70%
Max Drawdown (10Y) Largest decline over 10 years	-99.88%	—	—
Current Drawdown Current decline from peak	-100.00%	-2.98%	-97.02%
Average Drawdown Average peak-to-trough decline	-92.19%	-4.75%	-87.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.74%	5.44%	+34.30%

Volatility

VIXY vs. SVOL - Volatility Comparison

ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 17.03% compared to Simplify Volatility Premium ETF (SVOL) at 4.40%. This indicates that VIXY's price experiences larger fluctuations and is considered to be riskier than SVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIXY	SVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.03%	4.40%	+12.63%
Volatility (6M) Calculated over the trailing 6-month period	43.99%	10.20%	+33.79%
Volatility (1Y) Calculated over the trailing 1-year period	56.44%	20.52%	+35.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.37%	22.02%	+48.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.94%	21.88%	+50.06%

VIXY vs. SVOL - Expense Ratio Comparison

VIXY has a 0.85% expense ratio, which is higher than SVOL's 0.50% expense ratio.

Dividends

VIXY vs. SVOL - Dividend Comparison

VIXY has not paid dividends to shareholders, while SVOL's dividend yield for the trailing twelve months is around 22.10%.

Position	TTM	2025	2024	2023	2022	2021
SVOL Simplify Volatility Premium ETF	22.10%	19.82%	16.79%	16.36%	18.32%	4.65%
VIXY ProShares VIX Short-Term Futures ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VIXY and SVOL in my portfolio?

VIXY and SVOL have a correlation of -0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIXY or SVOL?

VIXY has higher volatility (17.03%) compared to SVOL (4.40%). In terms of maximum drawdown, VIXY dropped -100.00% vs SVOL's -33.50%.

Which ETF is better, VIXY or SVOL?

On 5-year performance, SVOL leads with 6.24% vs -45.65% for VIXY. On fees, SVOL is cheaper at 0.50% per year. On volatility, SVOL has been the lower-risk option at 4.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIXY or SVOL?

Over the 5-year period, SVOL has performed better with a 6.24% return vs -45.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIXY or SVOL?

SVOL is cheaper with a 0.50% expense ratio, compared with 0.85% for VIXY.

Which ETF pays a higher dividend yield, VIXY or SVOL?

SVOL has the higher dividend yield at 22.10%, compared with 0.00% for VIXY.

What is the main difference between VIXY and SVOL?

They also come from different issuers: ProShares and Simplify. Their fees differ too: 0.85% for VIXY and 0.50% for SVOL.

Which has better risk-adjusted returns?

SVOL currently has the higher Sharpe Ratio (0.89 vs -0.98), 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.