XRPI vs. ZVOL

Last updated Aug 4, 2026

XRPI (Volatility Shares XRP ETF) and ZVOL (Volatility Premium Plus ETF) are both exchange-traded funds - XRPI is a Cryptocurrency fund actively managed by Volatility Shares, while ZVOL is a Volatility fund tracking the S&P 500 VIX Mid Term Futures Inverse Daily Index. XRPI is actively managed, while ZVOL is passively managed. Over the past year, XRPI returned -68.03% vs 18.06% for ZVOL. Their 0.31 correlation means their historical movements had little consistent relationship. XRPI charges 0.94%/yr vs 1.35%/yr for ZVOL.

Performance

XRPI vs. ZVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares XRP ETF (XRPI) 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, XRPI achieves a -43.35% return, which is significantly lower than ZVOL's 5.04% return.

XRPI

• 1D: 1.55%
• 1M: -0.82%
• 6M: -35.55%
• YTD: -43.35%
• 1Y: -68.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -55.27%

ZVOL

• 1D: 0.17%
• 1M: -0.60%
• 6M: 3.78%
• YTD: 5.04%
• 1Y: 18.06%
• 3Y*: 6.91%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.38%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
XRPI Volatility Shares XRP ETF	$679.08K	$651.64K	$1.15M
ZVOL Volatility Premium Plus ETF	$524.13K	$426.79K	$371.74K

XRPI vs. ZVOL - Yearly Performance Comparison

	2026 (YTD)	2025
XRPI Volatility Shares XRP ETF	-43.35%	-32.74%
ZVOL Volatility Premium Plus ETF	5.04%	11.47%

Correlation

The correlation between XRPI and ZVOL is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (All Time) Calculated using the full available price history since May 22, 2025	0.31

Return for Risk

XRPI vs. ZVOL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XRPI

XRPI Risk / Return Rank: 1
XRPI Sharpe Ratio Rank: 2
XRPI Sortino Ratio Rank: 1
XRPI Omega Ratio Rank: 1
XRPI Calmar Ratio Rank: 1
XRPI Martin Ratio Rank: 2

ZVOL

ZVOL Risk / Return Rank: 37
ZVOL Sharpe Ratio Rank: 38
ZVOL Sortino Ratio Rank: 40
ZVOL Omega Ratio Rank: 37
ZVOL Calmar Ratio Rank: 32
ZVOL Martin Ratio Rank: 35

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XRPI vs. ZVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares XRP ETF (XRPI) 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.

	XRPI	ZVOL	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	0.97	-1.92
Sortino ratio: Return per unit of downside risk	-1.77	1.53	-3.30
Omega ratio: Gain probability vs. loss probability	0.81	1.18	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.94	1.10	-2.04
Martin ratio: Return relative to average drawdown	-1.33	3.54	-4.86

XRPI vs. ZVOL - Sharpe Ratio Comparison

The current XRPI Sharpe Ratio is -0.94, which is lower than the ZVOL Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of XRPI 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

XRPI vs. ZVOL - Drawdown Comparison

The maximum XRPI drawdown since its inception was -74.60%, which is greater than ZVOL's maximum drawdown of -37.25%. Use the drawdown chart below to compare losses from any high point for XRPI and ZVOL.

Drawdown Indicators

	XRPI	ZVOL	Difference
Max Drawdown Largest peak-to-trough decline	-74.60%	-37.25%	-37.35%
Max Drawdown (1Y) Largest decline over 1 year	-72.38%	-16.46%	-55.92%
Max Drawdown (3Y) Largest decline over 3 years	—	-37.25%	—
Current Drawdown Current decline from peak	-73.56%	-16.33%	-57.23%
Average Drawdown Average peak-to-trough decline	-44.17%	-13.63%	-30.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.24%	5.12%	+46.12%

Volatility

XRPI vs. ZVOL - Volatility Comparison

Volatility Shares XRP ETF (XRPI) has a higher volatility of 11.94% compared to Volatility Premium Plus ETF (ZVOL) at 3.16%. This indicates that XRPI'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

	XRPI	ZVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.94%	3.16%	+8.78%
Volatility (6M) Calculated over the trailing 6-month period	49.19%	13.67%	+35.52%
Volatility (1Y) Calculated over the trailing 1-year period	72.38%	18.68%	+53.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.14%	28.72%	+44.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.14%	28.72%	+44.42%

XRPI vs. ZVOL - Expense Ratio Comparison

XRPI has a 0.94% expense ratio, which is lower than ZVOL's 1.35% expense ratio.

Dividends

XRPI vs. ZVOL - Dividend Comparison

XRPI's dividend yield for the trailing twelve months is around 4.15%, less than ZVOL's 74.62% yield.

Position	TTM	2025	2024	2023
XRPI Volatility Shares XRP ETF	4.15%	1.54%	0.00%	0.00%
ZVOL Volatility Premium Plus ETF	74.62%	53.44%	30.68%	0.55%

Frequently Asked Questions

Can I hold both XRPI and ZVOL in my portfolio?

XRPI and ZVOL have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XRPI or ZVOL?

XRPI has higher volatility (11.94%) compared to ZVOL (3.16%). In terms of maximum drawdown, XRPI dropped -74.60% vs ZVOL's -37.25%.

Which ETF is better, XRPI or ZVOL?

On 1-year performance, ZVOL leads with 18.06% vs -68.03% for XRPI. On fees, XRPI is cheaper at 0.94% per year. On volatility, ZVOL has been the lower-risk option at 3.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XRPI or ZVOL?

Over the 1-year period, ZVOL has performed better with a 18.06% return vs -68.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XRPI or ZVOL?

XRPI is cheaper with a 0.94% expense ratio, compared with 1.35% for ZVOL.

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

ZVOL has the higher dividend yield at 74.62%, compared with 4.15% for XRPI.

What is the main difference between XRPI and ZVOL?

XRPI is categorized as Cryptocurrency, while ZVOL is Volatility. Their fees differ too: 0.94% for XRPI and 1.35% for ZVOL.

Which has better risk-adjusted returns?

ZVOL currently has the higher Sharpe Ratio (0.97 vs -0.94), 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.