ZIVB vs. ZVOL

Last updated Jul 9, 2026

ZIVB (-1x Short VIX Mid-Term Futures Strategy ETF) and ZVOL (Volatility Premium Plus ETF) are both exchange-traded funds - ZIVB is a Inverse Equities fund actively managed by Volatility Shares, while ZVOL is a Volatility fund tracking the S&P 500 VIX Mid Term Futures Inverse Daily Index. ZIVB is actively managed, while ZVOL is passively managed. At a correlation of -0.11, they often move in opposite directions. Both charge a 1.35% expense ratio.

Performance

ZIVB vs. ZVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB) and Volatility Premium Plus ETF (ZVOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZIVB

• 1D: 0.00%
• 1M: 2.42%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZVOL

• 1D: 0.12%
• 1M: 7.38%
• 6M: 6.58%
• YTD: 6.18%
• 1Y: 17.13%
• 3Y*: 7.68%
• 5Y*: —
• 10Y*: —

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

ZIVB vs. ZVOL - Yearly Performance Comparison

	2026 (YTD)
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	33.28%
ZVOL Volatility Premium Plus ETF	8.40%

Correlation

The correlation between ZIVB and ZVOL is -0.11, 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 (All Time) Calculated using the full available price history since May 28, 2026	-0.11

Return for Risk

ZIVB vs. ZVOL — Risk / Return Rank

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

ZIVB

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ZVOL

ZVOL Risk / Return Rank: 28
ZVOL Sharpe Ratio Rank: 28
ZVOL Sortino Ratio Rank: 30
ZVOL Omega Ratio Rank: 27
ZVOL Calmar Ratio Rank: 25
ZVOL Martin Ratio Rank: 28

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.

ZIVB vs. ZVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB) 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.

	ZIVB	ZVOL	Difference
Sharpe ratio: Return per unit of total volatility	—	0.91	—
Sortino ratio: Return per unit of downside risk	—	1.45	—
Omega ratio: Gain probability vs. loss probability	—	1.17	—
Calmar ratio: Return relative to maximum drawdown	—	1.05	—
Martin ratio: Return relative to average drawdown	—	3.33	—

Drawdowns

ZIVB vs. ZVOL - Drawdown Comparison

The maximum ZIVB drawdown since its inception was 0.00%, smaller than the maximum ZVOL drawdown of -37.25%. Use the drawdown chart below to compare losses from any high point for ZIVB and ZVOL.

Drawdown Indicators

	ZIVB	ZVOL	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-37.25%	+37.25%
Max Drawdown (1Y) Largest decline over 1 year	—	-16.46%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-37.25%	—
Current Drawdown Current decline from peak	0.00%	-15.42%	+15.42%
Average Drawdown Average peak-to-trough decline	0.00%	-13.57%	+13.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.15%	—

Volatility

Volatility by Period

	ZIVB	ZVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.19%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	90.41%	18.81%	+71.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.41%	28.98%	+61.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.41%	28.98%	+61.43%

ZIVB vs. ZVOL - Expense Ratio Comparison

Both ZIVB and ZVOL have an expense ratio of 1.35%.

Dividends

ZIVB vs. ZVOL - Dividend Comparison

ZIVB's dividend yield for the trailing twelve months is around 2.37%, less than ZVOL's 69.45% yield.

Position	TTM	2025	2024	2023
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	2.37%	0.00%	0.00%	0.00%
ZVOL Volatility Premium Plus ETF	69.45%	53.44%	30.68%	0.55%

Frequently Asked Questions

Can I hold both ZIVB and ZVOL in my portfolio?

ZIVB and ZVOL have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZIVB or ZVOL?

Both ETFs have the same 1.35% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZIVB or ZVOL?

ZIVB and ZVOL have the same expense ratio: 1.35% per year.

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

ZVOL has the higher dividend yield at 69.45%, compared with 2.37% for ZIVB.

What is the main difference between ZIVB and ZVOL?

ZIVB is categorized as Inverse Equities, while ZVOL is Volatility.