ZVOL vs. SVIX

Last updated Jun 4, 2026

ZVOL (Volatility Premium Plus ETF) and SVIX (Volatility Shares -1x Short VIX Futures ETF) are both exchange-traded funds - ZVOL is a Volatility fund tracking the S&P 500 VIX Mid Term Futures Inverse Daily Index, while SVIX is a Inverse Equities fund managed by Volatility Shares. Over the past 3 years, ZVOL returned 9.26%/yr vs -0.59%/yr for SVIX. Their correlation of 0.90 suggests significant overlap in exposure. ZVOL charges 1.35%/yr vs 1.47%/yr for SVIX.

Performance

ZVOL vs. SVIX - Performance Comparison

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

Returns By Period

In the year-to-date period, ZVOL achieves a -2.29% return, which is significantly higher than SVIX's -8.17% return.

ZVOL

• 1D: -0.60%
• 1M: 2.30%
• YTD: -2.29%
• 6M: 2.14%
• 1Y: 8.27%
• 3Y*: 9.26%
• 5Y*: —
• 10Y*: —

SVIX

• 1D: -0.09%
• 1M: 16.92%
• YTD: -8.17%
• 6M: 7.59%
• 1Y: 51.46%
• 3Y*: -0.59%
• 5Y*: —
• 10Y*: —

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

ZVOL vs. SVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZVOL Volatility Premium Plus ETF	-2.29%	-10.71%	9.27%	51.65%
SVIX Volatility Shares -1x Short VIX Futures ETF	-8.17%	-4.49%	-32.76%	100.37%

Correlation

The correlation between ZVOL and SVIX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 20, 2023	0.90

The correlation between ZVOL and SVIX has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.

Return for Risk

ZVOL vs. SVIX — Risk / Return Rank

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

ZVOL

ZVOL Risk / Return Rank: 16
ZVOL Sharpe Ratio Rank: 15
ZVOL Sortino Ratio Rank: 16
ZVOL Omega Ratio Rank: 15
ZVOL Calmar Ratio Rank: 15
ZVOL Martin Ratio Rank: 17

SVIX

SVIX Risk / Return Rank: 26
SVIX Sharpe Ratio Rank: 26
SVIX Sortino Ratio Rank: 26
SVIX Omega Ratio Rank: 29
SVIX Calmar Ratio Rank: 25
SVIX Martin Ratio Rank: 25

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.

ZVOL vs. SVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Premium Plus ETF (ZVOL) 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.

	ZVOL	SVIX	Difference
Sharpe ratio: Return per unit of total volatility	0.44	0.95	-0.50
Sortino ratio: Return per unit of downside risk	0.79	1.46	-0.66
Omega ratio: Gain probability vs. loss probability	1.09	1.20	-0.11
Calmar ratio: Return relative to maximum drawdown	0.50	1.21	-0.71
Martin ratio: Return relative to average drawdown	1.62	3.50	-1.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZVOL vs. SVIX - Sharpe Ratio Comparison

The current ZVOL Sharpe Ratio is 0.44, which is lower than the SVIX Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of ZVOL and SVIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZVOL	SVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.44	0.95	-0.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.16	+0.27

Drawdowns

ZVOL vs. SVIX - Drawdown Comparison

The maximum ZVOL drawdown since its inception was -37.25%, smaller than the maximum SVIX drawdown of -79.30%. Use the drawdown chart below to compare losses from any high point for ZVOL and SVIX.

Drawdown Indicators

	ZVOL	SVIX	Difference
Max Drawdown Largest peak-to-trough decline	-37.25%	-79.30%	+42.05%
Max Drawdown (1Y) Largest decline over 1 year	-16.46%	-42.69%	+26.23%
Max Drawdown (3Y) Largest decline over 3 years	-37.25%	-79.30%	+42.05%
Current Drawdown Current decline from peak	-22.17%	-56.14%	+33.97%
Average Drawdown Average peak-to-trough decline	-13.43%	-31.60%	+18.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.12%	14.75%	-9.63%

Volatility

ZVOL vs. SVIX - Volatility Comparison

The current volatility for Volatility Premium Plus ETF (ZVOL) is 3.59%, while Volatility Shares -1x Short VIX Futures ETF (SVIX) has a volatility of 7.38%. This indicates that ZVOL experiences smaller price fluctuations and is considered to be less risky than SVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZVOL	SVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.59%	7.38%	-3.79%
Volatility (6M) Calculated over the trailing 6-month period	13.27%	41.05%	-27.78%
Volatility (1Y) Calculated over the trailing 1-year period	18.74%	54.75%	-36.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.27%	66.27%	-37.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.27%	66.27%	-37.00%

ZVOL vs. SVIX - Expense Ratio Comparison

ZVOL has a 1.35% expense ratio, which is lower than SVIX's 1.47% expense ratio.

Dividends

ZVOL vs. SVIX - Dividend Comparison

ZVOL's dividend yield for the trailing twelve months is around 71.14%, while SVIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
SVIX Volatility Shares -1x Short VIX Futures ETF	0.00%	0.00%	0.00%	0.00%
ZVOL Volatility Premium Plus ETF	71.14%	53.44%	30.68%	0.55%

Frequently Asked Questions

Can I hold both ZVOL and SVIX in my portfolio?

With a correlation of 0.90, ZVOL and SVIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ZVOL or SVIX?

SVIX has higher volatility (7.38%) compared to ZVOL (3.59%). In terms of maximum drawdown, ZVOL dropped -37.25% vs SVIX's -79.30%.

Which ETF is better, ZVOL or SVIX?

On 3-year performance, ZVOL leads with 9.26% vs -0.59% for SVIX. On fees, ZVOL is cheaper at 1.35% per year. On volatility, ZVOL has been the lower-risk option at 3.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZVOL or SVIX?

Over the 3-year period, ZVOL has performed better with a 9.26% return vs -0.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZVOL or SVIX?

ZVOL is cheaper with a 1.35% expense ratio, compared with 1.47% for SVIX.

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

ZVOL has the higher dividend yield at 71.14%, compared with 0.00% for SVIX.

What is the main difference between ZVOL and SVIX?

ZVOL is categorized as Volatility, while SVIX is Inverse Equities. Their fees differ too: 1.35% for ZVOL and 1.47% for SVIX.

Which has better risk-adjusted returns?

SVIX currently has the higher Sharpe Ratio (0.95 vs 0.44), 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.