ZVOL vs. SVXY

Last updated Jun 24, 2026

ZVOL (Volatility Premium Plus ETF) and SVXY (ProShares Short VIX Short-Term Futures ETF) are both Volatility funds - ZVOL tracks the S&P 500 VIX Mid Term Futures Inverse Daily Index while SVXY tracks the S&P 500 VIX Short-Term Futures Index (-0.5x). Both are passively managed. Over the past 3 years, ZVOL returned 8.01%/yr vs 10.26%/yr for SVXY. Their correlation of 0.89 suggests significant overlap in exposure. ZVOL charges 1.35%/yr vs 0.95%/yr for SVXY.

Performance

ZVOL vs. SVXY - Performance Comparison

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

Returns By Period

In the year-to-date period, ZVOL achieves a 1.12% return, which is significantly higher than SVXY's -0.69% return.

ZVOL

• 1D: -0.37%
• 1M: 4.65%
• YTD: 1.12%
• 6M: -0.71%
• 1Y: 14.77%
• 3Y*: 8.01%
• 5Y*: —
• 10Y*: —

SVXY

• 1D: -2.69%
• 1M: 4.23%
• YTD: -0.69%
• 6M: 0.15%
• 1Y: 35.14%
• 3Y*: 10.26%
• 5Y*: 14.63%
• 10Y*: 2.48%

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

ZVOL vs. SVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZVOL Volatility Premium Plus ETF	1.12%	-10.71%	9.27%	51.85%
SVXY ProShares Short VIX Short-Term Futures ETF	-0.69%	10.63%	-3.17%	51.46%

Correlation

The correlation between ZVOL and SVXY is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (All Time) Calculated using the full available price history since Apr 19, 2023	0.89

The correlation between ZVOL and SVXY has been stable across timeframes, ranging from 0.89 to 0.89 - a consistent structural relationship.

Return for Risk

ZVOL vs. SVXY — Risk / Return Rank

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

ZVOL

ZVOL Risk / Return Rank: 23
ZVOL Sharpe Ratio Rank: 24
ZVOL Sortino Ratio Rank: 24
ZVOL Omega Ratio Rank: 23
ZVOL Calmar Ratio Rank: 21
ZVOL Martin Ratio Rank: 23

SVXY

SVXY Risk / Return Rank: 34
SVXY Sharpe Ratio Rank: 35
SVXY Sortino Ratio Rank: 33
SVXY Omega Ratio Rank: 37
SVXY Calmar Ratio Rank: 32
SVXY Martin Ratio Rank: 35

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. SVXY - Risk-Adjusted Trends Comparison

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

	ZVOL	SVXY	Difference
Sharpe ratio: Return per unit of total volatility	0.79	1.22	-0.42
Sortino ratio: Return per unit of downside risk	1.29	1.69	-0.40
Omega ratio: Gain probability vs. loss probability	1.15	1.24	-0.09
Calmar ratio: Return relative to maximum drawdown	0.90	1.54	-0.64
Martin ratio: Return relative to average drawdown	2.87	5.02	-2.14

ZVOL vs. SVXY - Sharpe Ratio Comparison

The current ZVOL Sharpe Ratio is 0.79, which is lower than the SVXY Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of ZVOL and SVXY, 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

ZVOL vs. SVXY - Drawdown Comparison

The maximum ZVOL drawdown since its inception was -37.25%, smaller than the maximum SVXY drawdown of -95.25%. Use the drawdown chart below to compare losses from any high point for ZVOL and SVXY.

Drawdown Indicators

	ZVOL	SVXY	Difference
Max Drawdown Largest peak-to-trough decline	-37.25%	-95.25%	+58.00%
Max Drawdown (1Y) Largest decline over 1 year	-16.46%	-22.94%	+6.48%
Max Drawdown (3Y) Largest decline over 3 years	-37.25%	-46.45%	+9.20%
Max Drawdown (5Y) Largest decline over 5 years	—	-46.45%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-95.25%	—
Current Drawdown Current decline from peak	-19.46%	-80.10%	+60.64%
Average Drawdown Average peak-to-trough decline	-13.53%	-56.93%	+43.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.15%	7.02%	-1.87%

Volatility

ZVOL vs. SVXY - Volatility Comparison

The current volatility for Volatility Premium Plus ETF (ZVOL) is 4.20%, while ProShares Short VIX Short-Term Futures ETF (SVXY) has a volatility of 8.75%. This indicates that ZVOL experiences smaller price fluctuations and is considered to be less risky than SVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZVOL	SVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	8.75%	-4.55%
Volatility (6M) Calculated over the trailing 6-month period	13.59%	22.73%	-9.14%
Volatility (1Y) Calculated over the trailing 1-year period	18.66%	28.95%	-10.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.08%	35.40%	-6.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.08%	49.67%	-20.59%

ZVOL vs. SVXY - Expense Ratio Comparison

ZVOL has a 1.35% expense ratio, which is higher than SVXY's 0.95% expense ratio.

Dividends

ZVOL vs. SVXY - Dividend Comparison

ZVOL's dividend yield for the trailing twelve months is around 79.01%, while SVXY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
SVXY ProShares Short VIX Short-Term Futures ETF	0.00%	0.00%	0.00%	0.00%
ZVOL Volatility Premium Plus ETF	79.01%	53.44%	30.68%	0.55%

Frequently Asked Questions

Can I hold both ZVOL and SVXY in my portfolio?

ZVOL and SVXY have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZVOL or SVXY?

SVXY has higher volatility (8.75%) compared to ZVOL (4.20%). In terms of maximum drawdown, ZVOL dropped -37.25% vs SVXY's -95.25%.

Which ETF is better, ZVOL or SVXY?

On 3-year performance, SVXY leads with 10.26% vs 8.01% for ZVOL. On fees, SVXY is cheaper at 0.95% per year. On volatility, ZVOL has been the lower-risk option at 4.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZVOL or SVXY?

Over the 3-year period, SVXY has performed better with a 10.26% return vs 8.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZVOL or SVXY?

SVXY is cheaper with a 0.95% expense ratio, compared with 1.35% for ZVOL.

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

ZVOL has the higher dividend yield at 79.01%, compared with 0.00% for SVXY.

What is the main difference between ZVOL and SVXY?

ZVOL tracks S&P 500 VIX Mid Term Futures Inverse Daily Index, while SVXY tracks S&P 500 VIX Short-Term Futures Index (-0.5x). They also come from different issuers: Volatility Shares and ProShares. Their fees differ too: 1.35% for ZVOL and 0.95% for SVXY.

Which has better risk-adjusted returns?

SVXY currently has the higher Sharpe Ratio (1.22 vs 0.79), 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.