ZVOL vs. UVIX
Compare and contrast key facts about Volatility Premium Plus ETF (ZVOL) and Volatility Shares 2x Long VIX Futures ETF (UVIX).
ZVOL and UVIX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZVOL is a passively managed fund by Volatility Shares that tracks the performance of the S&P 500 VIX Mid Term Futures Inverse Daily Index. It was launched on Apr 17, 2023. UVIX is a passively managed fund by Volatility Shares that tracks the performance of the Long VIX Futures Index – Benchmark TR Gross (200%). It was launched on Mar 28, 2022. Both ZVOL and UVIX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
ZVOL vs. UVIX - Performance Comparison
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ZVOL vs. UVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZVOL Volatility Premium Plus ETF | -11.39% | -10.71% | 9.27% | 51.65% |
UVIX Volatility Shares 2x Long VIX Futures ETF | 51.66% | -83.21% | -75.24% | -88.55% |
Returns By Period
In the year-to-date period, ZVOL achieves a -11.39% return, which is significantly lower than UVIX's 51.66% return.
ZVOL
- 1D
- 3.23%
- 1M
- -8.77%
- YTD
- -11.39%
- 6M
- -7.42%
- 1Y
- -12.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UVIX
- 1D
- -18.99%
- 1M
- 37.90%
- YTD
- 51.66%
- 6M
- -12.79%
- 1Y
- -76.74%
- 3Y*
- -82.44%
- 5Y*
- —
- 10Y*
- —
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ZVOL vs. UVIX - Expense Ratio Comparison
ZVOL has a 1.35% expense ratio, which is lower than UVIX's 2.78% expense ratio.
Return for Risk
ZVOL vs. UVIX — Risk / Return Rank
ZVOL
UVIX
ZVOL vs. UVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Volatility Premium Plus ETF (ZVOL) and Volatility Shares 2x Long VIX Futures ETF (UVIX). 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 | UVIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.42 | -0.51 | +0.10 |
Sortino ratioReturn per unit of downside risk | -0.40 | -0.36 | -0.03 |
Omega ratioGain probability vs. loss probability | 0.94 | 0.95 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | -0.56 | -0.82 | +0.26 |
Martin ratioReturn relative to average drawdown | -1.28 | -0.93 | -0.35 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZVOL | UVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.42 | -0.51 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | -0.59 | +0.92 |
Correlation
The correlation between ZVOL and UVIX is -0.90. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
ZVOL vs. UVIX - Dividend Comparison
ZVOL's dividend yield for the trailing twelve months is around 69.95%, while UVIX has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZVOL Volatility Premium Plus ETF | 69.95% | 53.44% | 30.68% | 0.55% |
UVIX Volatility Shares 2x Long VIX Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
ZVOL vs. UVIX - Drawdown Comparison
The maximum ZVOL drawdown since its inception was -37.25%, smaller than the maximum UVIX drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for ZVOL and UVIX.
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Drawdown Indicators
| ZVOL | UVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.25% | -99.96% | +62.71% |
Max Drawdown (1Y)Largest decline over 1 year | -22.85% | -94.23% | +71.38% |
Current DrawdownCurrent decline from peak | -29.42% | -99.93% | +70.51% |
Average DrawdownAverage peak-to-trough decline | -12.80% | -88.02% | +75.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.96% | 82.45% | -72.49% |
Volatility
ZVOL vs. UVIX - Volatility Comparison
The current volatility for Volatility Premium Plus ETF (ZVOL) is 9.28%, while Volatility Shares 2x Long VIX Futures ETF (UVIX) has a volatility of 59.07%. This indicates that ZVOL experiences smaller price fluctuations and is considered to be less risky than UVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZVOL | UVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.28% | 59.07% | -49.79% |
Volatility (6M)Calculated over the trailing 6-month period | 14.78% | 94.37% | -79.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.52% | 149.63% | -120.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.91% | 138.22% | -108.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.91% | 138.22% | -108.31% |