ZVOL vs. VIXY
ZVOL (Volatility Premium Plus ETF) and VIXY (ProShares VIX Short-Term Futures ETF) are both Volatility funds - ZVOL tracks the S&P 500 VIX Mid Term Futures Inverse Daily Index while VIXY tracks the S&P 500 VIX Short-Term Futures Index. Both are passively managed. Over the past 3 years, ZVOL returned 5.31%/yr vs -39.34%/yr for VIXY. Their -0.88 correlation means they have often moved in opposite directions in the past. ZVOL charges 1.35%/yr vs 0.85%/yr for VIXY.
Performance
ZVOL vs. VIXY - Performance Comparison
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Returns By Period
In the year-to-date period, ZVOL achieves a 4.86% return, which is significantly higher than VIXY's -20.01% return.
ZVOL
- 1D
- 0.86%
- 1M
- -0.77%
- 6M
- 5.30%
- YTD
- 4.86%
- 1Y
- 17.86%
- 3Y*
- 5.31%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 14.36%
VIXY
- 1D
- -2.66%
- 1M
- -3.39%
- 6M
- -23.21%
- YTD
- -20.01%
- 1Y
- -54.18%
- 3Y*
- -39.34%
- 5Y*
- -47.11%
- 10Y*
- -46.69%
- ALL TIME*
- -48.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $61.09M | $56.74M | $72.28M | |
| $569.54K | $429.96K | $368.17K |
ZVOL vs. VIXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZVOL Volatility Premium Plus ETF | 4.86% | -10.71% | 9.27% | 51.85% |
VIXY ProShares VIX Short-Term Futures ETF | -20.01% | -43.05% | -27.43% | -60.63% |
Correlation
The correlation between ZVOL and VIXY is -0.87, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.87 |
Correlation (3Y) Balances recent behavior with more history. | -0.88 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2023 | -0.88 |
The correlation between ZVOL and VIXY has been stable across timeframes, ranging from -0.88 to -0.87 - a consistent structural relationship.
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Return for Risk
ZVOL vs. VIXY — Risk / Return Rank
ZVOL
VIXY
ZVOL vs. VIXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Volatility Premium Plus ETF (ZVOL) and ProShares VIX Short-Term Futures ETF (VIXY). 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 | VIXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.73 | ||
| Sortino ratioReturn per unit of downside risk | +2.71 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.85 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | -0.92 | +1.89 |
| Martin ratioReturn relative to average drawdown | 3.10 | -1.40 | +4.50 |
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Drawdowns
ZVOL vs. VIXY - Drawdown Comparison
The maximum ZVOL drawdown since its inception was -37.25%, smaller than the maximum VIXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ZVOL and VIXY.
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Drawdown Indicators
| ZVOL | VIXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.25% | -100.00% | +62.75% |
Max Drawdown (1Y)Largest decline over 1 year | -16.46% | -55.18% | +38.72% |
Max Drawdown (3Y)Largest decline over 3 years | -37.25% | -81.45% | +44.20% |
Max Drawdown (5Y)Largest decline over 5 years | — | -95.91% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.82% | — |
Current DrawdownCurrent decline from peak | -16.47% | -100.00% | +83.53% |
Average DrawdownAverage peak-to-trough decline | -13.63% | -92.24% | +78.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.12% | 36.13% | -31.01% |
Volatility
ZVOL vs. VIXY - Volatility Comparison
The current volatility for Volatility Premium Plus ETF (ZVOL) is 3.16%, while ProShares VIX Short-Term Futures ETF (VIXY) has a volatility of 14.60%. This indicates that ZVOL experiences smaller price fluctuations and is considered to be less risky than VIXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZVOL | VIXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.16% | 14.60% | -11.44% |
Volatility (6M)Calculated over the trailing 6-month period | 13.68% | 43.36% | -29.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.73% | 57.54% | -38.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.73% | 69.97% | -41.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.73% | 71.89% | -43.16% |
ZVOL vs. VIXY - Expense Ratio Comparison
ZVOL has a 1.35% expense ratio, which is higher than VIXY's 0.85% expense ratio.
Dividends
ZVOL vs. VIXY - Dividend Comparison
ZVOL's dividend yield for the trailing twelve months is around 74.74%, while VIXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% |
ZVOL Volatility Premium Plus ETF | 74.74% | 53.44% | 30.68% | 0.55% |
Frequently Asked Questions
ZVOL and VIXY have a correlation of -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXY has higher volatility (14.60%) compared to ZVOL (3.16%). In terms of maximum drawdown, ZVOL dropped -37.25% vs VIXY's -100.00%.
On 3-year performance, ZVOL leads with 5.31% vs -39.34% for VIXY. On fees, VIXY is cheaper at 0.85% 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.
Over the 3-year period, ZVOL has performed better with a 5.31% return vs -39.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXY is cheaper with a 0.85% expense ratio, compared with 1.35% for ZVOL.
ZVOL has the higher dividend yield at 74.74%, compared with 0.00% for VIXY.
ZVOL tracks S&P 500 VIX Mid Term Futures Inverse Daily Index, while VIXY tracks S&P 500 VIX Short-Term Futures Index. They also come from different issuers: Volatility Shares and ProShares. Their fees differ too: 1.35% for ZVOL and 0.85% for VIXY.
ZVOL currently has the higher Sharpe Ratio (0.85 vs -0.88), 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.
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