ZVOL vs. VIXY

Last updated Jun 24, 2026

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 8.01%/yr vs -39.97%/yr for VIXY. At a correlation of -0.89, they often move in opposite directions. ZVOL charges 1.35%/yr vs 0.85%/yr for VIXY.

Performance

ZVOL vs. VIXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Premium Plus ETF (ZVOL) and ProShares VIX Short-Term Futures ETF (VIXY). 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 VIXY's -10.37% return.

ZVOL

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

VIXY

• 1D: 5.17%
• 1M: -9.63%
• YTD: -10.37%
• 6M: -12.36%
• 1Y: -55.30%
• 3Y*: -39.97%
• 5Y*: -45.65%
• 10Y*: -48.59%

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

ZVOL vs. VIXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZVOL Volatility Premium Plus ETF	1.12%	-10.71%	9.27%	51.85%
VIXY ProShares VIX Short-Term Futures ETF	-10.37%	-43.05%	-27.43%	-60.63%

Correlation

The correlation between ZVOL and VIXY is -0.90, 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 (1Y) Calculated over the trailing 1-year period	-0.90
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 VIXY has been stable across timeframes, ranging from -0.90 to -0.89 - a consistent structural relationship.

Return for Risk

ZVOL vs. VIXY — 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

VIXY

VIXY Risk / Return Rank: 1
VIXY Sharpe Ratio Rank: 1
VIXY Sortino Ratio Rank: 1
VIXY Omega Ratio Rank: 1
VIXY Calmar Ratio Rank: 0
VIXY Martin Ratio Rank: 1

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. 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 ratio: Return per unit of total volatility	0.79	-0.98	+1.78
Sortino ratio: Return per unit of downside risk	1.29	-1.62	+2.91
Omega ratio: Gain probability vs. loss probability	1.15	0.82	+0.33
Calmar ratio: Return relative to maximum drawdown	0.90	-1.02	+1.92
Martin ratio: Return relative to average drawdown	2.87	-1.56	+4.43

ZVOL vs. VIXY - Sharpe Ratio Comparison

The current ZVOL Sharpe Ratio is 0.79, which is higher than the VIXY Sharpe Ratio of -0.98. The chart below compares the historical Sharpe Ratios of ZVOL and VIXY, 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. 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.

Drawdown Indicators

	ZVOL	VIXY	Difference
Max Drawdown Largest peak-to-trough decline	-37.25%	-100.00%	+62.75%
Max Drawdown (1Y) Largest decline over 1 year	-16.46%	-54.55%	+38.09%
Max Drawdown (3Y) Largest decline over 3 years	-37.25%	-79.94%	+42.69%
Max Drawdown (5Y) Largest decline over 5 years	—	-96.20%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.88%	—
Current Drawdown Current decline from peak	-19.46%	-100.00%	+80.54%
Average Drawdown Average peak-to-trough decline	-13.53%	-92.19%	+78.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.15%	39.74%	-34.59%

Volatility

ZVOL vs. VIXY - Volatility Comparison

The current volatility for Volatility Premium Plus ETF (ZVOL) is 4.20%, while ProShares VIX Short-Term Futures ETF (VIXY) has a volatility of 17.03%. 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.

Volatility by Period

	ZVOL	VIXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	17.03%	-12.83%
Volatility (6M) Calculated over the trailing 6-month period	13.59%	43.99%	-30.40%
Volatility (1Y) Calculated over the trailing 1-year period	18.66%	56.44%	-37.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.08%	70.37%	-41.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.08%	71.94%	-42.86%

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 79.01%, 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	79.01%	53.44%	30.68%	0.55%

Frequently Asked Questions

Can I hold both ZVOL and VIXY in my portfolio?

ZVOL and VIXY have a correlation of -0.90, 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 VIXY?

VIXY has higher volatility (17.03%) compared to ZVOL (4.20%). In terms of maximum drawdown, ZVOL dropped -37.25% vs VIXY's -100.00%.

Which ETF is better, ZVOL or VIXY?

On 3-year performance, ZVOL leads with 8.01% vs -39.97% for VIXY. On fees, VIXY is cheaper at 0.85% 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 VIXY?

Over the 3-year period, ZVOL has performed better with a 8.01% return vs -39.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZVOL or VIXY?

VIXY is cheaper with a 0.85% expense ratio, compared with 1.35% for ZVOL.

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

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

What is the main difference between ZVOL and 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.

Which has better risk-adjusted returns?

ZVOL currently has the higher Sharpe Ratio (0.79 vs -0.98), 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.