ZVOL vs. ZIVB

Last updated Jun 24, 2026

ZVOL (Volatility Premium Plus ETF) and ZIVB (-1x Short VIX Mid-Term Futures Strategy ETF) are both exchange-traded funds - ZVOL is a Volatility fund tracking the S&P 500 VIX Mid Term Futures Inverse Daily Index, while ZIVB is a Inverse Equities fund actively managed by Volatility Shares. ZVOL is passively managed, while ZIVB is actively managed. At a correlation of -0.15, they often move in opposite directions. Both charge a 1.35% expense ratio.

Performance

ZVOL vs. ZIVB - Performance Comparison

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

Returns By Period

ZVOL

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

ZIVB

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZVOL vs. ZIVB - Yearly Performance Comparison

	2026 (YTD)
ZVOL Volatility Premium Plus ETF	3.23%
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	33.28%

Correlation

The correlation between ZVOL and ZIVB is -0.15, 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 (All Time) Calculated using the full available price history since May 28, 2026	-0.15

Return for Risk

ZVOL vs. ZIVB — 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

ZIVB

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. ZIVB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Premium Plus ETF (ZVOL) and -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB). 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	ZIVB	Difference
Sharpe ratio: Return per unit of total volatility	0.79	—	—
Sortino ratio: Return per unit of downside risk	1.29	—	—
Omega ratio: Gain probability vs. loss probability	1.15	—	—
Calmar ratio: Return relative to maximum drawdown	0.90	—	—
Martin ratio: Return relative to average drawdown	2.87	—	—

Drawdowns

ZVOL vs. ZIVB - Drawdown Comparison

The maximum ZVOL drawdown since its inception was -37.25%, which is greater than ZIVB's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for ZVOL and ZIVB.

Drawdown Indicators

	ZVOL	ZIVB	Difference
Max Drawdown Largest peak-to-trough decline	-37.25%	0.00%	-37.25%
Max Drawdown (1Y) Largest decline over 1 year	-16.46%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-37.25%	—	—
Current Drawdown Current decline from peak	-19.46%	0.00%	-19.46%
Average Drawdown Average peak-to-trough decline	-13.53%	0.00%	-13.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.15%	—	—

Volatility

Volatility by Period

	ZVOL	ZIVB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.59%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.66%	112.57%	-93.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.08%	112.57%	-83.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.08%	112.57%	-83.49%

ZVOL vs. ZIVB - Expense Ratio Comparison

Both ZVOL and ZIVB have an expense ratio of 1.35%.

Dividends

ZVOL vs. ZIVB - Dividend Comparison

ZVOL's dividend yield for the trailing twelve months is around 79.01%, more than ZIVB's 2.37% yield.

Position	TTM	2025	2024	2023
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	2.37%	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 ZIVB in my portfolio?

ZVOL and ZIVB have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZVOL or ZIVB?

Both ETFs have the same 1.35% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZVOL or ZIVB?

ZVOL and ZIVB have the same expense ratio: 1.35% per year.

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

ZVOL has the higher dividend yield at 79.01%, compared with 2.37% for ZIVB.

What is the main difference between ZVOL and ZIVB?

ZVOL is categorized as Volatility, while ZIVB is Inverse Equities.