Which did better when the S&P 500 fell, SVOL or ZVOL?

In the 21 weeks the S&P 500 fell, by 1.18% a week on average, SVOL averaged −0.92% and ZVOL −0.77%, so ZVOL returned more in those weeks.

Which earned more than cash, SVOL or ZVOL?

Over the same weeks, SVOL finished 15.8 percentage points ahead of cash and ZVOL finished 24.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, SVOL or ZVOL?

SVOL charges 0.66% a year and ZVOL charges 1.42%, so SVOL is cheaper. Fees come from each fund's prospectus.

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SVOL vs ZVOL: which moved less with stocks?

Over the year to Oct 9, 2026, ZVOL moved less with the S&P 500 than SVOL: correlation +0.65 against +0.74. Simplify Volatility Premium ETF and Volatility Premium Plus ETF.

SVOL costs 0.76 points a year less; their one-year returns differ by 11.3 points; SVOL is far larger, $525m against $20m.

	SVOL	ZVOL
Expense ratio	0.66%	1.42%
Net assets, as of Oct 8, 2026	$525m	$20m
Total return, 1 year	+13.6%	+24.9%
Holdings in common	not published
Beta to the S&P 500	+0.66: about 0.66% for each 1%	+0.85: about 0.85% for each 1%
Its average week when the S&P 500 fell	fell 0.92%	fell 0.77%
Treasury bills, 52 weeks	+3.7%

+0.74

SVOL correlation with the S&P 500

+0.65

ZVOL correlation with the S&P 500

77.5%

SVOL down-week capture

65.5%

ZVOL down-week capture

SVOLFell 78% as much as the S&P 500

SVOL in the 21 weeks SPY fell, year to Oct 9, 2026: SPY averaged −1.18%, SVOL −0.92%.

ZVOLFell 66% as much as the S&P 500

ZVOL in the 21 weeks SPY fell, year to Oct 9, 2026: SPY averaged −1.18%, ZVOL −0.77%.

One strategy, two funds

SVOL and ZVOL both run a volatility strategy. Over the same 52 weeks to Oct 9, 2026, SVOL’s weekly returns had a correlation of +0.74 with the S&P 500 and ZVOL’s +0.65. In the 21 weeks the index fell, by 1.18% a week on average, SVOL averaged −0.92% and ZVOL −0.77%. Over the same weeks, SVOL finished 15.8 percentage points ahead of cash and ZVOL finished 24.6 points ahead of cash.

Performance, window by window

	Total return		vs the S&P 500
Window	SVOL	ZVOL	SVOL	ZVOL
3 months	+8.3%	+12.2%	+4.9 pts	+8.8 pts
6 months	+17.5%	+25.9%	+2.3 pts	+10.8 pts
1 year	+13.6%	+24.9%	−3.7 pts	+7.7 pts
3 years	+28.6%	+32.6%	−57.2 pts	−53.1 pts
Since launch SVOL May 2021 · ZVOL Apr 2023	+61.9%	+75.9%	−42.4 pts	−20.5 pts

Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

SVOL

Simplify Volatility Premium ETF · Volatility fund: sells volatility through VIX futures and pays out what it collects

ZVOL

Volatility Premium Plus ETF · Volatility fund: sells volatility through VIX futures and pays out what it collects

Issuer Simplify Volatility Shares

Strategy Volatility Volatility

Correlation with the S&P 500 +0.74 +0.65

Beta to the S&P 500 +0.66 +0.85

Down-week capture 77.5% 65.5%

Average week when the S&P 500 fell −0.92% −0.77%

The S&P 500 in those weeks −1.18% −1.18%

Total return, same 52 weeks +19.4% +28.3%

Against T-bills, percentage points +15.8 pts +24.6 pts

Expense ratio 0.66% 1.42%

First traded May 13, 2021 Apr 19, 2023

Structure fund registered under the 1940 Act fund registered under the 1940 Act

Index its filing names none: actively managed none: actively managed

Daily multiple it seeks not available not available

Total return, 1 year +12.6% +24.7%

Its index rebuilt by ETFIQ from Cboe VIX futures settlements, 1 year not available not available

Difference from its index, percentage points not available not available

Spot VIX, same year −5.5% −5.5%

Roll of the VIX futures it holds, 1 year −47.4% −47.4%

Paid out, 1 year, % of starting price 19.1% 49.3%

Net assets, as of Oct 8, 2026 $525m $20m

As of Oct 9, 2026. Source: ETFIQ.

SVOL in plain words

SVOL is a volatility fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Oct 9, 2026, its weekly returns had a correlation of +0.74 with the S&P 500’s and a beta of +0.66, so for each 1% the index moved it moved about 0.66% the same way. The S&P 500 fell in 21 of those 52 weeks, by 1.18% on average. In the same weeks SVOL fell 0.92% on average, a down-week capture of 77.5%. Over the same 52 weeks SVOL returned +19.4% and a Treasury bill fund +3.7%, so it finished 15.8 percentage points ahead of cash.

ZVOL in plain words

ZVOL is a volatility fund. Over the year to Oct 9, 2026, its weekly returns had a correlation of +0.65 with the S&P 500’s and a beta of +0.85, so for each 1% the index moved it moved about 0.85% the same way. In the same weeks ZVOL fell 0.77% on average, a down-week capture of 65.5%. Over the same 52 weeks ZVOL returned +28.3% and a Treasury bill fund +3.7%, so it finished 24.6 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, SVOL or ZVOL?: Over the 52 weeks to Oct 9, 2026, SVOL’s weekly returns had a correlation of +0.74 with the S&P 500 and ZVOL’s +0.65, so ZVOL moved less with the index.
Which did better when the S&P 500 fell, SVOL or ZVOL?: In the 21 weeks the S&P 500 fell, by 1.18% a week on average, SVOL averaged −0.92% and ZVOL −0.77%, so ZVOL returned more in those weeks.
Which earned more than cash, SVOL or ZVOL?: Over the same weeks, SVOL finished 15.8 percentage points ahead of cash and ZVOL finished 24.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, SVOL or ZVOL?: SVOL charges 0.66% a year and ZVOL charges 1.42%, so SVOL is cheaper. Fees come from each fund's prospectus.

Other comparisons

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →SVOL on its own →ZVOL on its own →How every figure is computed →Standards and sources →

Where these figures came from

SVOL filings on SEC EDGAR ↗SVOL prospectus with the expense ratio (SEC) ↗Simplify website ↗ZVOL filings on SEC EDGAR ↗ZVOL prospectus with the expense ratio (SEC) ↗Volatility Shares page for ZVOL ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, SVOL against ZVOL, data as of Oct 9, 2026. https://etfiq.com/compare/alternatives/svol-vs-zvol

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.