Which did better when the S&P 500 fell, SVXY or VYLD?

In the 21 weeks the S&P 500 fell, by 1.18% a week on average, SVXY averaged −1.59% and VYLD −0.57%, so VYLD returned more in those weeks.

Which earned more than cash, SVXY or VYLD?

Over the same weeks, SVXY finished 32.5 percentage points ahead of cash and VYLD finished 15.2 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

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SVXY vs VYLD: which moved less with stocks?

Over the year to Oct 9, 2026, VYLD moved less with the S&P 500 than SVXY: correlation +0.74 against +0.75. ProShares Short VIX Short-Term Futures ETF and Inverse VIX Short-Term Futures ETNs due March 22, 2045.

Their one-year returns differ by 11.5 points.

	SVXY	VYLD
Expense ratio	0.95%	not published
Net assets	$258m	not read by ETFIQ
Total return, 1 year	+27.5%	+16.0%
Holdings in common	not published
Beta to the S&P 500	+1.37: about 1.37% for each 1%	+0.58: about 0.58% for each 1%
Its average week when the S&P 500 fell	fell 1.59%	fell 0.57%
Treasury bills, 52 weeks	+3.7%

+0.75

SVXY correlation with the S&P 500

+0.74

VYLD correlation with the S&P 500

134.7%

SVXY down-week capture

48.2%

VYLD down-week capture

SVXYFell more than the S&P 500

SVXY in the 21 weeks SPY fell, year to Oct 9, 2026: SPY averaged −1.18%, SVXY −1.59%.

VYLDFell 48% as much as the S&P 500

VYLD in the 21 weeks SPY fell, year to Oct 9, 2026: SPY averaged −1.18%, VYLD −0.57%.

One strategy, two funds

SVXY and VYLD both run a volatility strategy. Over the same 52 weeks to Oct 9, 2026, SVXY’s weekly returns had a correlation of +0.75 with the S&P 500 and VYLD’s +0.74. In the 21 weeks the index fell, by 1.18% a week on average, SVXY averaged −1.59% and VYLD −0.57%. Over the same weeks, SVXY finished 32.5 percentage points ahead of cash and VYLD finished 15.2 points ahead of cash.

Performance, window by window

	Total return		vs the S&P 500
Window	SVXY	VYLD	SVXY	VYLD
3 months	+10.9%	+4.7%	+7.5 pts	+1.4 pts
6 months	+32.8%	+13.6%	+17.7 pts	−1.6 pts
1 year	+27.5%	+16.0%	+10.3 pts	−1.3 pts
3 years	+48.6%	not published	−37.2 pts	not published
Since launch SVXY Oct 2011 · VYLD Mar 2025	+516.8%	+24.7%	−283.9 pts	−15.7 pts

Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

SVXY

ProShares Short VIX Short-Term Futures ETF · Volatility commodity pool: seeks −0.5x the daily move of the S&P 500 VIX Short-Term Futures Index

VYLD

Inverse VIX Short-Term Futures ETNs due March 22, 2045 · Volatility exchange traded note: tracks the S&P 500 VIX Short-Term Futures Points-Change Inverse Daily Index TR

Issuer ProShares JPMorgan

Strategy Volatility Volatility

Correlation with the S&P 500 +0.75 +0.74

Beta to the S&P 500 +1.37 +0.58

Down-week capture 134.7% 48.2%

Average week when the S&P 500 fell −1.59% −0.57%

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

Total return, same 52 weeks +36.2% +18.8%

Against T-bills, percentage points +32.5 pts +15.2 pts

Expense ratio 0.95% not published

First traded Oct 4, 2011 Mar 20, 2025

Structure commodity pool registered under the 1933 Act exchange traded note

Index its filing names S&P 500 VIX Short-Term Futures Index S&P 500 VIX Short-Term Futures Points-Change Inverse Daily Index TR

Daily multiple it seeks −0.5x −1x

Total return, 1 year +26.4% +15.8%

Its index rebuilt by ETFIQ from Cboe VIX futures settlements, 1 year +22.2% +12.4%

Difference from its index, percentage points +4.2 pts +3.3 pts

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 not available not available

Net assets $258m not read by ETFIQ

As of Oct 9, 2026. Source: ETFIQ.

SVXY in plain words

SVXY 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 +0.75 with the S&P 500’s and a beta of +1.37, so for each 1% the index moved it moved about 1.37% the same way. The S&P 500 fell in 21 of those 52 weeks, by 1.18% on average. In the same weeks SVXY fell 1.59% on average, a down-week capture of 134.7%. Over the same 52 weeks SVXY returned +36.2% and a Treasury bill fund +3.7%, so it finished 32.5 percentage points ahead of cash.

VYLD in plain words

VYLD is a volatility fund. 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 +0.58, so for each 1% the index moved it moved about 0.58% the same way. In the same weeks VYLD fell 0.57% on average, a down-week capture of 48.2%. Over the same 52 weeks VYLD returned +18.8% and a Treasury bill fund +3.7%, so it finished 15.2 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, SVXY or VYLD?: Over the 52 weeks to Oct 9, 2026, SVXY’s weekly returns had a correlation of +0.75 with the S&P 500 and VYLD’s +0.74, so VYLD moved less with the index.
Which did better when the S&P 500 fell, SVXY or VYLD?: In the 21 weeks the S&P 500 fell, by 1.18% a week on average, SVXY averaged −1.59% and VYLD −0.57%, so VYLD returned more in those weeks.
Which earned more than cash, SVXY or VYLD?: Over the same weeks, SVXY finished 32.5 percentage points ahead of cash and VYLD finished 15.2 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Other comparisons

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

Where these figures came from

SVXY filings on SEC EDGAR ↗ProShares page for SVXY ↗VYLD filings on SEC EDGAR ↗JPMorgan website ↗

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, SVXY against VYLD, data as of Oct 9, 2026. https://etfiq.com/compare/alternatives/svxy-vs-vyld

Open data

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