ETFIQetfiq.com · independent ETF data
ZVOL Volatility Premium Plus ETF
Volatility fund: sells volatility through VIX futures and pays out what it collectsVolatility Shares1.42% fee$20mFirst traded Apr 19, 2023Fund page at the issuer ↗SEC filings ↗Every Volatility Shares fund ETFIQ covers
In the S&P 500’s down weeks over the year to Oct 9, 2026, ZVOL fell 66% as much as the index.
+0.65
Correlation with the S&P 500
+0.85
Beta to the S&P 500
65.5%
Down-week capture
+24.6 pts
Against T-bills, 52 weeks
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Fell 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%.
| Window | The fund | S&P 500 | Difference, percentage points |
|---|---|---|---|
| 3M Jul 10 – Oct 9, 2026 | +12.2% | +3.4% | +8.8 pts |
| 6M Apr 10 – Oct 9, 2026 | +25.9% | +15.2% | +10.8 pts |
| 1Y Oct 9, 2025 – Oct 9, 2026 | +24.9% | +17.3% | +7.7 pts |
| 3Y Oct 10, 2023 – Oct 9, 2026 | +32.6% | +85.8% | −53.1 pts |
| Since launch Apr 19, 2023 – Oct 9, 2026 | +75.9% | +96.4% | −20.5 pts |
Source: ETFIQ.
ZVOL beside every volatility income fund · 3 months
Every volatility income fund ETFIQ covers: what each paid out as a share of its starting price, and what it returned with and without those payouts.
ZVOL beside every volatility income fund · 6 months
| Fund | Issuer | Paid out | Price | Total return |
|---|---|---|---|---|
| SVOL | Simplify | 10.7% | +5.8% | +17.5% |
| ZVOL | Volatility Shares | 32.9% | −11.9% | +25.9% |
ZVOL beside every volatility income fund · 1 year
| Fund | Issuer | Paid out | Price | Total return |
|---|---|---|---|---|
| SVOL | Simplify | 19.1% | −7.8% | +13.6% |
| ZVOL | Volatility Shares | 49.3% | −34.0% | +24.9% |
Volatility income funds, to Oct 8, 2026. Source: Tiingo end-of-day prices, Cboe VIX futures settlements and VIX index closes; ETFIQ calculation.
In plain words
IssuerVolatility Shares
Strategy (ETFIQ, from its prospectus)Volatility
Expense ratio (485BPOS XBRL, Jun 26, 2026)1.42%
Net assets (issuer page, as of Oct 8, 2026)$20m
Structurefund registered under the 1940 Act
Index its own filing namesnone: it is actively managed
Volatility group (ETFIQ)Volatility income
ZVOL against spot VIX, 1 month+4.4% against −2.0% for the VIX index (15.72 to 15.41), Sep 8, 2026 to Oct 8, 2026
ZVOL against spot VIX, 3 months+12.0% against −2.7% for the VIX index (15.84 to 15.41), Jul 9, 2026 to Oct 8, 2026
ZVOL against spot VIX, 1 year+24.7% against −5.5% for the VIX index (16.30 to 15.41), Oct 8, 2025 to Oct 8, 2026
Roll of the short-term VIX futures, 1 month−4.5%: the index rebuilt by ETFIQ from Cboe VIX futures settlements returned −4.7% while the constant-maturity futures price moved −0.3%, Sep 8, 2026 to Oct 8, 2026; in contango on 22 of 22 days
Roll of the short-term VIX futures, 3 months−19.4%: the index rebuilt by ETFIQ from Cboe VIX futures settlements returned −20.9% while the constant-maturity futures price moved −1.9%, Jul 9, 2026 to Oct 8, 2026; in contango on 64 of 64 days
Roll of the short-term VIX futures, 1 year−47.4%: the index rebuilt by ETFIQ from Cboe VIX futures settlements returned −49.6% while the constant-maturity futures price moved −4.1%, Oct 8, 2025 to Oct 8, 2026; in contango on 220 of 251 days
Front two VIX futures on Oct 8, 202617.62 and 18.01, a contango of 2.2%
ZVOL paid out against its return, 3 months17.4% of its starting price paid out; price −6.6%, total return +12.2%, Jul 10, 2026 to Oct 9, 2026
ZVOL paid out against its return, 6 months32.9% of its starting price paid out; price −11.9%, total return +25.9%, Apr 10, 2026 to Oct 9, 2026
ZVOL paid out against its return, 1 year49.3% of its starting price paid out; price −34.0%, total return +24.9%, Oct 9, 2025 to Oct 9, 2026
VIX spike, Jul 8, 2024 to Aug 5, 2024VIX 12.37 to 38.57; ZVOL −26.0%
VIX spike, Mar 25, 2025 to Apr 8, 2025VIX 17.15 to 52.33; ZVOL −21.6%
VIX spike, Feb 27, 2026 to Mar 27, 2026VIX 19.86 to 31.05; ZVOL −11.4%
Weeks measured52, from Oct 10, 2025 to Oct 9, 2026
Weeks the S&P 500 fell21
The S&P 500 in those weeks, on average−1.18%
ZVOL in those weeks, on average−0.77%
ZVOL total return over those weeks+28.3%
T-bills (BIL) over the same weeks+3.7%
First tradedApr 19, 2023
Days traded90
Quotedon an exchange, every trading day
How this is computed
Weekly closes from Tiingo with distributions reinvested, 52 weeks to the same date for the fund, SPY and BIL. ETFIQ calculation. How these figures are computed
Questions people ask about ZVOL
- Does ZVOL move with the S&P 500?
- Over the year to Oct 9, 2026, ZVOL’s weekly returns had a correlation of +0.65 with the S&P 500’s, on a scale where 1 moves in step, 0 shows no pattern and −1 moves opposite. Its beta was +0.85, so for each 1% the index moved it moved about 0.85% the same way.
- What did ZVOL do when stocks fell?
- The S&P 500 fell in 21 of the 52 weeks to Oct 9, 2026, by 1.18% on average. In those weeks ZVOL fell 0.77% on average, a down-week capture of 65.5%.
- Did ZVOL earn more than cash?
- Over the same 52 weeks ZVOL returned +28.3% with distributions reinvested, and BIL, a fund of Treasury bills, returned +3.7%. ZVOL finished 24.6 percentage points ahead of it.
- What does ZVOL cost?
- The prospectus expense ratio is 1.42% a year.
- Why is ZVOL listed as volatility?
- ETFIQ files each fund by what its own prospectus says it does, and ZVOL’s describes a volatility fund.
- What did rolling the VIX futures cost over the last year?
- Holding the short-term VIX futures returned −49.6% from Oct 8, 2025 to Oct 8, 2026, while the constant-maturity futures price moved −4.1%. The difference, −47.4%, is the roll: what selling the expiring month and buying the next cost. A fund short these futures collects it instead.
- How much did ZVOL pay out against what it returned?
- From Oct 9, 2025 to Oct 9, 2026, ZVOL paid out 49.3% of its starting price. Its price moved −34.0% and its total return, with the payouts reinvested, was +24.9%.
Sources and dates
Prices, ZVOL and S&P 500Prices, Tiingo end of day ↗
Net assets, $20mIssuer page · Oct 8, 2026
IssuerCboe VIX index history ↗
All fund filingsFund filings on SEC EDGAR ↗
ETFIQ links to the documents behind every figure; a link is not an endorsement.
Cite this page
ETFIQ, ZVOL, alternatives ETFs, data as of Oct 9, 2026. https://etfiq.com/funds/zvol
ETFIQ. (Oct 9, 2026). ZVOL, alternatives ETFs. Retrieved from https://etfiq.com/funds/zvol
[ZVOL, alternatives ETFs (ETFIQ, Oct 9, 2026)](https://etfiq.com/funds/zvol)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.
Correlation
How closely the fund’s weekly returns moved with the S&P 500’s over the last year, from −1 to 1. At 1 the two rise and fall together, at 0 there is no pattern, and below 0 the fund tended to move the other way.
Beta
How far the fund moved, on average, for each 1% move in the S&P 500 over the same weeks. At 0.3 it moved about 0.3% the same way; below 0 it moved the other way.
Down week
A week in which the S&P 500 fell, measured through SPY with dividends reinvested. A week that ended exactly level is not a down week.
Down-week capture
The fund’s average return in the S&P 500’s down weeks as a share of the index’s own average in those weeks. At 100% it fell as much, at 50% half as much, and below zero it rose. It is weekly and covers one year, so it is not the same figure as Morningstar’s downside capture.
Against T-bills
The fund’s total return minus a short Treasury bill fund’s (BIL) over the same year, in percentage points. A fund can steady a portfolio and still earn less than cash.
ZVOL, Alternatives ETFs, ETFIQ, data as of Oct 9, 2026. Every figure is calculated from a named public source; the method is at etfiq.com/methodology. ETFIQ is an independent publisher, is not a fund issuer, broker-dealer or investment adviser, and makes no recommendations.