# ZVOL (Volatility Premium Plus ETF)

Volatility Shares · Alternatives ETFs · data as of Oct 9, 2026

In the S&P 500’s down weeks over the year to Oct 9, 2026, ZVOL fell 66% as much as the index.

## Key facts

- ZVOL, correlation with the S&P 500: +0.65, as of Oct 9, 2026.
- ZVOL, beta to the S&P 500: +0.85, as of Oct 9, 2026.
- ZVOL, down-week capture: 65.5%, as of Oct 9, 2026.
- ZVOL, against T-bills, 52 weeks: +24.6 pts, as of Oct 9, 2026.
- ZVOL, net assets: $20m (issuer page, as of Oct 8, 2026).
- ZVOL, expense ratio: 1.42% (485BPOS XBRL, Jun 26, 2026).

## ZVOL over each window to Oct 9, 2026

| Window | The fund | S&P 500 | Difference, percentage points |
| --- | --- | --- | --- |
| 3 months | +12.2% | +3.4% | +8.8 pts |
| 6 months | +25.9% | +15.2% | +10.8 pts |
| 1 year | +24.9% | +17.3% | +7.7 pts |
| 3 years | +32.6% | +85.8% | −53.1 pts |
| Since launch | +75.9% | +96.4% | −20.5 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Issuer | Volatility Shares | ETFIQ |
| Strategy | Volatility | ETFIQ, from its prospectus |
| Expense ratio | 1.42% | 485BPOS XBRL, Jun 26, 2026 |
| Net assets | $20m | issuer page, as of Oct 8, 2026 |
| Structure | fund registered under the 1940 Act | ETFIQ |
| Index its own filing names | none: it is actively managed | ETFIQ |
| Volatility group | Volatility income | ETFIQ |
| 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 | ETFIQ |
| 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 | ETFIQ |
| 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 | ETFIQ |
| 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 | ETFIQ |
| 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 | ETFIQ |
| 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 | ETFIQ |
| Front two VIX futures on Oct 8, 2026 | 17.62 and 18.01, a contango of 2.2% | ETFIQ |
| ZVOL paid out against its return, 3 months | 17.4% of its starting price paid out; price −6.6%, total return +12.2%, Jul 10, 2026 to Oct 9, 2026 | ETFIQ |
| ZVOL paid out against its return, 6 months | 32.9% of its starting price paid out; price −11.9%, total return +25.9%, Apr 10, 2026 to Oct 9, 2026 | ETFIQ |
| ZVOL paid out against its return, 1 year | 49.3% of its starting price paid out; price −34.0%, total return +24.9%, Oct 9, 2025 to Oct 9, 2026 | ETFIQ |
| VIX spike, Jul 8, 2024 to Aug 5, 2024 | VIX 12.37 to 38.57; ZVOL −26.0% | ETFIQ |
| VIX spike, Mar 25, 2025 to Apr 8, 2025 | VIX 17.15 to 52.33; ZVOL −21.6% | ETFIQ |
| VIX spike, Feb 27, 2026 to Mar 27, 2026 | VIX 19.86 to 31.05; ZVOL −11.4% | ETFIQ |
| Weeks measured | 52, from Oct 10, 2025 to Oct 9, 2026 | ETFIQ |
| Weeks the S&P 500 fell | 21 | ETFIQ |
| The S&P 500 in those weeks, on average | −1.18% | ETFIQ |
| ZVOL in those weeks, on average | −0.77% | ETFIQ |
| ZVOL total return over those weeks | +28.3% | ETFIQ |
| T-bills | +3.7% | ETFIQ |
| First traded | Apr 19, 2023 | ETFIQ |
| Days traded | 90 | ETFIQ |
| Quoted | on an exchange, every trading day | ETFIQ |

## Questions

### 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%.


## Cite this page

ETFIQ, ZVOL, alternatives ETFs, data as of 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 https://etfiq.com/data/.

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