At a glance
SVIX charges 1.35% a year. It has $200.3M in assets. Over the past year it returned +30.3% with distributions reinvested (S&P 500: +11.5%); over three years it returned +6.3% a year.
The short version
The -1x Short VIX Futures ETF (SVIX), from Volatility Shares, aims to deliver the opposite of one day's move in the Short VIX Futures Index, which is built from VIX futures. It is a commodity pool that resets its exposure daily. It tends to gain when stock-market fear stays calm and can lose heavily when fear spikes. It charges 1.35% a year, and investors receive a Schedule K-1 at tax time.
Price history
The interactive chart needs JavaScript.
SVIX +30.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SVIX price data to Oct 27, 2026 | +12.8% | +30.3% | +6.3% | — | — | +15.7% |
- Over the year to Oct 27, 2026, SVIX returned +30.3%.
- Its worst full calendar year was 2024 (-32.8%); its best was 2023 (+157.4%).
- The deepest fall in its price history was 79.3% (Jul 12, 2024 to Apr 10, 2025), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.8% |
| 2025 | -4.5% |
| 2024 | -32.8% |
| 2023 | +157.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $200.3M as of Jun 30, 2026 (per its 10-Q). As a commodity pool it files 10-Q and 10-K reports instead of N-PORT holdings reports, so there is no holdings list.
How it works
SVIX tracks the Short VIX Futures Index (ticker SHORTVOL). The index measures the daily inverse, or opposite, performance of first- and second-month futures contracts on the Cboe Volatility Index, known as the VIX. The VIX measures how much movement traders expect in US stocks. A futures contract is an agreement to buy or sell at a set price on a future date. The index rolls its contracts every day to keep a steady time to maturity. Its daily value comes from the average futures price between 3:45 and 4:00 p.m. Eastern time.
In normal markets the fund holds short positions in those two VIX futures contracts. Cash, US Treasury securities or money market fund shares back them as collateral. The sponsor uses a mathematical approach, not judgments about the market. If exchange position limits or a market disruption get in the way, the fund may use options or swaps instead.
The key mechanic is the daily reset. SVIX seeks -1x the index for a single day only, measured from one 4:00 p.m. net asset value calculation to the next. Over longer periods, compounding can pull results far from -1x the index. The fund is also not designed to track the inverse of the VIX itself. It is a commodity pool, not a 1940 Act investment company, and it is taxed as a partnership.
What it really costs
- SVIX charges 1.35% a year.
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -1× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- A commodity pool: it holds futures contracts (and the cash and Treasury bills backing them), not the commodity itself, and it is not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099 and owe tax on their share of its gains each year, even without selling. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Besides the sponsor's fee, it pays brokerage commissions and other costs.
In a retirement portfolio
It resets its inverse VIX futures exposure daily, swings far more than stocks and lost 79.3% in its deepest drop.
SVIX launched on March 28, 2022, so it has no record in the 2008 or 2020 crashes, and it missed the start of the 2022 bear market. Since then its results have been lopsided. It gained 157.4% in 2023, then lost 32.8% in 2024, its worst calendar year, and fell 4.5% in 2025. Its deepest drop was 79.3%, from July 12, 2024 to April 10, 2025, and it had not regained that peak as of October 27, 2026. Its one-year beta of 3.45 means it tended to move more than three times as much as the broad stock market. Anyone forced to sell in a bad year could lock in deep losses. It pays no distributions and charges 1.35% a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders who want a short-term bet that stock-market volatility will stay calm or fall, and who check their positions daily.
- Investors who can stomach swings like a 157.4% gain in 2023 followed by a 32.8% loss in 2024.
- Traders already comfortable with Schedule K-1 tax forms and futures-based commodity pools, who accept a 1.35% annual fee for short holding periods.
Look elsewhere if
- Buy-and-hold retirement savers: the daily reset and a 79.3% drop not recovered as of October 27, 2026, make long holding periods risky.
- Anyone seeking income, since the fund has recorded no distributions and returns come only from price changes.
- Investors wanting protection in stock sell-offs; its one-year beta of 3.45 means it tended to move more than the market, not against it.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is SVIX good for long-term investing?
SVIX is not designed for long-term holding. Its sponsor says it seeks -1x the Short VIX Futures Index for a single day only. Because of the daily reset, results over longer periods can differ sharply from that. Its history shows the risk: after gaining 157.4% in 2023, it fell 79.3% from July 12, 2024 to April 10, 2025. It had not regained that peak as of October 27, 2026.
Does SVIX pay dividends?
No. SVIX has recorded no distributions, so it provides no income. Any return comes only from changes in its share price. Because it is taxed as a partnership, holders get a Schedule K-1 instead of a 1099. They may owe tax each year on their share of the fund's gains, even if they never sell and receive no cash.
Does SVIX track the inverse of the VIX?
No. SVIX tracks the daily inverse performance of first- and second-month VIX futures, not the VIX index itself. The sponsor warns that SVIX can be expected to perform very differently from -1x the VIX over any period. VIX futures reflect where traders expect the VIX to be in coming weeks. Rolling those contracts every day can add to or take away from returns.
What's the difference between SVIX and UVIX?
They are sibling funds from Volatility Shares that bet in opposite directions. SVIX seeks -1x the daily move of the Short VIX Futures Index, so it tends to gain when volatility falls. UVIX seeks twice the daily move of the Long VIX Futures Index, so it aims to gain when volatility rises. Both use first- and second-month VIX futures, reset daily and are commodity pools within the VS Trust.
What is SVIX's expense ratio?
SVIX charges a sponsor fee of 1.35% a year, according to its annual report filed March 31, 2026. That is far more than a typical stock index fund charges. The fund also pays brokerage commissions and other costs on top of the fee. Rolling futures contracts can add to or subtract from returns as well. The fund held about $200.3 million in net assets as of June 30, 2026.