ZVOL (ZVOL) Performance
ZVOL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +14.7% since Dec 31, 2025
- 1 year
- +21.2% total return
- 3 years
- +11.9% a year
- Since first price
- +16.3% a year since 2023
ZVOL trailing returns vs SPY, QQQ, AGG
| Period | ZVOL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −2.5% | −8.7% | −1.0% | −5.0% | +0.9% |
| 3 months | +10.7% | −8.4% | +3.2% | +1.9% | −0.4% |
| 6 months | +20.6% | −16.6% | +7.8% | +8.4% | −1.5% |
| YTD | +14.7% | −35.3% | +12.3% | +15.1% | −1.0% |
| 1 year | +21.2% | −40.1% | +14.4% | +15.9% | −1.1% |
| 3 years | +40.2%+11.9%/yr | −61.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionApr 19, 2023 | +69.8%+16.3%/yr | −52.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: ZVOL vs SPY
From Apr 19, 2023: ZVOL grew to $16,977, SPY to $19,166.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
ZVOL returns by calendar year
1 of 2 full years positive. Best 2024 (+9.3%), worst 2025 (−10.7%). 2026 is year to date.
ZVOL annual returns table
| Year | ZVOL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +14.7% | −16.5% | +12.3% | +15.1% | −1.0% |
| 2025 | −10.7% | −31.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +9.3% | −27.3% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
ZVOL largest drawdowns
Now 8.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 10, 2024 | −37.2% | Apr 21, 2025 | not yet | 9 months | 2.3 years so far |
| Sep 14, 2023 | −18.0% | Oct 27, 2023 | Nov 16, 2023 | 43 days | 2 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
ZVOL risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | +9.5% | +18.8% |
| Volatility (annualized) | 22.2% | 24.1% |
| Sharpe ratio | 0.32 | 0.65 |
| Sortino ratio | 0.51 | 1.19 |
| Best month | +17.7% | +22.1% |
| Worst month | −15.8% | −15.8% |
| Best 12 months | +23.9% | +76.0% |
| Worst 12 months | −27.9% | −27.9% |
| Positive months | 50% | 54% |
| Beta vs S&P 500 | 1.14 | — |
| Correlation with S&P 500 | 0.64 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
ZVOL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 31 | −27.9% | +9.3% | +76.0% | 55% |
| 3-year (a year) | 7 | +5.0% | +9.5% | +13.4% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
ZVOL performance overview
ZVOL (ZVOL) returned +21.2% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +16.3% a year, turning $10,000 into about $16,977. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −37.2%, from Jul 10, 2024 to Apr 21, 2025; the fund has not yet regained that high. Volatility has been 24.1% a year.
Related: ZVOL chart, ZVOL dividends. See the ZVOL overview for the latest quote and fund facts.
ZVOL performance FAQ
What is the ZVOL return over the past year?
ZVOL returned +21.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 40.1%.
How much would $10,000 invested in ZVOL be worth?
$10,000 invested in ZVOL at its first recorded close on April 19, 2023 would be worth about $16,977 on October 23, 2026 with distributions reinvested.
What was the worst year for ZVOL?
The worst calendar year was 2025, with a total return of −10.7%. The best was 2024 at +9.3%.
What is the biggest drawdown of ZVOL?
The largest peak-to-trough decline was −37.2% between July 10, 2024 and April 21, 2025. It has not yet recovered to that high; it is 8.6% below its peak.
How volatile is ZVOL?
Over the past 3 years ZVOL had an annualized volatility of 22.2% and a Sharpe ratio of 0.32 (excess return over 1–3 month T-bills per unit of risk).