SOL vs V: Returns, Risk & Volatility (2026)

Q: Which is a better investment: SOL or V?

Over the past year, it depends: V led on total return (V -11.5% vs SOL -36.3%), but SOL had the higher Sharpe ratio (SOL -0.14 vs V -0.56). On risk, V was less volatile (V 24.2% vs SOL 84.7%), V had a smaller max drawdown (V -17.6% vs SOL -68.6%), and V had less severe losses on the worst 5% of days (Expected Shortfall of V -3.83% vs SOL -9.91%).

Written by Gale Finance Team

Reviewed by Sid Kalla CFA Charterholder

Quick answer

Which is a better investment: SOL or V?

Over the past year, results are mixed (-36.3% vs -11.5%).

Total Return

SOL -36.3%

V WIN -11.5%

Sharpe Ratio

SOL WIN -0.14

V -0.56

Annualized Volatility

SOL 84.7%

V WIN 24.2%

Max Drawdown

SOL -68.6%

V WIN -17.6%

Analysis period: 2025-02-27 to 2026-02-25

SOL Total Return

↓ -36.3%

V Total Return

↓ -11.5%

Relative Performance of SOL vs V (Normalized to 100)

SOL V

Normalized to 100 at start date for comparison

Key Takeaways

Total Return: SOL delivered a -36.3% total return, while V returned -11.5% over the same period. V outperformed on total returns.
Risk-Adjusted Return (Sharpe Ratio): Both Sharpe ratios were negative (SOL -0.14 vs V -0.56), meaning both underperformed the risk-free rate; SOL was less negative.
Volatility (Annualized): SOL was more volatile, with 84.7% annualized volatility, versus 24.2% for V.
Maximum Drawdown: V's maximum drawdown was -17.6%, while SOL experienced a deeper drawdown of -68.6%.
Tail Risk (VaR & Expected Shortfall): At the 5% level (daily log returns), SOL's VaR was -6.57% and its Expected Shortfall (CVaR) was -9.91%; V's were -2.38% and -3.83%. VaR is the cutoff; Expected Shortfall is the average move on the worst days.
Skew & Kurtosis: Skew: SOL -0.05 vs V -0.36. Excess kurtosis: SOL 3.37 vs V 6.11. Negative skew leans downside; higher excess kurtosis means fatter tails.
Tail Days & Extremes: 2σ tail days (down/up): SOL 8/11, V 6/4. Worst day: SOL -20.01% (2025-03-03) vs V -7.74% (2025-04-04). Best day: SOL +24.25% (2025-03-02) vs V +7.84% (2025-04-09).
Risk ratios: Sortino - SOL: -0.20 vs. V: -0.75 , Calmar - SOL: -0.51 vs. V: -0.66 , Sterling - SOL: -0.98 vs. V: -0.97 , Treynor - SOL: -0.09 vs. V: -0.17 , Ulcer Index - SOL: 32.19% vs. V: 8.22%

Solana vs Visa Correlation

0.16 Average Correlation

Solana and Visa are weakly correlated over the past year. With a correlation of 0.16, these assets show meaningful independence, offering diversification benefits when held together.

For portfolio construction, this weak correlation suggests that combining SOL and V could reduce overall portfolio variance. However, correlations can increase during market stress.

Metric	Value
Current (30-day)	-0.02
Average (full period)	0.16
Minimum	-0.24
Maximum	0.53

Correlation measures how closely two assets move together. Values near +1 indicate strong co-movement, near 0 indicates independence, and negative values indicate inverse movement.

Investment Comparison

If you invested $10,000 in each asset on February 27, 2025:

SOL $6,369.26 -36.3%

V $8,845.75 -11.5%

Difference: $2,476.49 (V ahead)

Trade SOL or V

Access these assets on trusted platforms.

Binance

SOLTrade on Binance

Affiliate disclosure

Solana and Visa: Risk Analysis

Solana experienced its maximum drawdown of -68.6% from 2025-09-18 to 2026-02-11. It has not yet recovered to its previous peak.

Visa experienced its maximum drawdown of -17.6% from 2025-06-11 to 2026-02-23. It has not yet recovered to its previous peak.

Smaller drawdowns and faster recoveries indicate lower downside risk and greater resilience during market stress.

Sharpe Ratio of SOL and V

SOL Sharpe Ratio

↓ -0.14

V Sharpe Ratio

↓ -0.56

Sharpe ratio measures return per unit of risk (volatility). A higher Sharpe indicates better risk-adjusted performance. Both Sharpe ratios were negative (SOL -0.14 vs V -0.56), meaning both underperformed the risk-free rate; SOL was less negative.

A Sharpe above 1.0 is generally considered good, above 2.0 is excellent. Negative Sharpe means the asset underperformed the risk-free rate. Calculated on each asset's full 365-day lookback of available prices and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Sortino Ratio of SOL and V

SOL Sortino Ratio

↓ -0.20

V Sortino Ratio

↓ -0.75

Sortino ratio measures return per unit of downside risk. Unlike Sharpe, it only counts downside deviation (returns below the target return). SOL had better downside-adjusted returns.

A higher Sortino is better. It's useful when upside volatility is common (crypto is the obvious example). Downside deviation: SOL 58.2% vs V 18.2%. Calculated on each asset's full 365-day lookback of available prices, using the daily risk-free rate as the target return, and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Calmar Ratio of SOL and V

SOL Calmar Ratio

↓ -0.51

V Calmar Ratio

↓ -0.66

Calmar ratio compares CAGR to maximum drawdown. Higher Calmar means more return per unit of worst drawdown. SOL posted the higher Calmar ratio.

Calmar is computed on each asset's full 365-day lookback and uses the max drawdown over that same window.

Sterling Ratio of SOL and V

SOL Sterling Ratio

↓ -0.98

V Sterling Ratio

↓ -0.97

Sterling ratio measures excess return per unit of average drawdown (typically drawdowns worse than 10%). V posted the higher Sterling ratio.

Sterling uses average drawdown events deeper than 10% and subtracts the risk-free rate to report excess return.

Treynor Ratio of SOL and V

SOL Treynor Ratio

↓ -0.09

V Treynor Ratio

↓ -0.17

Treynor ratio measures excess return per unit of market risk (beta) instead of total volatility. SOL posted the higher Treynor ratio.

Treynor uses beta vs the S&P 500 (SPY) on shared dates and the average 3-month Treasury rate as the risk-free rate.

Ulcer Index of SOL and V

SOL Ulcer Index

32.19%

V Ulcer Index

8.22%

Ulcer Index captures drawdown depth and duration. Lower Ulcer Index means less drawdown pain. V had the lower Ulcer Index (less drawdown pain).

Ulcer Index is computed from each asset's drawdown series over the full lookback window.

Tail Risk & Distribution Shape (1-Year): Solana vs. Visa

This section looks at the shape of daily returns, not just the average. Tail stats are computed per asset on its own daily series (crypto includes weekends). We use daily log returns $\ln\left(\frac{P_t}{P_{t-1}}\right)$ so multi-day moves add cleanly.

Definitions: Value at Risk (VaR), Expected Shortfall, skew, kurtosis, and fat tails.

Metric (1-Year)	SOL	V
5% VaR (daily log return)	-6.57%	-2.38%
5% Expected Shortfall (CVaR)	-9.91% (worst 19 days)	-3.83% (worst 13 days)
Skew	-0.05	-0.36
Excess kurtosis	3.37	6.11
2σ tail days (down / up)	8 / 11	6 / 4
Worst day	-20.01% (2025-03-03)	-7.74% (2025-04-04)
Best day	+24.25% (2025-03-02)	+7.84% (2025-04-09)

Downside co-moves (2σ) — 1-Year

Computed on shared dates only (n=249). A “2σ downside move” means a shared-close log return more than 2 standard deviations below that asset’s own mean on this shared-date series. Dates below show simple returns (%) for readability.

When V has a big down day, SOL also does

0.0%

0 / 6 days

When SOL has a big down day, V also does

0.0%

0 / 7 days

Show downside tail dates

Dates below are shared-date observations. The “Date” is the period end (close). Tail thresholds are computed on log returns, but the table shows simple returns (%) for readability. Returns are computed from the previous shared close to this one (for example, Friday → Monday includes weekend moves).

Days when both SOL and V had a big down day (2σ)

None in this window.

Days when SOL had a big down day

Date (interval)	SOL	V
2025-03-07 → 2025-03-10	-14.65%	-1.11%
2025-04-04 → 2025-04-07	-12.97%	-0.26%
2025-10-10	-14.00%	-0.98%
2025-10-31 → 2025-11-03	-11.39%	-1.13%
2026-01-16 → 2026-01-20	-9.82%	-0.76%
2026-01-30	-11.27%	-3.00%
2026-02-04	-12.17%	+0.31%

Days when V had a big down day

Date (interval)	SOL	V
2025-04-04	+4.71%	-7.74%
2025-06-13	-2.71%	-4.99%
2025-06-18	-1.16%	-4.88%
2026-01-13	+4.30%	-4.46%
2026-02-13	+4.77%	-3.12%
2026-02-20 → 2026-02-23	-7.57%	-4.50%

Read this as “how ugly the ugly days get”, not as a precise forecast. One-year samples are small, so tail estimates are inherently noisy.

Solana vs Visa Volatility (SOL vs V)

SOL Volatility

84.7%

±4.43% daily

V Volatility

24.2%

±1.53% daily

Typical daily swing

SOL

±4.43%

±1.53%

Solana's annualized volatility of 84.7% means it typically moves ±4.43% on any given day.

Visa's annualized volatility of 24.2% means it typically moves ±1.53% on any given day.

SOL's higher volatility means a wider path to returns — this can be attractive for tactical, shorter-term exposure, while V's smoother profile may better suit long-term allocators seeking steadier growth.

For comparison, the S&P 500 typically has 15-18% annualized volatility, translating to roughly ±1% daily moves. Higher volatility means larger potential gains but also larger potential losses.

Solana vs Visa Performance Over Time

Metric	SOL	V
30 Days	-31.2%	-4.7%
90 Days	-37.8%	-6.2%
180 Days	-57.3%	-10.9%
1 Year	-34.9%	-11.5%

Shorter time frames can show different leaders as market conditions change. Consider your investment horizon when comparing performance.

Full Comparison of Solana vs. Visa (1-Year)

Metric	SOL	V
Total Return	-36.3%	-11.5%
Annualized Volatility	84.7%	24.2%
Sharpe Ratio	-0.14	-0.56
Sortino Ratio	-0.20	-0.75
Calmar Ratio	-0.51	-0.66
Sterling Ratio	-0.98	-0.97
Treynor Ratio	-0.09	-0.17
Ulcer Index	32.19%	8.22%
Max Drawdown	-68.6%	-17.6%
Avg Correlation to S&P 500	0.45	0.48
5% VaR (daily log return)	-6.57%	-2.38%
5% Expected Shortfall (CVaR)	-9.91%	-3.83%
Skew	-0.05	-0.36
Excess kurtosis	3.37	6.11
2σ tail days (down / up)	8 / 11	6 / 4

Audit this calculation

Formulas, inputs, and conventions used to compute the metrics on this page.

Inputs & conventions

Shared window for pair metrics: 2025-02-27 → 2026-02-25 (last shared close).
Rolling correlation sample (shared closes): 220 rolling 30-day values (from 249 shared daily returns).
Annualization (days/year): SOL: 365 days/year; V: 252 days/year.
Risk-free rate: Uses the 3-month U.S. Treasury yield (FRED: DGS3MO), averaged over each asset’s window:

SOL: 4.20% over 2025-02-26 → 2026-02-25.

V: 4.20% over 2025-02-27 → 2026-02-25.
Volatility drag (rule of thumb): Estimated from annualized volatility (simple returns). For the log-return framing, see Log returns.

SOL: ≈ -35.9%/yr

V: ≈ -2.9%/yr
Data alignment: No forward fill. Correlation and tail co-moves are computed on shared closes only.
For cross-calendar pairs (e.g., crypto vs stocks), weekend/holiday moves roll into the next shared close.
Return conventions: Volatility/Sharpe/Sortino use simple daily returns. Tail-risk uses daily log returns for distribution stats (but tables show simple returns). Log returns.

Formulas

Daily simple return

r_t = \frac{P_t}{P_{t-1}} - 1

Volatility

\sigma_{ann} = \sigma(r_t)\sqrt{A}

Volatility drag (approx.)

\text{drag} \approx \tfrac{1}{2}\sigma_{ann}^2

Sharpe Ratio

S = \frac{A\,\bar{r} - r_f}{\sigma(r_t)\sqrt{A}}

Sortino Ratio

So = \frac{A\,\bar{r} - r_f}{\sqrt{\mathbb{E}[\min(0,\,r_t - r_f/A)^2]}\,\sqrt{A}}

Maximum Drawdown

MDD = \min_t\left(\frac{P_t}{\max_{s \le t} P_s} - 1\right)

Average Correlation

\rho = \frac{\operatorname{cov}(r^A,\,r^B)}{\sigma_A\,\sigma_B}

Log returns

\ell_t = \ln\left(\frac{P_t}{P_{t-1}}\right)

Notation

$P_t$: Price on day t.
$r_t$: Simple daily return.
$\ell_t$: Log daily return.
$\bar{r}$: Average daily return.
$\sigma(r_t)$: Standard deviation of daily returns.
$A$: Annualization factor (days/year).
$r_f$: Annual risk-free rate.

Solana vs Visa: Frequently Asked Questions

Which has higher volatility: SOL or V?

SOL showed higher volatility at 84.7% annualized, compared to 24.2% for V Over the past year. Higher volatility means larger price swings in both directions.

Does SOL provide diversification when held with V?

SOL and V are weakly correlated over the past year, with an average correlation of 0.16. This weak correlation suggests meaningful diversification benefits when held together.

How bad are the worst 5% days for SOL vs V?

Over the past year, SOL's 5% VaR was -6.57% and its 5% Expected Shortfall was -9.91% (worst 19 days). V's were -2.38% and -3.83% (worst 13 days).

Do SOL and V crash together on bad days?

On shared dates (n=249), when V has a 2σ down day, SOL also does 0.0% (0/6 days). In the other direction, when SOL has one, V also does 0.0% (0/7 days).

Which has better risk-adjusted returns: SOL or V?

Both assets posted negative Sharpe ratios Over the past year (SOL -0.14 vs V -0.56), meaning both underperformed the risk-free rate; SOL was less negative.

Can SOL and V be combined in a portfolio?

Yes, though allocation sizing matters. Their weak correlation could meaningfully reduce overall portfolio variance. SOL's higher volatility (84.7%) means even small allocations can materially impact overall portfolio risk.