@HielkeGenerally, the SVXY (being an inverse short term VIX futures ETF) will rise when the overall market is rising. So when SPX goes up, the SVXY typically does as well. That being said, the SVXY does not go up specifically because SPX goes up - but rather because the VIX is typically dropping (or at least remaining flat) while the market is rising. As long as the VIX futures are in contango (short term futures are cheaper than those 2 months out) then the SVXY will rise - rise at a greater pace when VIX is dropping and rise at lesser rate when VIX is flat. There may be some scenarios where the VIX futures will rise (and SVXY drops) when the market is going up - but these are the exceptions and not the general rule.