SVXY fell from around \$140 to \$9. It has since bounced back 25% to around \$12.
Vix futures went from the 11-14 range to 35 and now back to 17-18.
SVXY holds a short position in Vix futures with an average weighted maturity of 1 month. Why didn't SVXY recoup much more of its lost value when vol dropped sharply after the "volpocalypse"?
I get that the curve was (and is) in backwardation and so SVXY loses some money from that daily (but that should be a tiny amount).