- Issuer
- GraniteShares
- Inception Date
- Aug 21, 2023
- Category
- Inverse Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Assets Under Management
- $48M
Share Price Chart
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Performance
NVD Performance Chart
GraniteShares 2x Short NVDA Daily ETF (NVD) is down 32.6% since the beginning of the year. NVD is currently trading at $5 per share.
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Returns By Period
GraniteShares 2x Short NVDA Daily ETF (NVD) has returned -32.59% so far this year and -64.74% over the past 12 months.
GraniteShares 2x Short NVDA Daily ETF
- 1D
- 1.47%
- 1M
- 2.34%
- YTD
- -32.59%
- 6M
- -34.75%
- 1Y
- -64.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
NVD Monthly Returns History
Based on dividend-adjusted daily data since Aug 22, 2023, NVD's average daily return is -0.46%, while the average monthly return is -10.49%.
Historically, 29% of months were positive and 71% were negative. The best month was Nov 2025 with a return of +26.2%, while the worst month was Feb 2024 at -47.7%. The longest winning streak lasted 2 consecutive months, and the longest losing streak was 7 months.
On a daily basis, NVD closed higher 44% of trading days. The best single day was Jan 27, 2025 with a return of +33.7%, while the worst single day was Apr 9, 2025 at -36.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -5.87% | 11.89% | 0.27% | -25.43% | -12.97% | -1.63% | -32.59% | ||||||
| 2025 | 7.62% | -12.24% | 21.95% | -19.30% | -37.27% | -27.85% | -22.07% | 3.25% | -14.45% | -17.47% | 26.18% | -11.33% | -73.27% |
| 2024 | -30.41% | -47.70% | -26.98% | 1.38% | -42.50% | -25.08% | -0.45% | -13.64% | -9.47% | -18.60% | -10.26% | 4.70% | -93.09% |
| 2023 | -11.64% | 20.10% | 7.72% | -18.94% | -8.58% | -15.28% |
Benchmark Metrics
GraniteShares 2x Short NVDA Daily ETF has an annualized alpha of -29.91%, beta of -4.09, and R2 of 0.45 versus S&P 500 Index. Calculated based on daily prices since August 22, 2023.
- This ETF participated in 20.98% of S&P 500 Index downside but only -165.20% of its upside - more exposed to losses than it benefited from rallies.
- Beta of -4.09 may look defensive, but with R2 of 0.45 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.45 means the benchmark explains less than half of this ETF's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- -29.91%
- Beta
- -4.09
- R²
- 0.45
- Upside Capture
- -165.20%
- Downside Capture
- 20.98%
Expense Ratio
NVD has a high expense ratio of 1.50%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
NVD ranks 1 for risk / return — in the bottom 1% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for GraniteShares 2x Short NVDA Daily ETF (NVD) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| NVD | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.95 | ||
| Sortino ratioReturn per unit of downside risk | -4.26 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.37 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 2.78 | -3.70 |
| Martin ratioReturn relative to average drawdown | -1.38 | 12.44 | -13.82 |
Dividends
Dividend History
GraniteShares 2x Short NVDA Daily ETF provided a 17.54% dividend yield over the last twelve months, with an annual payout of $0.85 per share.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $0.85 | $0.85 | $2.61 | $75.13 |
Dividend yield | 17.54% | 11.83% | 8.68% | 15.78% |
Monthly Dividends
The table displays the monthly dividend distributions for GraniteShares 2x Short NVDA Daily ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.85 | $0.85 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.61 | $2.61 |
| 2023 | $75.13 | $75.13 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the GraniteShares 2x Short NVDA Daily ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the GraniteShares 2x Short NVDA Daily ETF was 99.26%, occurring on May 14, 2026. The portfolio has not yet recovered.
The current GraniteShares 2x Short NVDA Daily ETF drawdown is 99.09%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -99.26%May 2026 | 2y 6mo | — | 2y 8moOct 2023 - now |
2023 correction2023 | -18.47%Oct 2023 | 19d | 15d | 1mo 4dSep 2023 - Oct 2023 |
2023 correction2023 | -11.64%Aug 2023 | 8d | 11d | 19dAug 2023 - Sep 2023 |
2023 pullback2023 | -2.83%Sep 2023 | 0s | 2d | 2dSep 2023 - Sep 2023 |
2023 pullback2023 | -0.26%Sep 2023 | 0s | 1d | 1dSep 2023 - Sep 2023 |
Drawdown Indicators
| NVD | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.26% | -56.78% | -42.48% |
Max Drawdown (1Y)Largest decline over 1 year | -70.96% | -9.10% | -61.86% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -99.09% | -1.80% | -97.29% |
Average DrawdownAverage peak-to-trough decline | -81.83% | -10.71% | -71.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.12% | 2.03% | +45.09% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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