^TNX vs. NVDA
^TNX (Cboe 10-Year Treasury Note Yield Index) is an index, while NVDA (NVIDIA Corporation) is a stock. Over the past 10 years, ^TNX returned 10.69%/yr vs 68.59%/yr for NVDA. At a 0.15 correlation, their price movements are largely independent.
Performance
^TNX vs. NVDA - Performance Comparison
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Returns By Period
In the year-to-date period, ^TNX achieves a 7.35% return, which is significantly lower than NVDA's 14.05% return. Over the past 10 years, ^TNX has underperformed NVDA with an annualized return of 10.69%, while NVDA has yielded a comparatively higher 68.59% annualized return.
^TNX
- 1D
- -0.40%
- 1M
- -2.74%
- YTD
- 7.35%
- 6M
- 6.86%
- 1Y
- 1.02%
- 3Y*
- 5.84%
- 5Y*
- 23.29%
- 10Y*
- 10.69%
NVDA
- 1D
- 3.54%
- 1M
- -5.60%
- YTD
- 14.05%
- 6M
- 20.66%
- 1Y
- 49.84%
- 3Y*
- 70.84%
- 5Y*
- 64.29%
- 10Y*
- 68.59%
^TNX vs. NVDA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^TNX Cboe 10-Year Treasury Note Yield Index | 7.35% | -8.97% | 18.29% | -0.34% | 156.55% | 64.89% | -52.21% | -28.56% | 11.68% | -1.68% |
NVDA NVIDIA Corporation | 14.05% | 38.92% | 171.25% | 239.02% | -50.26% | 125.48% | 122.30% | 76.94% | -30.82% | 81.99% |
Correlation
The correlation between ^TNX and NVDA is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 1999 | 0.15 |
The correlation between ^TNX and NVDA shifts across timeframes, from -0.01 (5 years) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
^TNX vs. NVDA — Risk / Return Rank
^TNX
NVDA
^TNX vs. NVDA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cboe 10-Year Treasury Note Yield Index (^TNX) and NVIDIA Corporation (NVDA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
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.
| ^TNX | NVDA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.36 | ||
| Sortino ratioReturn per unit of downside risk | -1.80 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.24 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.09 | 2.48 | -2.39 |
| Martin ratioReturn relative to average drawdown | 0.15 | 5.89 | -5.74 |
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Drawdowns
^TNX vs. NVDA - Drawdown Comparison
The maximum ^TNX drawdown since its inception was -96.85%, which is greater than NVDA's maximum drawdown of -89.72%. Use the drawdown chart below to compare losses from any high point for ^TNX and NVDA.
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Drawdown Indicators
| ^TNX | NVDA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.85% | -89.72% | -7.13% |
Max Drawdown (1Y)Largest decline over 1 year | -11.94% | -20.21% | +8.27% |
Max Drawdown (3Y)Largest decline over 3 years | -27.41% | -36.88% | +9.47% |
Max Drawdown (5Y)Largest decline over 5 years | -27.41% | -66.34% | +38.93% |
Max Drawdown (10Y)Largest decline over 10 years | -84.57% | -66.34% | -18.23% |
Current DrawdownCurrent decline from peak | -71.79% | -9.77% | -62.02% |
Average DrawdownAverage peak-to-trough decline | -55.00% | -36.17% | -18.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.59% | 8.48% | -1.89% |
Volatility
^TNX vs. NVDA - Volatility Comparison
The current volatility for Cboe 10-Year Treasury Note Yield Index (^TNX) is 5.03%, while NVIDIA Corporation (NVDA) has a volatility of 12.97%. This indicates that ^TNX experiences smaller price fluctuations and is considered to be less risky than NVDA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ^TNX | NVDA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.03% | 12.97% | -7.94% |
Volatility (6M)Calculated over the trailing 6-month period | 10.72% | 26.83% | -16.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.13% | 35.13% | -20.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.36% | 51.80% | -19.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.98% | 49.87% | -1.89% |
Frequently Asked Questions
^TNX and NVDA have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVDA has higher volatility (12.97%) compared to ^TNX (5.03%). In terms of maximum drawdown, ^TNX dropped -96.85% vs NVDA's -89.72%.
NVDA currently has the higher Sharpe Ratio (1.43 vs 0.07), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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