AVGU vs. NVD

Last updated Aug 4, 2026

AVGU (GraniteShares 2x Long AVGO Daily ETF) and NVD (GraniteShares 2x Short NVDA Daily ETF) are both exchange-traded funds - AVGU is a Leveraged Equities fund actively managed by GraniteShares, while NVD is a Inverse Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, AVGU returned 34.11% vs -48.83% for NVD. Their -0.55 correlation means they have often moved in opposite directions in the past. Both charge a 1.50% expense ratio.

Performance

AVGU vs. NVD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long AVGO Daily ETF (AVGU) and GraniteShares 2x Short NVDA Daily ETF (NVD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVGU achieves a 6.01% return, which is significantly higher than NVD's -34.27% return.

AVGU

• 1D: 1.04%
• 1M: 15.33%
• 6M: 17.74%
• YTD: 6.01%
• 1Y: 34.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 39.51%

NVD

• 1D: -5.81%
• 1M: -14.55%
• 6M: -34.17%
• YTD: -34.27%
• 1Y: -48.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -78.82%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AVGU GraniteShares 2x Long AVGO Daily ETF	$2.09M	$2.95M	$5.92M
NVD GraniteShares 2x Short NVDA Daily ETF	$439.12M	$390.53M	$343.34M

AVGU vs. NVD - Yearly Performance Comparison

	2026 (YTD)	2025
AVGU GraniteShares 2x Long AVGO Daily ETF	6.01%	33.87%
NVD GraniteShares 2x Short NVDA Daily ETF	-34.27%	-31.16%

Correlation

The correlation between AVGU and NVD is -0.55, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.55
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	-0.55

The correlation between AVGU and NVD has been stable across timeframes, ranging from -0.55 to -0.55 - a consistent structural relationship.

Return for Risk

AVGU vs. NVD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AVGU

AVGU Risk / Return Rank: 23
AVGU Sharpe Ratio Rank: 18
AVGU Sortino Ratio Rank: 29
AVGU Omega Ratio Rank: 29
AVGU Calmar Ratio Rank: 21
AVGU Martin Ratio Rank: 19

NVD

NVD Risk / Return Rank: 3
NVD Sharpe Ratio Rank: 4
NVD Sortino Ratio Rank: 4
NVD Omega Ratio Rank: 4
NVD Calmar Ratio Rank: 3
NVD Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AVGU vs. NVD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long AVGO Daily ETF (AVGU) and GraniteShares 2x Short NVDA Daily ETF (NVD). 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.

	AVGU	NVD	Difference
Sharpe ratio: Return per unit of total volatility	0.36	-0.67	+1.03
Sortino ratio: Return per unit of downside risk	1.17	-0.76	+1.92
Omega ratio: Gain probability vs. loss probability	1.15	0.92	+0.23
Calmar ratio: Return relative to maximum drawdown	0.64	-0.82	+1.46
Martin ratio: Return relative to average drawdown	1.19	-1.46	+2.66

AVGU vs. NVD - Sharpe Ratio Comparison

The current AVGU Sharpe Ratio is 0.36, which is higher than the NVD Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of AVGU and NVD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AVGU vs. NVD - Drawdown Comparison

The maximum AVGU drawdown since its inception was -53.30%, smaller than the maximum NVD drawdown of -99.26%. Use the drawdown chart below to compare losses from any high point for AVGU and NVD.

Drawdown Indicators

	AVGU	NVD	Difference
Max Drawdown Largest peak-to-trough decline	-53.30%	-99.26%	+45.96%
Max Drawdown (1Y) Largest decline over 1 year	-53.30%	-59.80%	+6.50%
Current Drawdown Current decline from peak	-39.17%	-99.11%	+59.94%
Average Drawdown Average peak-to-trough decline	-22.90%	-82.51%	+59.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.67%	33.42%	-4.75%

Volatility

AVGU vs. NVD - Volatility Comparison

GraniteShares 2x Long AVGO Daily ETF (AVGU) and GraniteShares 2x Short NVDA Daily ETF (NVD) have volatilities of 24.87% and 24.57%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVGU	NVD	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.87%	24.57%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	70.09%	57.71%	+12.38%
Volatility (1Y) Calculated over the trailing 1-year period	95.06%	73.34%	+21.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	93.37%	92.04%	+1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.37%	92.04%	+1.33%

AVGU vs. NVD - Expense Ratio Comparison

Both AVGU and NVD have an expense ratio of 1.50%.

Dividends

AVGU vs. NVD - Dividend Comparison

AVGU has not paid dividends to shareholders, while NVD's dividend yield for the trailing twelve months is around 17.99%.

Position	TTM	2025	2024	2023
AVGU GraniteShares 2x Long AVGO Daily ETF	0.00%	0.00%	0.00%	0.00%
NVD GraniteShares 2x Short NVDA Daily ETF	17.99%	11.83%	8.68%	15.78%

Frequently Asked Questions

Can I hold both AVGU and NVD in my portfolio?

AVGU and NVD have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVGU or NVD?

AVGU has higher volatility (24.87%) compared to NVD (24.57%). In terms of maximum drawdown, AVGU dropped -53.30% vs NVD's -99.26%.

Which ETF is better, AVGU or NVD?

On 1-year performance, AVGU leads with 34.11% vs -48.83% for NVD. Both ETFs have the same 1.50% expense ratio. On volatility, NVD has been the lower-risk option at 24.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVGU or NVD?

Over the 1-year period, AVGU has performed better with a 34.11% return vs -48.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVGU or NVD?

AVGU and NVD have the same expense ratio: 1.50% per year.

Which ETF pays a higher dividend yield, AVGU or NVD?

NVD has the higher dividend yield at 17.99%, compared with 0.00% for AVGU.

What is the main difference between AVGU and NVD?

AVGU is categorized as Leveraged Equities, while NVD is Inverse Equities.

Which has better risk-adjusted returns?

AVGU currently has the higher Sharpe Ratio (0.36 vs -0.67), 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.