DIPS vs. NVDG

Last updated Jun 4, 2026

DIPS (YieldMax Short NVDA Option Income Strategy ETF) and NVDG (Leverage Shares 2X Long NVDA Daily ETF) are both exchange-traded funds - DIPS is a Derivative Income fund actively managed by YieldMax, while NVDG is a Leveraged Equities fund actively managed by Leverage Shares. Both are actively managed. Over the past year, DIPS returned -26.57% vs 83.14% for NVDG. At a correlation of -0.96, they often move in opposite directions. DIPS charges 0.99%/yr vs 0.75%/yr for NVDG.

Performance

DIPS vs. NVDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Short NVDA Option Income Strategy ETF (DIPS) and Leverage Shares 2X Long NVDA Daily ETF (NVDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIPS achieves a -8.73% return, which is significantly lower than NVDG's 18.93% return.

DIPS

• 1D: 2.87%
• 1M: -6.32%
• YTD: -8.73%
• 6M: -11.40%
• 1Y: -26.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDG

• 1D: -7.35%
• 1M: 14.07%
• YTD: 18.93%
• 6M: 26.05%
• 1Y: 83.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DIPS vs. NVDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DIPS YieldMax Short NVDA Option Income Strategy ETF	-8.73%	-31.46%	-2.26%
NVDG Leverage Shares 2X Long NVDA Daily ETF	18.93%	32.45%	-0.75%

Correlation

The correlation between DIPS and NVDG is -0.96, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.96
Correlation (All Time) Calculated using the full available price history since Dec 16, 2024	-0.96

The correlation between DIPS and NVDG has been stable across timeframes, ranging from -0.96 to -0.96 - a consistent structural relationship.

Return for Risk

DIPS vs. NVDG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DIPS

DIPS Risk / Return Rank: 2
DIPS Sharpe Ratio Rank: 2
DIPS Sortino Ratio Rank: 2
DIPS Omega Ratio Rank: 2
DIPS Calmar Ratio Rank: 2
DIPS Martin Ratio Rank: 2

NVDG

NVDG Risk / Return Rank: 34
NVDG Sharpe Ratio Rank: 34
NVDG Sortino Ratio Rank: 35
NVDG Omega Ratio Rank: 33
NVDG Calmar Ratio Rank: 39
NVDG Martin Ratio Rank: 30

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DIPS vs. NVDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short NVDA Option Income Strategy ETF (DIPS) and Leverage Shares 2X Long NVDA Daily ETF (NVDG). 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.

	DIPS	NVDG	Difference
Sharpe ratio: Return per unit of total volatility	-0.96	1.24	-2.19
Sortino ratio: Return per unit of downside risk	-1.28	1.87	-3.15
Omega ratio: Gain probability vs. loss probability	0.85	1.22	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.78	1.96	-2.74
Martin ratio: Return relative to average drawdown	-1.36	4.44	-5.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DIPS vs. NVDG - Sharpe Ratio Comparison

The current DIPS Sharpe Ratio is -0.96, which is lower than the NVDG Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of DIPS and NVDG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DIPS	NVDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.96	1.24	-2.19
Sharpe Ratio (All Time) Calculated using the full available price history	-0.86	0.40	-1.26

Drawdowns

DIPS vs. NVDG - Drawdown Comparison

The maximum DIPS drawdown since its inception was -59.93%, smaller than the maximum NVDG drawdown of -66.19%. Use the drawdown chart below to compare losses from any high point for DIPS and NVDG.

Drawdown Indicators

	DIPS	NVDG	Difference
Max Drawdown Largest peak-to-trough decline	-59.93%	-66.19%	+6.26%
Max Drawdown (1Y) Largest decline over 1 year	-33.97%	-42.72%	+8.75%
Current Drawdown Current decline from peak	-55.85%	-18.34%	-37.51%
Average Drawdown Average peak-to-trough decline	-38.22%	-23.07%	-15.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.49%	18.77%	+0.72%

Volatility

DIPS vs. NVDG - Volatility Comparison

The current volatility for YieldMax Short NVDA Option Income Strategy ETF (DIPS) is 10.68%, while Leverage Shares 2X Long NVDA Daily ETF (NVDG) has a volatility of 25.14%. This indicates that DIPS experiences smaller price fluctuations and is considered to be less risky than NVDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIPS	NVDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.68%	25.14%	-14.46%
Volatility (6M) Calculated over the trailing 6-month period	20.77%	50.15%	-29.38%
Volatility (1Y) Calculated over the trailing 1-year period	27.88%	67.81%	-39.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.03%	90.72%	-52.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.03%	90.72%	-52.69%

DIPS vs. NVDG - Expense Ratio Comparison

DIPS has a 0.99% expense ratio, which is higher than NVDG's 0.75% expense ratio.

Dividends

DIPS vs. NVDG - Dividend Comparison

DIPS's dividend yield for the trailing twelve months is around 66.49%, more than NVDG's 9.93% yield.

Position	TTM	2025	2024
DIPS YieldMax Short NVDA Option Income Strategy ETF	66.49%	96.20%	24.18%
NVDG Leverage Shares 2X Long NVDA Daily ETF	9.93%	11.81%	0.00%

Frequently Asked Questions

Can I hold both DIPS and NVDG in my portfolio?

DIPS and NVDG have a correlation of -0.96, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIPS or NVDG?

NVDG has higher volatility (25.14%) compared to DIPS (10.68%). In terms of maximum drawdown, DIPS dropped -59.93% vs NVDG's -66.19%.

Which ETF is better, DIPS or NVDG?

On 1-year performance, NVDG leads with 83.14% vs -26.57% for DIPS. On fees, NVDG is cheaper at 0.75% per year. On volatility, DIPS has been the lower-risk option at 10.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIPS or NVDG?

Over the 1-year period, NVDG has performed better with a 83.14% return vs -26.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIPS or NVDG?

NVDG is cheaper with a 0.75% expense ratio, compared with 0.99% for DIPS.

Which ETF pays a higher dividend yield, DIPS or NVDG?

DIPS has the higher dividend yield at 66.49%, compared with 9.93% for NVDG.

What is the main difference between DIPS and NVDG?

DIPS is categorized as Derivative Income, while NVDG is Leveraged Equities. They also come from different issuers: YieldMax and Leverage Shares. Their fees differ too: 0.99% for DIPS and 0.75% for NVDG.

Which has better risk-adjusted returns?

NVDG currently has the higher Sharpe Ratio (1.24 vs -0.96), 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.