DIPS vs. NVDX

Last updated Jul 17, 2026

DIPS (YieldMax Short NVDA Option Income Strategy ETF) and NVDX (T-REX 2X Long NVIDIA Daily Target ETF) are both exchange-traded funds - DIPS is a Derivative Income fund actively managed by YieldMax, while NVDX is a Leveraged Equities fund actively managed by REX. Both are actively managed. Over the past year, DIPS returned -10.97% vs 9.93% for NVDX. At a correlation of -0.96, they often move in opposite directions. DIPS charges 0.99%/yr vs 1.05%/yr for NVDX.

Performance

DIPS vs. NVDX - Performance Comparison

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

Returns By Period

In the year-to-date period, DIPS achieves a -6.21% return, which is significantly lower than NVDX's 5.49% return.

DIPS

• 1D: 2.53%
• 1M: 0.13%
• 6M: -7.82%
• YTD: -6.21%
• 1Y: -10.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDX

• 1D: -4.70%
• 1M: -2.17%
• 6M: 5.37%
• YTD: 5.49%
• 1Y: 9.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DIPS vs. NVDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DIPS YieldMax Short NVDA Option Income Strategy ETF	-6.21%	-31.46%	-22.13%
NVDX T-REX 2X Long NVIDIA Daily Target ETF	5.49%	26.24%	-1.10%

Correlation

The correlation between DIPS and NVDX 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 Jul 24, 2024	-0.96

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

Return for Risk

DIPS vs. NVDX — Risk / Return Rank

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

DIPS

DIPS Risk / Return Rank: 6
DIPS Sharpe Ratio Rank: 6
DIPS Sortino Ratio Rank: 6
DIPS Omega Ratio Rank: 6
DIPS Calmar Ratio Rank: 6
DIPS Martin Ratio Rank: 4

NVDX

NVDX Risk / Return Rank: 13
NVDX Sharpe Ratio Rank: 12
NVDX Sortino Ratio Rank: 16
NVDX Omega Ratio Rank: 15
NVDX Calmar Ratio Rank: 12
NVDX Martin Ratio Rank: 12

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. NVDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short NVDA Option Income Strategy ETF (DIPS) and T-REX 2X Long NVIDIA Daily Target ETF (NVDX). 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.

	DIPS	NVDX	Difference
Sharpe ratio: Return per unit of total volatility	-0.38	0.14	-0.52
Sortino ratio: Return per unit of downside risk	-0.35	0.71	-1.07
Omega ratio: Gain probability vs. loss probability	0.96	1.08	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.42	0.23	-0.65
Martin ratio: Return relative to average drawdown	-1.07	0.46	-1.53

DIPS vs. NVDX - Sharpe Ratio Comparison

The current DIPS Sharpe Ratio is -0.38, which is lower than the NVDX Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of DIPS and NVDX, 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

DIPS vs. NVDX - Drawdown Comparison

The maximum DIPS drawdown since its inception was -59.93%, smaller than the maximum NVDX drawdown of -68.19%. Use the drawdown chart below to compare losses from any high point for DIPS and NVDX.

Drawdown Indicators

	DIPS	NVDX	Difference
Max Drawdown Largest peak-to-trough decline	-59.93%	-68.19%	+8.26%
Max Drawdown (1Y) Largest decline over 1 year	-26.20%	-43.76%	+17.56%
Current Drawdown Current decline from peak	-54.63%	-26.53%	-28.10%
Average Drawdown Average peak-to-trough decline	-39.07%	-20.58%	-18.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.28%	21.50%	-11.22%

Volatility

DIPS vs. NVDX - Volatility Comparison

The current volatility for YieldMax Short NVDA Option Income Strategy ETF (DIPS) is 9.18%, while T-REX 2X Long NVIDIA Daily Target ETF (NVDX) has a volatility of 22.11%. This indicates that DIPS experiences smaller price fluctuations and is considered to be less risky than NVDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIPS	NVDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.18%	22.11%	-12.93%
Volatility (6M) Calculated over the trailing 6-month period	22.50%	55.44%	-32.94%
Volatility (1Y) Calculated over the trailing 1-year period	28.86%	71.50%	-42.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.71%	95.04%	-57.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.71%	95.04%	-57.33%

DIPS vs. NVDX - Expense Ratio Comparison

DIPS has a 0.99% expense ratio, which is lower than NVDX's 1.05% expense ratio.

Dividends

DIPS vs. NVDX - Dividend Comparison

DIPS's dividend yield for the trailing twelve months is around 67.74%, more than NVDX's 3.18% yield.

Position	TTM	2025	2024
DIPS YieldMax Short NVDA Option Income Strategy ETF	67.74%	96.20%	24.18%
NVDX T-REX 2X Long NVIDIA Daily Target ETF	3.18%	3.35%	15.48%

Frequently Asked Questions

Can I hold both DIPS and NVDX in my portfolio?

DIPS and NVDX 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 NVDX?

NVDX has higher volatility (22.11%) compared to DIPS (9.18%). In terms of maximum drawdown, DIPS dropped -59.93% vs NVDX's -68.19%.

Which ETF is better, DIPS or NVDX?

On 1-year performance, NVDX leads with 9.93% vs -10.97% for DIPS. On fees, DIPS is cheaper at 0.99% per year. On volatility, DIPS has been the lower-risk option at 9.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIPS or NVDX?

Over the 1-year period, NVDX has performed better with a 9.93% return vs -10.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIPS or NVDX?

DIPS is cheaper with a 0.99% expense ratio, compared with 1.05% for NVDX.

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

DIPS has the higher dividend yield at 67.74%, compared with 3.18% for NVDX.

What is the main difference between DIPS and NVDX?

DIPS is categorized as Derivative Income, while NVDX is Leveraged Equities. They also come from different issuers: YieldMax and REX. Their fees differ too: 0.99% for DIPS and 1.05% for NVDX.

Which has better risk-adjusted returns?

NVDX currently has the higher Sharpe Ratio (0.14 vs -0.38), 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.