ION vs. NVDG

Last updated Jun 23, 2026

ION (Proshares S&P Global Core Battery Metals ETF) and NVDG (Leverage Shares 2X Long NVDA Daily ETF) are both exchange-traded funds - ION is a Lithium & Battery Metals fund tracking the S&P Global Core Battery Metals Index - Benchmark TR Net, while NVDG is a Leveraged Equities fund actively managed by Leverage Shares. ION is passively managed, while NVDG is actively managed. Over the past year, ION returned 111.43% vs 65.95% for NVDG. At a 0.25 correlation, their price movements are largely independent. ION charges 0.58%/yr vs 0.75%/yr for NVDG.

Performance

ION vs. NVDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares S&P Global Core Battery Metals ETF (ION) 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, ION achieves a 8.52% return, which is significantly lower than NVDG's 10.86% return.

ION

• 1D: -0.40%
• 1M: -6.82%
• YTD: 8.52%
• 6M: 8.91%
• 1Y: 111.43%
• 3Y*: 17.02%
• 5Y*: —
• 10Y*: —

NVDG

• 1D: -1.48%
• 1M: -8.07%
• YTD: 10.86%
• 6M: 13.71%
• 1Y: 65.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ION vs. NVDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ION Proshares S&P Global Core Battery Metals ETF	8.52%	108.37%	-8.17%
NVDG Leverage Shares 2X Long NVDA Daily ETF	10.86%	32.45%	-0.52%

Correlation

The correlation between ION and NVDG is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Dec 13, 2024	0.25

Return for Risk

ION vs. NVDG — Risk / Return Rank

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

ION

ION Risk / Return Rank: 80
ION Sharpe Ratio Rank: 89
ION Sortino Ratio Rank: 72
ION Omega Ratio Rank: 71
ION Calmar Ratio Rank: 87
ION Martin Ratio Rank: 78

NVDG

NVDG Risk / Return Rank: 29
NVDG Sharpe Ratio Rank: 27
NVDG Sortino Ratio Rank: 31
NVDG Omega Ratio Rank: 29
NVDG Calmar Ratio Rank: 32
NVDG Martin Ratio Rank: 26

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.

ION vs. NVDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares S&P Global Core Battery Metals ETF (ION) 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.

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.

	ION	NVDG	Difference
Sharpe ratio: Return per unit of total volatility	2.85	0.95	+1.90
Sortino ratio: Return per unit of downside risk	3.13	1.60	+1.52
Omega ratio: Gain probability vs. loss probability	1.40	1.19	+0.21
Calmar ratio: Return relative to maximum drawdown	4.81	1.55	+3.26
Martin ratio: Return relative to average drawdown	14.58	3.39	+11.19

ION vs. NVDG - Sharpe Ratio Comparison

The current ION Sharpe Ratio is 2.85, which is higher than the NVDG Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of ION 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.

Drawdowns

ION vs. NVDG - Drawdown Comparison

The maximum ION drawdown since its inception was -52.08%, smaller than the maximum NVDG drawdown of -66.19%. Use the drawdown chart below to compare losses from any high point for ION and NVDG.

Drawdown Indicators

	ION	NVDG	Difference
Max Drawdown Largest peak-to-trough decline	-52.08%	-66.19%	+14.11%
Max Drawdown (1Y) Largest decline over 1 year	-23.30%	-42.72%	+19.42%
Max Drawdown (3Y) Largest decline over 3 years	-46.47%	—	—
Current Drawdown Current decline from peak	-18.15%	-23.88%	+5.73%
Average Drawdown Average peak-to-trough decline	-23.60%	-23.03%	-0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.67%	19.49%	-11.82%

Volatility

ION vs. NVDG - Volatility Comparison

The current volatility for Proshares S&P Global Core Battery Metals ETF (ION) is 13.14%, while Leverage Shares 2X Long NVDA Daily ETF (NVDG) has a volatility of 25.02%. This indicates that ION 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

	ION	NVDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.14%	25.02%	-11.88%
Volatility (6M) Calculated over the trailing 6-month period	31.78%	52.21%	-20.43%
Volatility (1Y) Calculated over the trailing 1-year period	39.41%	69.81%	-30.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.50%	90.44%	-58.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.50%	90.44%	-58.94%

ION vs. NVDG - Expense Ratio Comparison

ION has a 0.58% expense ratio, which is lower than NVDG's 0.75% expense ratio.

Dividends

ION vs. NVDG - Dividend Comparison

ION's dividend yield for the trailing twelve months is around 1.47%, less than NVDG's 10.66% yield.

Position	TTM	2025	2024	2023	2022
ION Proshares S&P Global Core Battery Metals ETF	1.47%	1.63%	1.74%	2.23%	0.13%
NVDG Leverage Shares 2X Long NVDA Daily ETF	10.66%	11.81%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ION and NVDG in my portfolio?

ION and NVDG have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ION or NVDG?

NVDG has higher volatility (25.02%) compared to ION (13.14%). In terms of maximum drawdown, ION dropped -52.08% vs NVDG's -66.19%.

Which ETF is better, ION or NVDG?

On 1-year performance, ION leads with 111.43% vs 65.95% for NVDG. On fees, ION is cheaper at 0.58% per year. On volatility, ION has been the lower-risk option at 13.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ION or NVDG?

Over the 1-year period, ION has performed better with a 111.43% return vs 65.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ION or NVDG?

ION is cheaper with a 0.58% expense ratio, compared with 0.75% for NVDG.

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

NVDG has the higher dividend yield at 10.66%, compared with 1.47% for ION.

What is the main difference between ION and NVDG?

ION is categorized as Lithium & Battery Metals, while NVDG is Leveraged Equities. They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.58% for ION and 0.75% for NVDG.

Which has better risk-adjusted returns?

ION currently has the higher Sharpe Ratio (2.85 vs 0.95), 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.