NVD vs. CNEQ

Last updated Jun 24, 2026

NVD (GraniteShares 2x Short NVDA Daily ETF) and CNEQ (Alger Concentrated Equity ETF) are both exchange-traded funds - NVD is a Inverse Equities fund actively managed by GraniteShares, while CNEQ is a Large Cap Growth Equities fund actively managed by Alger. Both are actively managed. Over the past year, NVD returned -61.62% vs 42.94% for CNEQ. At a correlation of -0.78, they often move in opposite directions. NVD charges 1.50%/yr vs 0.55%/yr for CNEQ.

Performance

NVD vs. CNEQ - Performance Comparison

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

Returns By Period

In the year-to-date period, NVD achieves a -26.99% return, which is significantly lower than CNEQ's 16.40% return.

NVD

• 1D: 8.30%
• 1M: 10.83%
• YTD: -26.99%
• 6M: -24.81%
• 1Y: -61.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CNEQ

• 1D: -2.41%
• 1M: 0.00%
• YTD: 16.40%
• 6M: 14.18%
• 1Y: 42.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVD vs. CNEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVD GraniteShares 2x Short NVDA Daily ETF	-26.99%	-73.27%	-76.43%
CNEQ Alger Concentrated Equity ETF	16.40%	33.61%	29.82%

Correlation

The correlation between NVD and CNEQ is -0.73, 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	-0.73
Correlation (All Time) Calculated using the full available price history since Apr 5, 2024	-0.78

The correlation between NVD and CNEQ has been stable across timeframes, ranging from -0.78 to -0.73 - a consistent structural relationship.

NVD vs. CNEQ - Sectors Allocation Comparison

Sectors	NVD	CNEQ
Technology	199.7%	47.4%
Basic Materials	-	-
Communication Services	-	16.8%
Consumer Cyclical	-	14.1%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	1.6%
Healthcare	-	4.3%
Industrials	-	6.1%
Real Estate	-	-
Utilities	-	6.6%

Return for Risk

NVD vs. CNEQ — Risk / Return Rank

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

NVD

NVD Risk / Return Rank: 2
NVD Sharpe Ratio Rank: 2
NVD Sortino Ratio Rank: 2
NVD Omega Ratio Rank: 2
NVD Calmar Ratio Rank: 1
NVD Martin Ratio Rank: 2

CNEQ

CNEQ Risk / Return Rank: 50
CNEQ Sharpe Ratio Rank: 56
CNEQ Sortino Ratio Rank: 50
CNEQ Omega Ratio Rank: 52
CNEQ Calmar Ratio Rank: 47
CNEQ Martin Ratio Rank: 45

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.

NVD vs. CNEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short NVDA Daily ETF (NVD) and Alger Concentrated Equity ETF (CNEQ). 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.

	NVD	CNEQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	1.79	-2.66
Sortino ratio: Return per unit of downside risk	-1.34	2.36	-3.70
Omega ratio: Gain probability vs. loss probability	0.85	1.31	-0.46
Calmar ratio: Return relative to maximum drawdown	-0.89	2.24	-3.13
Martin ratio: Return relative to average drawdown	-1.39	6.94	-8.32

NVD vs. CNEQ - Sharpe Ratio Comparison

The current NVD Sharpe Ratio is -0.87, which is lower than the CNEQ Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of NVD and CNEQ, 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

NVD vs. CNEQ - Drawdown Comparison

The maximum NVD drawdown since its inception was -99.26%, which is greater than CNEQ's maximum drawdown of -27.58%. Use the drawdown chart below to compare losses from any high point for NVD and CNEQ.

Drawdown Indicators

	NVD	CNEQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.26%	-27.58%	-71.68%
Max Drawdown (1Y) Largest decline over 1 year	-69.44%	-19.30%	-50.14%
Current Drawdown Current decline from peak	-99.02%	-4.33%	-94.69%
Average Drawdown Average peak-to-trough decline	-81.86%	-4.86%	-77.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.02%	6.21%	+40.81%

Volatility

NVD vs. CNEQ - Volatility Comparison

GraniteShares 2x Short NVDA Daily ETF (NVD) has a higher volatility of 26.72% compared to Alger Concentrated Equity ETF (CNEQ) at 9.79%. This indicates that NVD's price experiences larger fluctuations and is considered to be riskier than CNEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVD	CNEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.72%	9.79%	+16.93%
Volatility (6M) Calculated over the trailing 6-month period	54.57%	18.75%	+35.82%
Volatility (1Y) Calculated over the trailing 1-year period	71.22%	24.08%	+47.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.58%	27.00%	+65.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.58%	27.00%	+65.58%

NVD vs. CNEQ - Expense Ratio Comparison

NVD has a 1.50% expense ratio, which is higher than CNEQ's 0.55% expense ratio.

Dividends

NVD vs. CNEQ - Dividend Comparison

NVD's dividend yield for the trailing twelve months is around 16.20%, more than CNEQ's 0.45% yield.

Position	TTM	2025	2024	2023
CNEQ Alger Concentrated Equity ETF	0.45%	0.52%	0.16%	0.00%
NVD GraniteShares 2x Short NVDA Daily ETF	16.20%	11.83%	8.68%	15.78%

Frequently Asked Questions

Can I hold both NVD and CNEQ in my portfolio?

NVD and CNEQ have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVD or CNEQ?

NVD has higher volatility (26.72%) compared to CNEQ (9.79%). In terms of maximum drawdown, NVD dropped -99.26% vs CNEQ's -27.58%.

Which ETF is better, NVD or CNEQ?

On 1-year performance, CNEQ leads with 42.94% vs -61.62% for NVD. On fees, CNEQ is cheaper at 0.55% per year. On volatility, CNEQ has been the lower-risk option at 9.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVD or CNEQ?

Over the 1-year period, CNEQ has performed better with a 42.94% return vs -61.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVD or CNEQ?

CNEQ is cheaper with a 0.55% expense ratio, compared with 1.50% for NVD.

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

NVD has the higher dividend yield at 16.20%, compared with 0.45% for CNEQ.

What is the main difference between NVD and CNEQ?

NVD is categorized as Inverse Equities, while CNEQ is Large Cap Growth Equities. They also come from different issuers: GraniteShares and Alger. Their fees differ too: 1.50% for NVD and 0.55% for CNEQ.

Which has better risk-adjusted returns?

CNEQ currently has the higher Sharpe Ratio (1.79 vs -0.87), 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.