NVD vs. FIAT

Last updated Jul 17, 2026

NVD (GraniteShares 2x Short NVDA Daily ETF) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - NVD is a Inverse Equities fund actively managed by GraniteShares, while FIAT is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, NVD returned -49.89% vs 58.74% for FIAT. At a 0.41 correlation, their price movements are largely independent. NVD charges 1.50%/yr vs 0.99%/yr for FIAT.

Performance

NVD vs. FIAT - Performance Comparison

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

Returns By Period

In the year-to-date period, NVD achieves a -33.57% return, which is significantly lower than FIAT's 13.14% return.

NVD

• 1D: 4.40%
• 1M: -2.86%
• 6M: -33.00%
• YTD: -33.57%
• 1Y: -49.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FIAT

• 1D: 3.25%
• 1M: 2.71%
• 6M: 17.49%
• YTD: 13.14%
• 1Y: 58.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVD vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVD GraniteShares 2x Short NVDA Daily ETF	-33.57%	-73.27%	-32.20%
FIAT YieldMax Short COIN Option Income Strategy ETF	13.14%	-24.17%	-28.04%

Correlation

The correlation between NVD and FIAT is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	0.41

Return for Risk

NVD vs. FIAT — Risk / Return Rank

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

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: 2
NVD Martin Ratio Rank: 1

FIAT

FIAT Risk / Return Rank: 37
FIAT Sharpe Ratio Rank: 38
FIAT Sortino Ratio Rank: 36
FIAT Omega Ratio Rank: 39
FIAT Calmar Ratio Rank: 41
FIAT Martin Ratio Rank: 31

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. FIAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short NVDA Daily ETF (NVD) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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	FIAT	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	1.12	-1.82
Sortino ratio: Return per unit of downside risk	-0.82	1.60	-2.42
Omega ratio: Gain probability vs. loss probability	0.91	1.22	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.83	1.72	-2.55
Martin ratio: Return relative to average drawdown	-1.53	3.68	-5.21

NVD vs. FIAT - Sharpe Ratio Comparison

The current NVD Sharpe Ratio is -0.70, which is lower than the FIAT Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of NVD and FIAT, 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. FIAT - Drawdown Comparison

The maximum NVD drawdown since its inception was -99.26%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for NVD and FIAT.

Drawdown Indicators

	NVD	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-99.26%	-70.50%	-28.76%
Max Drawdown (1Y) Largest decline over 1 year	-60.41%	-34.22%	-26.19%
Current Drawdown Current decline from peak	-99.11%	-51.24%	-47.87%
Average Drawdown Average peak-to-trough decline	-82.23%	-45.56%	-36.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.69%	16.00%	+16.69%

Volatility

NVD vs. FIAT - Volatility Comparison

GraniteShares 2x Short NVDA Daily ETF (NVD) has a higher volatility of 22.59% compared to YieldMax Short COIN Option Income Strategy ETF (FIAT) at 13.83%. This indicates that NVD's price experiences larger fluctuations and is considered to be riskier than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVD	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.59%	13.83%	+8.76%
Volatility (6M) Calculated over the trailing 6-month period	56.39%	43.70%	+12.69%
Volatility (1Y) Calculated over the trailing 1-year period	71.85%	52.71%	+19.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.20%	59.95%	+32.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.20%	59.95%	+32.25%

NVD vs. FIAT - Expense Ratio Comparison

NVD has a 1.50% expense ratio, which is higher than FIAT's 0.99% expense ratio.

Dividends

NVD vs. FIAT - Dividend Comparison

NVD's dividend yield for the trailing twelve months is around 17.80%, less than FIAT's 108.57% yield.

Position	TTM	2025	2024	2023
FIAT YieldMax Short COIN Option Income Strategy ETF	108.57%	178.11%	70.99%	0.00%
NVD GraniteShares 2x Short NVDA Daily ETF	17.80%	11.83%	8.68%	15.78%

Frequently Asked Questions

Can I hold both NVD and FIAT in my portfolio?

NVD and FIAT have a correlation of 0.38, 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 FIAT?

NVD has higher volatility (22.59%) compared to FIAT (13.83%). In terms of maximum drawdown, NVD dropped -99.26% vs FIAT's -70.50%.

Which ETF is better, NVD or FIAT?

On 1-year performance, FIAT leads with 58.74% vs -49.89% for NVD. On fees, FIAT is cheaper at 0.99% per year. On volatility, FIAT has been the lower-risk option at 13.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVD or FIAT?

Over the 1-year period, FIAT has performed better with a 58.74% return vs -49.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVD or FIAT?

FIAT is cheaper with a 0.99% expense ratio, compared with 1.50% for NVD.

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

FIAT has the higher dividend yield at 108.57%, compared with 17.80% for NVD.

What is the main difference between NVD and FIAT?

NVD is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: GraniteShares and YieldMax. Their fees differ too: 1.50% for NVD and 0.99% for FIAT.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (1.12 vs -0.70), 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.