NVD vs. IYW
NVD (GraniteShares 2x Short NVDA Daily ETF) and IYW (iShares U.S. Technology ETF) are both exchange-traded funds - NVD is a Inverse Equities fund actively managed by GraniteShares, while IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index. NVD is actively managed, while IYW is passively managed. Over the past year, NVD returned -51.56% vs 39.98% for IYW. At a correlation of -0.77, they often move in opposite directions. NVD charges 1.50%/yr vs 0.38%/yr for IYW.
Performance
NVD vs. IYW - Performance Comparison
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Returns By Period
In the year-to-date period, NVD achieves a -30.35% return, which is significantly lower than IYW's 22.66% return.
NVD
- 1D
- 7.10%
- 1M
- -0.80%
- 6M
- -31.59%
- YTD
- -30.35%
- 1Y
- -51.56%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IYW
- 1D
- -2.12%
- 1M
- 0.00%
- 6M
- 21.00%
- YTD
- 22.66%
- 1Y
- 39.98%
- 3Y*
- 30.38%
- 5Y*
- 19.51%
- 10Y*
- 25.18%
NVD vs. IYW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NVD GraniteShares 2x Short NVDA Daily ETF | -30.35% | -73.27% | -93.09% | -15.28% |
IYW iShares U.S. Technology ETF | 22.66% | 25.38% | 30.25% | 15.56% |
Correlation
The correlation between NVD and IYW is -0.72, 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 | -0.72 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023 | -0.77 |
The correlation between NVD and IYW has been stable across timeframes, ranging from -0.77 to -0.72 - a consistent structural relationship.
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Return for Risk
NVD vs. IYW — Risk / Return Rank
NVD
IYW
NVD vs. IYW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short NVDA Daily ETF (NVD) and iShares U.S. Technology ETF (IYW). 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 | IYW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.47 | ||
| Sortino ratioReturn per unit of downside risk | -3.18 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.30 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 2.26 | -3.09 |
| Martin ratioReturn relative to average drawdown | -1.50 | 7.02 | -8.51 |
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Drawdowns
NVD vs. IYW - Drawdown Comparison
The maximum NVD drawdown since its inception was -99.26%, which is greater than IYW's maximum drawdown of -81.90%. Use the drawdown chart below to compare losses from any high point for NVD and IYW.
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Drawdown Indicators
| NVD | IYW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.26% | -81.90% | -17.36% |
Max Drawdown (1Y)Largest decline over 1 year | -61.97% | -17.81% | -44.16% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.47% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -39.44% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.44% | — |
Current DrawdownCurrent decline from peak | -99.06% | -5.81% | -93.25% |
Average DrawdownAverage peak-to-trough decline | -82.16% | -34.54% | -47.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.47% | 5.71% | +28.76% |
Volatility
NVD vs. IYW - Volatility Comparison
GraniteShares 2x Short NVDA Daily ETF (NVD) has a higher volatility of 22.19% compared to iShares U.S. Technology ETF (IYW) at 9.81%. This indicates that NVD's price experiences larger fluctuations and is considered to be riskier than IYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NVD | IYW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.19% | 9.81% | +12.38% |
Volatility (6M)Calculated over the trailing 6-month period | 55.59% | 19.23% | +36.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.84% | 22.98% | +48.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 92.23% | 26.36% | +65.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.23% | 25.29% | +66.94% |
NVD vs. IYW - Expense Ratio Comparison
NVD has a 1.50% expense ratio, which is higher than IYW's 0.38% expense ratio.
Dividends
NVD vs. IYW - Dividend Comparison
NVD's dividend yield for the trailing twelve months is around 16.98%, more than IYW's 0.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 0.10% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
NVD GraniteShares 2x Short NVDA Daily ETF | 16.98% | 11.83% | 8.68% | 15.78% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NVD and IYW have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVD has higher volatility (22.19%) compared to IYW (9.81%). In terms of maximum drawdown, NVD dropped -99.26% vs IYW's -81.90%.
On 1-year performance, IYW leads with 39.98% vs -51.56% for NVD. On fees, IYW is cheaper at 0.38% per year. On volatility, IYW has been the lower-risk option at 9.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IYW has performed better with a 39.98% return vs -51.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYW is cheaper with a 0.38% expense ratio, compared with 1.50% for NVD.
NVD has the higher dividend yield at 16.98%, compared with 0.10% for IYW.
NVD is categorized as Inverse Equities, while IYW is Technology Equities. They also come from different issuers: GraniteShares and iShares. Their fees differ too: 1.50% for NVD and 0.38% for IYW.
IYW currently has the higher Sharpe Ratio (1.75 vs -0.72), 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.
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