NVD vs. MSFD

Last updated Apr 1, 2026

Compare and contrast key facts about GraniteShares 2x Short NVDA Daily ETF (NVD) and Direxion Daily MSFT Bear 1X Shares (MSFD).

NVD and MSFD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NVD is an actively managed fund by GraniteShares. It was launched on Aug 21, 2023. MSFD is a passively managed fund by Direxion that tracks the performance of the Microsoft Corporation (-100%). It was launched on Sep 6, 2022.

Performance

NVD vs. MSFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short NVDA Daily ETF (NVD) and Direxion Daily MSFT Bear 1X Shares (MSFD). The values are adjusted to include any dividend payments, if applicable.

NVD vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVD GraniteShares 2x Short NVDA Daily ETF	5.59%	-73.27%	-93.09%	-15.28%
MSFD Direxion Daily MSFT Bear 1X Shares	28.73%	-13.36%	-7.86%	-13.00%

Returns By Period

In the year-to-date period, NVD achieves a 5.59% return, which is significantly lower than MSFD's 28.73% return.

NVD

• 1D: -11.38%
• 1M: 0.27%
• YTD: 5.59%
• 6M: -2.50%
• 1Y: -75.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSFD

• 1D: -3.15%
• 1M: 6.11%
• YTD: 28.73%
• 6M: 38.42%
• 1Y: -0.32%
• 3Y*: -7.18%
• 5Y*: —
• 10Y*: —

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

NVD vs. MSFD - Expense Ratio Comparison

NVD has a 1.50% expense ratio, which is higher than MSFD's 1.06% expense ratio.

NVD

GraniteShares 2x Short NVDA Daily ETF

MSFD

Direxion Daily MSFT Bear 1X Shares

Return for Risk

NVD vs. MSFD — Risk / Return Rank

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

NVD

NVD Risk / Return Rank: 1
NVD Sharpe Ratio Rank: 1
NVD Sortino Ratio Rank: 1
NVD Omega Ratio Rank: 1
NVD Calmar Ratio Rank: 0
NVD Martin Ratio Rank: 4

MSFD

MSFD Risk / Return Rank: 12
MSFD Sharpe Ratio Rank: 11
MSFD Sortino Ratio Rank: 12
MSFD Omega Ratio Rank: 12
MSFD Calmar Ratio Rank: 12
MSFD 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.

NVD vs. MSFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short NVDA Daily ETF (NVD) and Direxion Daily MSFT Bear 1X Shares (MSFD). 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.

	NVD	MSFD	Difference
Sharpe ratio Return per unit of total volatility	-0.92	-0.01	-0.90
Sortino ratio Return per unit of downside risk	-1.62	0.17	-1.80
Omega ratio Gain probability vs. loss probability	0.80	1.02	-0.23
Calmar ratio Return relative to maximum drawdown	-0.89	0.02	-0.91
Martin ratio Return relative to average drawdown	-1.02	0.03	-1.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVD vs. MSFD - Sharpe Ratio Comparison

The current NVD Sharpe Ratio is -0.92, which is lower than the MSFD Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of NVD and MSFD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NVD	MSFD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.92	-0.01	-0.90
Sharpe Ratio (All Time) Calculated using the full available price history	-0.85	-0.39	-0.46

Correlation

The correlation between NVD and MSFD is 0.51, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

NVD vs. MSFD - Dividend Comparison

NVD's dividend yield for the trailing twelve months is around 11.20%, more than MSFD's 2.43% yield.

	TTM	2025	2024	2023	2022
NVD GraniteShares 2x Short NVDA Daily ETF	11.20%	11.83%	8.68%	15.78%	0.00%
MSFD Direxion Daily MSFT Bear 1X Shares	2.43%	3.33%	4.46%	4.43%	0.74%

Drawdowns

NVD vs. MSFD - Drawdown Comparison

The maximum NVD drawdown since its inception was -98.85%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for NVD and MSFD.

Drawdown Indicators

	NVD	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-98.85%	-59.90%	-38.95%
Max Drawdown (1Y) Largest decline over 1 year	-84.54%	-34.84%	-49.70%
Current Drawdown Current decline from peak	-98.58%	-41.94%	-56.64%
Average Drawdown Average peak-to-trough decline	-80.48%	-41.28%	-39.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	73.89%	25.22%	+48.67%

Volatility

NVD vs. MSFD - Volatility Comparison

GraniteShares 2x Short NVDA Daily ETF (NVD) has a higher volatility of 21.28% compared to Direxion Daily MSFT Bear 1X Shares (MSFD) at 6.60%. This indicates that NVD's price experiences larger fluctuations and is considered to be riskier than MSFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVD	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.28%	6.60%	+14.68%
Volatility (6M) Calculated over the trailing 6-month period	52.32%	18.84%	+33.48%
Volatility (1Y) Calculated over the trailing 1-year period	82.56%	26.78%	+55.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	93.63%	25.77%	+67.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.63%	25.77%	+67.86%