NVD vs. MSFD

Last updated Jun 5, 2026

NVD (GraniteShares 2x Short NVDA Daily ETF) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds. NVD is actively managed, while MSFD is passively managed. Over the past year, NVD returned -68.07% vs 7.32% for MSFD. At a 0.50 correlation, their price movements are largely independent. NVD charges 1.50%/yr vs 1.06%/yr for MSFD.

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.

Returns By Period

In the year-to-date period, NVD achieves a -37.20% return, which is significantly lower than MSFD's 10.13% return.

NVD

• 1D: -3.65%
• 1M: -22.72%
• YTD: -37.20%
• 6M: -40.09%
• 1Y: -68.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSFD

• 1D: -0.27%
• 1M: -4.61%
• YTD: 10.13%
• 6M: 9.68%
• 1Y: 7.32%
• 3Y*: -7.21%
• 5Y*: —
• 10Y*: —

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

NVD vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVD GraniteShares 2x Short NVDA Daily ETF	-37.20%	-73.27%	-93.09%	-15.28%
MSFD Direxion Daily MSFT Bear 1X Shares	10.13%	-13.36%	-7.86%	-13.00%

Correlation

The correlation between NVD and MSFD is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	0.50

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: 1
NVD Martin Ratio Rank: 2

MSFD

MSFD Risk / Return Rank: 14
MSFD Sharpe Ratio Rank: 14
MSFD Sortino Ratio Rank: 15
MSFD Omega Ratio Rank: 15
MSFD Calmar Ratio Rank: 13
MSFD Martin Ratio Rank: 14

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	-1.00	0.29	-1.29
Sortino ratio: Return per unit of downside risk	-1.75	0.63	-2.38
Omega ratio: Gain probability vs. loss probability	0.81	1.08	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.94	0.32	-1.26
Martin ratio: Return relative to average drawdown	-1.42	0.90	-2.32
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 -1.00, which is lower than the MSFD Sharpe Ratio of 0.29. The chart below compares the historical Sharpe Ratios of NVD and MSFD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NVD	MSFD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.00	0.29	-1.29
Sharpe Ratio (All Time) Calculated using the full available price history	-0.88	-0.51	-0.36

Drawdowns

NVD vs. MSFD - Drawdown Comparison

The maximum NVD drawdown since its inception was -99.26%, 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	-99.26%	-59.90%	-39.36%
Max Drawdown (1Y) Largest decline over 1 year	-72.64%	-23.25%	-49.39%
Max Drawdown (3Y) Largest decline over 3 years	—	-40.50%	—
Current Drawdown Current decline from peak	-99.15%	-50.33%	-48.82%
Average Drawdown Average peak-to-trough decline	-81.68%	-41.60%	-40.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.83%	8.40%	+39.43%

Volatility

NVD vs. MSFD - Volatility Comparison

GraniteShares 2x Short NVDA Daily ETF (NVD) has a higher volatility of 25.96% compared to Direxion Daily MSFT Bear 1X Shares (MSFD) at 10.09%. 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	25.96%	10.09%	+15.87%
Volatility (6M) Calculated over the trailing 6-month period	52.11%	22.05%	+30.06%
Volatility (1Y) Calculated over the trailing 1-year period	68.48%	25.32%	+43.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.55%	26.14%	+66.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.55%	26.14%	+66.41%

NVD vs. MSFD - Expense Ratio Comparison

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

Dividends

NVD vs. MSFD - Dividend Comparison

NVD's dividend yield for the trailing twelve months is around 18.83%, more than MSFD's 2.84% yield.

Position	TTM	2025	2024	2023	2022
MSFD Direxion Daily MSFT Bear 1X Shares	2.84%	3.33%	4.46%	4.43%	0.74%
NVD GraniteShares 2x Short NVDA Daily ETF	18.83%	11.83%	8.68%	15.78%	0.00%

Frequently Asked Questions

Can I hold both NVD and MSFD in my portfolio?

NVD and MSFD have a correlation of 0.41, 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 MSFD?

NVD has higher volatility (25.96%) compared to MSFD (10.09%). In terms of maximum drawdown, NVD dropped -99.26% vs MSFD's -59.90%.

Which ETF is better, NVD or MSFD?

On 1-year performance, MSFD leads with 7.32% vs -68.07% for NVD. On fees, MSFD is cheaper at 1.06% per year. On volatility, MSFD has been the lower-risk option at 10.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVD or MSFD?

Over the 1-year period, MSFD has performed better with a 7.32% return vs -68.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVD or MSFD?

MSFD is cheaper with a 1.06% expense ratio, compared with 1.50% for NVD.

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

NVD has the higher dividend yield at 18.83%, compared with 2.84% for MSFD.

What is the main difference between NVD and MSFD?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for NVD and 1.06% for MSFD.

Which has better risk-adjusted returns?

MSFD currently has the higher Sharpe Ratio (0.29 vs -1.00), 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.