NVD vs. NVDD

Last updated Jun 21, 2026

NVD (GraniteShares 2x Short NVDA Daily ETF) and NVDD (Direxion Daily NVDA Bear 1X Shares) are both Inverse Equities funds. Both are actively managed. Over the past year, NVD returned -65.26% vs -34.89% for NVDD. With a 0.99 correlation, they move nearly in lockstep. NVD charges 1.50%/yr vs 1.01%/yr for NVDD.

Performance

NVD vs. NVDD - 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 NVDA Bear 1X Shares (NVDD). 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 NVDD's -14.45% return.

NVD

• 1D: -5.57%
• 1M: 4.86%
• YTD: -33.57%
• 6M: -37.58%
• 1Y: -65.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDD

• 1D: -2.96%
• 1M: 3.07%
• YTD: -14.45%
• 6M: -16.91%
• 1Y: -34.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVD vs. NVDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVD GraniteShares 2x Short NVDA Daily ETF	-33.57%	-73.27%	-93.09%	-16.46%
NVDD Direxion Daily NVDA Bear 1X Shares	-14.45%	-38.72%	-69.77%	-8.97%

Correlation

The correlation between NVD and NVDD is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.99

The correlation between NVD and NVDD has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

NVD vs. NVDD — 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: 1
NVD Omega Ratio Rank: 2
NVD Calmar Ratio Rank: 1
NVD Martin Ratio Rank: 2

NVDD

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

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. NVDD - 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 NVDA Bear 1X Shares (NVDD). 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	NVDD	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	-0.97	+0.06
Sortino ratio: Return per unit of downside risk	-1.49	-1.37	-0.12
Omega ratio: Gain probability vs. loss probability	0.83	0.85	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.91	-0.83	-0.07
Martin ratio: Return relative to average drawdown	-1.37	-1.41	+0.04

NVD vs. NVDD - Sharpe Ratio Comparison

The current NVD Sharpe Ratio is -0.91, which is comparable to the NVDD Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of NVD and NVDD, 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. NVDD - Drawdown Comparison

The maximum NVD drawdown since its inception was -99.26%, which is greater than NVDD's maximum drawdown of -88.34%. Use the drawdown chart below to compare losses from any high point for NVD and NVDD.

Drawdown Indicators

	NVD	NVDD	Difference
Max Drawdown Largest peak-to-trough decline	-99.26%	-88.34%	-10.92%
Max Drawdown (1Y) Largest decline over 1 year	-71.11%	-41.08%	-30.03%
Current Drawdown Current decline from peak	-99.11%	-87.11%	-12.00%
Average Drawdown Average peak-to-trough decline	-81.81%	-67.25%	-14.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.95%	24.15%	+22.80%

Volatility

NVD vs. NVDD - Volatility Comparison

GraniteShares 2x Short NVDA Daily ETF (NVD) has a higher volatility of 25.86% compared to Direxion Daily NVDA Bear 1X Shares (NVDD) at 12.78%. This indicates that NVD's price experiences larger fluctuations and is considered to be riskier than NVDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVD	NVDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.86%	12.78%	+13.08%
Volatility (6M) Calculated over the trailing 6-month period	54.54%	26.87%	+27.67%
Volatility (1Y) Calculated over the trailing 1-year period	70.75%	35.14%	+35.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.56%	47.37%	+45.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.56%	47.37%	+45.19%

NVD vs. NVDD - Expense Ratio Comparison

NVD has a 1.50% expense ratio, which is higher than NVDD's 1.01% expense ratio.

Dividends

NVD vs. NVDD - Dividend Comparison

NVD's dividend yield for the trailing twelve months is around 17.80%, more than NVDD's 4.19% yield.

Position	TTM	2025	2024	2023
NVD GraniteShares 2x Short NVDA Daily ETF	17.80%	11.83%	8.68%	15.78%
NVDD Direxion Daily NVDA Bear 1X Shares	4.19%	4.19%	4.83%	1.31%

Frequently Asked Questions

Can I hold both NVD and NVDD in my portfolio?

With a correlation of 1.00, NVD and NVDD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NVD or NVDD?

NVD has higher volatility (25.86%) compared to NVDD (12.78%). In terms of maximum drawdown, NVD dropped -99.26% vs NVDD's -88.34%.

Which ETF is better, NVD or NVDD?

On 1-year performance, NVDD leads with -34.89% vs -65.26% for NVD. On fees, NVDD is cheaper at 1.01% per year. On volatility, NVDD has been the lower-risk option at 12.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVD or NVDD?

Over the 1-year period, NVDD has performed better with a -34.89% return vs -65.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVD or NVDD?

NVDD is cheaper with a 1.01% expense ratio, compared with 1.50% for NVD.

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

NVD has the higher dividend yield at 17.80%, compared with 4.19% for NVDD.

What is the main difference between NVD and NVDD?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for NVD and 1.01% for NVDD.

Which has better risk-adjusted returns?

NVD currently has the higher Sharpe Ratio (-0.91 vs -0.97), 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.