NVD vs. NVDQ

Last updated Jun 21, 2026

NVD (GraniteShares 2x Short NVDA Daily ETF) and NVDQ (T-Rex 2X Inverse NVIDIA Daily Target ETF) are both Inverse Equities funds. Both are actively managed. Over the past year, NVD returned -65.26% vs -67.08% for NVDQ. With a 0.99 correlation, they move nearly in lockstep. NVD charges 1.50%/yr vs 1.05%/yr for NVDQ.

Performance

NVD vs. NVDQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short NVDA Daily ETF (NVD) and T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with NVD having a -33.57% return and NVDQ slightly lower at -35.12%.

NVD

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

NVDQ

• 1D: -5.30%
• 1M: 4.31%
• YTD: -35.12%
• 6M: -39.11%
• 1Y: -67.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVD vs. NVDQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVD GraniteShares 2x Short NVDA Daily ETF	-33.57%	-73.27%	-93.09%	-23.04%
NVDQ T-Rex 2X Inverse NVIDIA Daily Target ETF	-35.12%	-74.63%	-93.80%	-28.84%

Correlation

The correlation between NVD and NVDQ is 0.99 - 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	0.99
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	0.99

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

Return for Risk

NVD vs. NVDQ — 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

NVDQ

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

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. NVDQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short NVDA Daily ETF (NVD) and T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ). 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	NVDQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	-0.95	+0.04
Sortino ratio: Return per unit of downside risk	-1.49	-1.61	+0.12
Omega ratio: Gain probability vs. loss probability	0.83	0.82	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.91	-0.92	+0.01
Martin ratio: Return relative to average drawdown	-1.37	-1.37	0.00

NVD vs. NVDQ - Sharpe Ratio Comparison

The current NVD Sharpe Ratio is -0.91, which is comparable to the NVDQ Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of NVD and NVDQ, 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. NVDQ - Drawdown Comparison

The maximum NVD drawdown since its inception was -99.26%, roughly equal to the maximum NVDQ drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for NVD and NVDQ.

Drawdown Indicators

	NVD	NVDQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.26%	-99.45%	+0.19%
Max Drawdown (1Y) Largest decline over 1 year	-71.11%	-72.40%	+1.29%
Current Drawdown Current decline from peak	-99.11%	-99.34%	+0.23%
Average Drawdown Average peak-to-trough decline	-81.81%	-88.26%	+6.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.95%	48.35%	-1.40%

Volatility

NVD vs. NVDQ - Volatility Comparison

GraniteShares 2x Short NVDA Daily ETF (NVD) and T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ) have volatilities of 25.86% and 25.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVD	NVDQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.86%	25.54%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	54.54%	54.21%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	70.75%	69.97%	+0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.56%	95.42%	-2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.56%	95.42%	-2.86%

NVD vs. NVDQ - Expense Ratio Comparison

NVD has a 1.50% expense ratio, which is higher than NVDQ's 1.05% expense ratio.

Dividends

NVD vs. NVDQ - Dividend Comparison

NVD's dividend yield for the trailing twelve months is around 17.80%, more than NVDQ's 0.40% yield.

Position	TTM	2025	2024	2023
NVD GraniteShares 2x Short NVDA Daily ETF	17.80%	11.83%	8.68%	15.78%
NVDQ T-Rex 2X Inverse NVIDIA Daily Target ETF	0.40%	0.26%	4.59%	11.60%

Frequently Asked Questions

Can I hold both NVD and NVDQ in my portfolio?

With a correlation of 0.99, NVD and NVDQ 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 NVDQ?

NVD has higher volatility (25.86%) compared to NVDQ (25.54%). In terms of maximum drawdown, NVD dropped -99.26% vs NVDQ's -99.45%.

Which ETF is better, NVD or NVDQ?

On 1-year performance, NVD leads with -65.26% vs -67.08% for NVDQ. On fees, NVDQ is cheaper at 1.05% per year. On volatility, NVDQ has been the lower-risk option at 25.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVD or NVDQ?

Over the 1-year period, NVD has performed better with a -65.26% return vs -67.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVD or NVDQ?

NVDQ is cheaper with a 1.05% expense ratio, compared with 1.50% for NVD.

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

NVD has the higher dividend yield at 17.80%, compared with 0.40% for NVDQ.

What is the main difference between NVD and NVDQ?

They also come from different issuers: GraniteShares and T-Rex. Their fees differ too: 1.50% for NVD and 1.05% for NVDQ.

Which has better risk-adjusted returns?

NVD currently has the higher Sharpe Ratio (-0.91 vs -0.95), 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.