NVD vs. NVDS

Last updated Jun 24, 2026

NVD (GraniteShares 2x Short NVDA Daily ETF) and NVDS (Tradr 1.25X NVDA Bear Daily ETF) are both Inverse Equities funds. NVD is actively managed, while NVDS is passively managed. Over the past year, NVD returned -61.62% vs -47.95% for NVDS. With a 1.00 correlation, they move nearly in lockstep. NVD charges 1.50%/yr vs 1.15%/yr for NVDS.

Performance

NVD vs. NVDS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short NVDA Daily ETF (NVD) and Tradr 1.25X NVDA Bear Daily ETF (NVDS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVD achieves a -26.99% return, which is significantly lower than NVDS's -18.53% return.

NVD

• 1D: 8.30%
• 1M: 10.83%
• YTD: -26.99%
• 6M: -24.81%
• 1Y: -61.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDS

• 1D: 6.24%
• 1M: 8.67%
• YTD: -18.53%
• 6M: -16.59%
• 1Y: -47.95%
• 3Y*: -62.36%
• 5Y*: —
• 10Y*: —

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

NVD vs. NVDS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVD GraniteShares 2x Short NVDA Daily ETF	-26.99%	-73.27%	-93.09%	-15.28%
NVDS Tradr 1.25X NVDA Bear Daily ETF	-18.53%	-58.18%	-80.03%	-7.86%

Correlation

The correlation between NVD and NVDS 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 Aug 22, 2023	1.00

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

Return for Risk

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

NVDS

NVDS Risk / Return Rank: 2
NVDS Sharpe Ratio Rank: 2
NVDS Sortino Ratio Rank: 2
NVDS Omega Ratio Rank: 2
NVDS Calmar Ratio Rank: 2
NVDS 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. NVDS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short NVDA Daily ETF (NVD) and Tradr 1.25X NVDA Bear Daily ETF (NVDS). 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	NVDS	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	-0.90	+0.04
Sortino ratio: Return per unit of downside risk	-1.34	-1.31	-0.03
Omega ratio: Gain probability vs. loss probability	0.85	0.85	0.00
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.85	-0.04
Martin ratio: Return relative to average drawdown	-1.39	-1.41	+0.02

NVD vs. NVDS - Sharpe Ratio Comparison

The current NVD Sharpe Ratio is -0.87, which is comparable to the NVDS Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of NVD and NVDS, 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. NVDS - Drawdown Comparison

The maximum NVD drawdown since its inception was -99.26%, roughly equal to the maximum NVDS drawdown of -99.40%. Use the drawdown chart below to compare losses from any high point for NVD and NVDS.

Drawdown Indicators

	NVD	NVDS	Difference
Max Drawdown Largest peak-to-trough decline	-99.26%	-99.40%	+0.14%
Max Drawdown (1Y) Largest decline over 1 year	-69.44%	-56.48%	-12.96%
Max Drawdown (3Y) Largest decline over 3 years	—	-95.90%	—
Current Drawdown Current decline from peak	-99.02%	-99.25%	+0.23%
Average Drawdown Average peak-to-trough decline	-81.86%	-83.59%	+1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.02%	36.37%	+10.65%

Volatility

NVD vs. NVDS - Volatility Comparison

GraniteShares 2x Short NVDA Daily ETF (NVD) has a higher volatility of 26.72% compared to Tradr 1.25X NVDA Bear Daily ETF (NVDS) at 20.03%. This indicates that NVD's price experiences larger fluctuations and is considered to be riskier than NVDS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVD	NVDS	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.72%	20.03%	+6.69%
Volatility (6M) Calculated over the trailing 6-month period	54.57%	40.67%	+13.90%
Volatility (1Y) Calculated over the trailing 1-year period	71.22%	53.16%	+18.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.58%	68.89%	+23.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.58%	68.89%	+23.69%

NVD vs. NVDS - Expense Ratio Comparison

NVD has a 1.50% expense ratio, which is higher than NVDS's 1.15% expense ratio.

Dividends

NVD vs. NVDS - Dividend Comparison

NVD's dividend yield for the trailing twelve months is around 16.20%, less than NVDS's 17.42% yield.

Position	TTM	2025	2024	2023	2022
NVD GraniteShares 2x Short NVDA Daily ETF	16.20%	11.83%	8.68%	15.78%	0.00%
NVDS Tradr 1.25X NVDA Bear Daily ETF	17.42%	14.19%	14.11%	14.69%	5.72%

Frequently Asked Questions

Can I hold both NVD and NVDS in my portfolio?

With a correlation of 1.00, NVD and NVDS 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 NVDS?

NVD has higher volatility (26.72%) compared to NVDS (20.03%). In terms of maximum drawdown, NVD dropped -99.26% vs NVDS's -99.40%.

Which ETF is better, NVD or NVDS?

On 1-year performance, NVDS leads with -47.95% vs -61.62% for NVD. On fees, NVDS is cheaper at 1.15% per year. On volatility, NVDS has been the lower-risk option at 20.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVD or NVDS?

Over the 1-year period, NVDS has performed better with a -47.95% return vs -61.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVD or NVDS?

NVDS is cheaper with a 1.15% expense ratio, compared with 1.50% for NVD.

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

NVDS has the higher dividend yield at 17.42%, compared with 16.20% for NVD.

What is the main difference between NVD and NVDS?

They also come from different issuers: GraniteShares and AXS. Their fees differ too: 1.50% for NVD and 1.15% for NVDS.

Which has better risk-adjusted returns?

NVD currently has the higher Sharpe Ratio (-0.87 vs -0.90), 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.