NVD vs. SH
Compare and contrast key facts about GraniteShares 2x Short NVDA Daily ETF (NVD) and ProShares Short S&P500 (SH).
NVD and SH 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. SH is a passively managed fund by ProShares that tracks the performance of the S&P 500 (-100%). It was launched on Jun 19, 2006.
Performance
NVD vs. SH - Performance Comparison
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NVD vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NVD GraniteShares 2x Short NVDA Daily ETF | 5.59% | -73.27% | -93.09% | -15.28% |
SH ProShares Short S&P500 | 5.77% | -11.35% | -13.52% | -5.82% |
Returns By Period
The year-to-date returns for both investments are quite close, with NVD having a 5.59% return and SH slightly higher at 5.77%.
NVD
- 1D
- -11.38%
- 1M
- 0.27%
- YTD
- 5.59%
- 6M
- -2.50%
- 1Y
- -75.49%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SH
- 1D
- -2.82%
- 1M
- 5.57%
- YTD
- 5.77%
- 6M
- 4.49%
- 1Y
- -11.46%
- 3Y*
- -9.86%
- 5Y*
- -7.57%
- 10Y*
- -11.84%
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NVD vs. SH - Expense Ratio Comparison
NVD has a 1.50% expense ratio, which is higher than SH's 0.90% expense ratio.
Return for Risk
NVD vs. SH — Risk / Return Rank
NVD
SH
NVD vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short NVDA Daily ETF (NVD) and ProShares Short S&P500 (SH). 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 | SH | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.92 | -0.63 | -0.28 |
Sortino ratioReturn per unit of downside risk | -1.62 | -0.79 | -0.84 |
Omega ratioGain probability vs. loss probability | 0.80 | 0.89 | -0.09 |
Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.45 | -0.44 |
Martin ratioReturn relative to average drawdown | -1.02 | -0.55 | -0.47 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NVD | SH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.92 | -0.63 | -0.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.45 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.66 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.85 | -0.56 | -0.29 |
Correlation
The correlation between NVD and SH is 0.63, 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. SH - Dividend Comparison
NVD's dividend yield for the trailing twelve months is around 11.20%, more than SH's 3.92% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NVD GraniteShares 2x Short NVDA Daily ETF | 11.20% | 11.83% | 8.68% | 15.78% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SH ProShares Short S&P500 | 3.92% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Drawdowns
NVD vs. SH - Drawdown Comparison
The maximum NVD drawdown since its inception was -98.85%, roughly equal to the maximum SH drawdown of -94.26%. Use the drawdown chart below to compare losses from any high point for NVD and SH.
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Drawdown Indicators
| NVD | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.85% | -94.26% | -4.59% |
Max Drawdown (1Y)Largest decline over 1 year | -84.54% | -26.61% | -57.93% |
Max Drawdown (5Y)Largest decline over 5 years | — | -40.35% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -74.31% | — |
Current DrawdownCurrent decline from peak | -98.58% | -93.82% | -4.76% |
Average DrawdownAverage peak-to-trough decline | -80.48% | -67.49% | -12.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 73.89% | 21.81% | +52.08% |
Volatility
NVD vs. SH - Volatility Comparison
GraniteShares 2x Short NVDA Daily ETF (NVD) has a higher volatility of 21.28% compared to ProShares Short S&P500 (SH) at 5.30%. This indicates that NVD's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NVD | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.28% | 5.30% | +15.98% |
Volatility (6M)Calculated over the trailing 6-month period | 52.32% | 9.43% | +42.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 82.56% | 18.17% | +64.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 93.63% | 16.87% | +76.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 93.63% | 17.99% | +75.64% |