NVD vs. SPUS

Last updated Aug 2, 2026

NVD (GraniteShares 2x Short NVDA Daily ETF) and SPUS (SP Funds S&P 500 Sharia Industry Exclusions ETF) are both exchange-traded funds - NVD is a Inverse Equities fund actively managed by GraniteShares, while SPUS is a S&P 500 fund tracking the S&P 500 Shariah Industry Exclusions Index. NVD is actively managed, while SPUS is passively managed. Over the past year, NVD returned -45.67% vs 25.03% for SPUS. Their -0.72 correlation means they have often moved in opposite directions in the past. NVD charges 1.50%/yr vs 0.45%/yr for SPUS.

Performance

NVD vs. SPUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short NVDA Daily ETF (NVD) and SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVD achieves a -30.21% return, which is significantly lower than SPUS's 10.68% return.

NVD

• 1D: -5.85%
• 1M: -9.27%
• 6M: -25.85%
• YTD: -30.21%
• 1Y: -45.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -78.48%

SPUS

• 1D: -0.21%
• 1M: -0.54%
• 6M: 9.78%
• YTD: 10.68%
• 1Y: 25.03%
• 3Y*: 20.31%
• 5Y*: 14.52%
• 10Y*: —
• ALL TIME*: 18.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NVD GraniteShares 2x Short NVDA Daily ETF	$448.34M	$392.73M	$345.88M
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	$23.25M	$21.17M	$26.78M

NVD vs. SPUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVD GraniteShares 2x Short NVDA Daily ETF	-30.21%	-73.27%	-93.09%	-15.28%
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	10.68%	19.77%	26.49%	8.52%

Correlation

The correlation between NVD and SPUS is -0.72, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.72
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	-0.72

The correlation between NVD and SPUS has been stable across timeframes, ranging from -0.72 to -0.72 - a consistent structural relationship.

NVD vs. SPUS - Sectors Allocation Comparison

Sectors	NVD	SPUS
Technology	200.0%	59.9%
Basic Materials	-	2.7%
Communication Services	-	5.6%
Consumer Cyclical	-	7.1%
Consumer Defensive	-	2.7%
Energy	-	2.5%
Financial Services	-	-
Healthcare	-	11.4%
Industrials	-	6.8%
Real Estate	-	1.2%
Utilities	-	0.2%

Return for Risk

NVD vs. SPUS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NVD

NVD Risk / Return Rank: 4
NVD Sharpe Ratio Rank: 4
NVD Sortino Ratio Rank: 5
NVD Omega Ratio Rank: 5
NVD Calmar Ratio Rank: 3
NVD Martin Ratio Rank: 2

SPUS

SPUS Risk / Return Rank: 63
SPUS Sharpe Ratio Rank: 64
SPUS Sortino Ratio Rank: 62
SPUS Omega Ratio Rank: 60
SPUS Calmar Ratio Rank: 63
SPUS Martin Ratio Rank: 63

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NVD vs. SPUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short NVDA Daily ETF (NVD) and SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS). 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	SPUS	Difference
Sharpe ratio: Return per unit of total volatility	-0.59	1.47	-2.06
Sortino ratio: Return per unit of downside risk	-0.56	2.05	-2.61
Omega ratio: Gain probability vs. loss probability	0.94	1.26	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.72	2.19	-2.91
Martin ratio: Return relative to average drawdown	-1.30	7.52	-8.82

NVD vs. SPUS - Sharpe Ratio Comparison

The current NVD Sharpe Ratio is -0.59, which is lower than the SPUS Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of NVD and SPUS, 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. SPUS - Drawdown Comparison

The maximum NVD drawdown since its inception was -99.26%, which is greater than SPUS's maximum drawdown of -30.80%. Use the drawdown chart below to compare losses from any high point for NVD and SPUS.

Drawdown Indicators

	NVD	SPUS	Difference
Max Drawdown Largest peak-to-trough decline	-99.26%	-30.80%	-68.46%
Max Drawdown (1Y) Largest decline over 1 year	-59.80%	-10.66%	-49.14%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.06%	—
Current Drawdown Current decline from peak	-99.06%	-5.26%	-93.80%
Average Drawdown Average peak-to-trough decline	-82.49%	-6.17%	-76.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.25%	3.10%	+30.15%

Volatility

NVD vs. SPUS - Volatility Comparison

GraniteShares 2x Short NVDA Daily ETF (NVD) has a higher volatility of 24.19% compared to SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) at 4.66%. This indicates that NVD's price experiences larger fluctuations and is considered to be riskier than SPUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVD	SPUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.19%	4.66%	+19.53%
Volatility (6M) Calculated over the trailing 6-month period	57.44%	12.81%	+44.63%
Volatility (1Y) Calculated over the trailing 1-year period	73.16%	15.89%	+57.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.05%	19.49%	+72.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.05%	21.26%	+70.79%

NVD vs. SPUS - Expense Ratio Comparison

NVD has a 1.50% expense ratio, which is higher than SPUS's 0.45% expense ratio.

Dividends

NVD vs. SPUS - Dividend Comparison

NVD's dividend yield for the trailing twelve months is around 16.95%, more than SPUS's 0.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
NVD GraniteShares 2x Short NVDA Daily ETF	16.95%	11.83%	8.68%	15.78%	0.00%	0.00%	0.00%
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	0.54%	0.60%	0.70%	0.87%	1.21%	1.15%	1.04%

Frequently Asked Questions

Can I hold both NVD and SPUS in my portfolio?

NVD and SPUS have a correlation of -0.72, 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 SPUS?

NVD has higher volatility (24.19%) compared to SPUS (4.66%). In terms of maximum drawdown, NVD dropped -99.26% vs SPUS's -30.80%.

Which ETF is better, NVD or SPUS?

On 1-year performance, SPUS leads with 25.03% vs -45.67% for NVD. On fees, SPUS is cheaper at 0.45% per year. On volatility, SPUS has been the lower-risk option at 4.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVD or SPUS?

Over the 1-year period, SPUS has performed better with a 25.03% return vs -45.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVD or SPUS?

SPUS is cheaper with a 0.45% expense ratio, compared with 1.50% for NVD.

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

NVD has the higher dividend yield at 16.95%, compared with 0.54% for SPUS.

What is the main difference between NVD and SPUS?

NVD is categorized as Inverse Equities, while SPUS is S&P 500. They also come from different issuers: GraniteShares and SP Funds. Their fees differ too: 1.50% for NVD and 0.45% for SPUS.

Which has better risk-adjusted returns?

SPUS currently has the higher Sharpe Ratio (1.47 vs -0.59), 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.