NVD vs. ULCC
NVD (GraniteShares 2x Short NVDA Daily ETF) is Inverse Equities fund actively managed by GraniteShares, while ULCC (Frontier Group Holdings, Inc.) is a stock. Over the past year, NVD returned -53.87% vs 122.65% for ULCC. At a correlation of -0.16, they often move in opposite directions.
Performance
NVD vs. ULCC - Performance Comparison
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Returns By Period
In the year-to-date period, NVD achieves a -23.92% return, which is significantly lower than ULCC's 71.13% return.
NVD
- 1D
- 3.23%
- 1M
- 15.01%
- YTD
- -23.92%
- 6M
- -22.14%
- 1Y
- -53.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ULCC
- 1D
- 8.48%
- 1M
- 51.79%
- YTD
- 71.13%
- 6M
- 66.53%
- 1Y
- 122.65%
- 3Y*
- -3.68%
- 5Y*
- -14.65%
- 10Y*
- —
NVD vs. ULCC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NVD GraniteShares 2x Short NVDA Daily ETF | -23.92% | -73.27% | -93.09% | -15.28% |
ULCC Frontier Group Holdings, Inc. | 71.13% | -33.76% | 30.22% | -20.06% |
Correlation
The correlation between NVD and ULCC is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023 | -0.16 |
The correlation between NVD and ULCC shifts across timeframes, from -0.16 (all time) to -0.05 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
NVD vs. ULCC — Risk / Return Rank
NVD
ULCC
NVD vs. ULCC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short NVDA Daily ETF (NVD) and Frontier Group Holdings, Inc. (ULCC). 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 | ULCC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -3.26 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.26 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 2.35 | -3.16 |
| Martin ratioReturn relative to average drawdown | -1.33 | 5.06 | -6.40 |
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Drawdowns
NVD vs. ULCC - Drawdown Comparison
The maximum NVD drawdown since its inception was -99.26%, which is greater than ULCC's maximum drawdown of -87.04%. Use the drawdown chart below to compare losses from any high point for NVD and ULCC.
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Drawdown Indicators
| NVD | ULCC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.26% | -87.04% | -12.22% |
Max Drawdown (1Y)Largest decline over 1 year | -66.81% | -52.45% | -14.36% |
Max Drawdown (3Y)Largest decline over 3 years | — | -72.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -84.04% | — |
Current DrawdownCurrent decline from peak | -98.98% | -63.21% | -35.77% |
Average DrawdownAverage peak-to-trough decline | -81.90% | -60.39% | -21.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.42% | 24.33% | +16.09% |
Volatility
NVD vs. ULCC - Volatility Comparison
GraniteShares 2x Short NVDA Daily ETF (NVD) has a higher volatility of 26.63% compared to Frontier Group Holdings, Inc. (ULCC) at 23.57%. This indicates that NVD's price experiences larger fluctuations and is considered to be riskier than ULCC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NVD | ULCC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 26.63% | 23.57% | +3.06% |
Volatility (6M)Calculated over the trailing 6-month period | 54.05% | 58.82% | -4.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.16% | 83.98% | -12.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 92.48% | 70.31% | +22.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.48% | 69.19% | +23.29% |
Dividends
NVD vs. ULCC - Dividend Comparison
NVD's dividend yield for the trailing twelve months is around 15.54%, while ULCC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
NVD GraniteShares 2x Short NVDA Daily ETF | 15.54% | 11.83% | 8.68% | 15.78% |
ULCC Frontier Group Holdings, Inc. | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NVD and ULCC have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVD has higher volatility (26.63%) compared to ULCC (23.57%). In terms of maximum drawdown, NVD dropped -99.26% vs ULCC's -87.04%.
ULCC currently has the higher Sharpe Ratio (1.47 vs -0.76), 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.
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