NVD vs. ULCC

Last updated Jun 5, 2026

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 -68.07% vs 47.73% for ULCC. At a correlation of -0.16, they often move in opposite directions.

Performance

NVD vs. ULCC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short NVDA Daily ETF (NVD) and Frontier Group Holdings, Inc. (ULCC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVD achieves a -37.20% return, which is significantly lower than ULCC's 24.20% return.

NVD

• 1D: -3.65%
• 1M: -22.72%
• YTD: -37.20%
• 6M: -40.09%
• 1Y: -68.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ULCC

• 1D: 2.63%
• 1M: 33.87%
• YTD: 24.20%
• 6M: 17.47%
• 1Y: 47.73%
• 3Y*: -13.44%
• 5Y*: -21.69%
• 10Y*: —

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

NVD vs. ULCC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVD GraniteShares 2x Short NVDA Daily ETF	-37.20%	-73.27%	-93.09%	-15.28%
ULCC Frontier Group Holdings, Inc.	24.20%	-33.76%	30.22%	-18.87%

Correlation

The correlation between NVD and ULCC is -0.06, 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	-0.06
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	-0.16

The correlation between NVD and ULCC shifts across timeframes, from -0.16 (all time) to -0.06 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NVD vs. ULCC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NVD

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

ULCC

ULCC Risk / Return Rank: 61
ULCC Sharpe Ratio Rank: 61
ULCC Sortino Ratio Rank: 64
ULCC Omega Ratio Rank: 60
ULCC Calmar Ratio Rank: 61
ULCC Martin Ratio Rank: 60

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. 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.

	NVD	ULCC	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	0.58	-1.58
Sortino ratio: Return per unit of downside risk	-1.75	1.42	-3.17
Omega ratio: Gain probability vs. loss probability	0.81	1.16	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.94	0.91	-1.85
Martin ratio: Return relative to average drawdown	-1.42	1.96	-3.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVD vs. ULCC - Sharpe Ratio Comparison

The current NVD Sharpe Ratio is -1.00, which is lower than the ULCC Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of NVD and ULCC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NVD	ULCC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.00	0.58	-1.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.88	-0.29	-0.58

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.

Drawdown Indicators

	NVD	ULCC	Difference
Max Drawdown Largest peak-to-trough decline	-99.26%	-87.04%	-12.22%
Max Drawdown (1Y) Largest decline over 1 year	-72.64%	-52.45%	-20.19%
Max Drawdown (3Y) Largest decline over 3 years	—	-72.90%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-85.80%	—
Current Drawdown Current decline from peak	-99.15%	-73.30%	-25.85%
Average Drawdown Average peak-to-trough decline	-81.68%	-60.34%	-21.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.83%	24.44%	+23.39%

Volatility

NVD vs. ULCC - Volatility Comparison

GraniteShares 2x Short NVDA Daily ETF (NVD) and Frontier Group Holdings, Inc. (ULCC) have volatilities of 25.96% and 26.08%, 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	ULCC	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.96%	26.08%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	52.11%	57.05%	-4.94%
Volatility (1Y) Calculated over the trailing 1-year period	68.48%	82.76%	-14.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.55%	69.65%	+22.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.55%	68.90%	+23.65%

Dividends

NVD vs. ULCC - Dividend Comparison

NVD's dividend yield for the trailing twelve months is around 18.83%, while ULCC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
NVD GraniteShares 2x Short NVDA Daily ETF	18.83%	11.83%	8.68%	15.78%
ULCC Frontier Group Holdings, Inc.	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NVD and ULCC in my portfolio?

NVD and ULCC have a correlation of -0.06, 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 ULCC?

ULCC has higher volatility (26.08%) compared to NVD (25.96%). In terms of maximum drawdown, NVD dropped -99.26% vs ULCC's -87.04%.

Which has better risk-adjusted returns?

ULCC currently has the higher Sharpe Ratio (0.58 vs -1.00), 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.