NVD vs. USD
NVD (GraniteShares 2x Short NVDA Daily ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - NVD is a Inverse Equities fund actively managed by GraniteShares, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). NVD is actively managed, while USD is passively managed. Over the past year, NVD returned -45.67% vs 92.29% for USD. Their -0.91 correlation means they have often moved in opposite directions in the past. NVD charges 1.50%/yr vs 0.95%/yr for USD.
Performance
NVD vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, NVD achieves a -30.21% return, which is significantly lower than USD's 50.25% return.
NVD
- 1D
- -5.85%
- 1M
- -9.27%
- 6M
- -25.85%
- YTD
- -30.21%
- 1Y
- -45.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -78.48%
USD
- 1D
- 1.44%
- 1M
- -10.08%
- 6M
- 34.80%
- YTD
- 50.25%
- 1Y
- 92.29%
- 3Y*
- 87.71%
- 5Y*
- 55.02%
- 10Y*
- 54.19%
- ALL TIME*
- 28.07%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $448.34M | $392.73M | $345.88M | |
| $68.86M | $72.62M | $95.81M |
NVD vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NVD GraniteShares 2x Short NVDA Daily ETF | -30.21% | -73.27% | -93.09% | -15.28% |
USD ProShares Ultra Semiconductors | 50.25% | 62.08% | 139.64% | 26.62% |
Correlation
The correlation between NVD and USD is -0.84, 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. | -0.84 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023 | -0.91 |
The correlation between NVD and USD has been stable across timeframes, ranging from -0.91 to -0.84 - a consistent structural relationship.
NVD vs. USD - Sectors Allocation Comparison
Sectors
NVD
USD
Technology
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
Financial Services
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Utilities
-
-
Technology
NVD
USD
Basic Materials
NVD
-
USD
-
Communication Services
NVD
-
USD
-
Consumer Cyclical
NVD
-
USD
-
Consumer Defensive
NVD
-
USD
-
Energy
NVD
-
USD
Financial Services
NVD
-
USD
Healthcare
NVD
-
USD
-
Industrials
NVD
-
USD
-
Real Estate
NVD
-
USD
-
Utilities
NVD
-
USD
-
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Return for Risk
NVD vs. USD — Risk / Return Rank
NVD
USD
NVD vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short NVDA Daily ETF (NVD) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.74 | ||
| Sortino ratioReturn per unit of downside risk | -2.29 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.22 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 2.16 | -2.88 |
| Martin ratioReturn relative to average drawdown | -1.30 | 6.21 | -7.51 |
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Drawdowns
NVD vs. USD - Drawdown Comparison
The maximum NVD drawdown since its inception was -99.26%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for NVD and USD.
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Drawdown Indicators
| NVD | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.26% | -88.63% | -10.63% |
Max Drawdown (1Y)Largest decline over 1 year | -59.80% | -39.33% | -20.47% |
Max Drawdown (3Y)Largest decline over 3 years | — | -64.46% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -77.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -77.85% | — |
Current DrawdownCurrent decline from peak | -99.06% | -30.59% | -68.47% |
Average DrawdownAverage peak-to-trough decline | -82.49% | -32.23% | -50.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.25% | 13.62% | +19.63% |
Volatility
NVD vs. USD - Volatility Comparison
The current volatility for GraniteShares 2x Short NVDA Daily ETF (NVD) is 24.19%, while ProShares Ultra Semiconductors (USD) has a volatility of 28.19%. This indicates that NVD experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NVD | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.19% | 28.19% | -4.00% |
Volatility (6M)Calculated over the trailing 6-month period | 57.44% | 61.13% | -3.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.16% | 73.80% | -0.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 92.05% | 78.73% | +13.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.05% | 70.38% | +21.67% |
NVD vs. USD - Expense Ratio Comparison
NVD has a 1.50% expense ratio, which is higher than USD's 0.95% expense ratio.
Dividends
NVD vs. USD - Dividend Comparison
NVD's dividend yield for the trailing twelve months is around 16.95%, more than USD's 0.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NVD GraniteShares 2x Short NVDA Daily ETF | 16.95% | 11.83% | 8.68% | 15.78% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USD ProShares Ultra Semiconductors | 0.39% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
NVD and USD have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (28.19%) compared to NVD (24.19%). In terms of maximum drawdown, NVD dropped -99.26% vs USD's -88.63%.
On 1-year performance, USD leads with 92.29% vs -45.67% for NVD. On fees, USD is cheaper at 0.95% per year. On volatility, NVD has been the lower-risk option at 24.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USD has performed better with a 92.29% return vs -45.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USD is cheaper with a 0.95% expense ratio, compared with 1.50% for NVD.
NVD has the higher dividend yield at 16.95%, compared with 0.39% for USD.
NVD is categorized as Inverse Equities, while USD is Leveraged Equities. They also come from different issuers: GraniteShares and ProShares. Their fees differ too: 1.50% for NVD and 0.95% for USD.
USD currently has the higher Sharpe Ratio (1.15 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.
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