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 -61.62% vs 206.76% for USD. At a correlation of -0.91, they often move in opposite directions. 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 -26.99% return, which is significantly lower than USD's 84.65% return.
NVD
- 1D
- 8.30%
- 1M
- 10.83%
- YTD
- -26.99%
- 6M
- -24.81%
- 1Y
- -61.62%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USD
- 1D
- -12.35%
- 1M
- 1.73%
- YTD
- 84.65%
- 6M
- 79.76%
- 1Y
- 206.76%
- 3Y*
- 114.28%
- 5Y*
- 63.13%
- 10Y*
- 61.02%
NVD vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NVD GraniteShares 2x Short NVDA Daily ETF | -26.99% | -73.27% | -93.09% | -15.28% |
USD ProShares Ultra Semiconductors | 84.65% | 62.08% | 139.64% | 26.62% |
Correlation
The correlation between NVD and USD is -0.86, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.86 |
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 -0.86 - 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 | -3.93 | ||
| Sortino ratioReturn per unit of downside risk | -4.27 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.40 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 6.54 | -7.43 |
| Martin ratioReturn relative to average drawdown | -1.39 | 18.16 | -19.54 |
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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 | -69.44% | -31.80% | -37.64% |
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 | -99.02% | -14.69% | -84.33% |
Average DrawdownAverage peak-to-trough decline | -81.86% | -32.29% | -49.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.02% | 11.44% | +35.58% |
Volatility
NVD vs. USD - Volatility Comparison
The current volatility for GraniteShares 2x Short NVDA Daily ETF (NVD) is 26.72%, while ProShares Ultra Semiconductors (USD) has a volatility of 34.07%. 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 | 26.72% | 34.07% | -7.35% |
Volatility (6M)Calculated over the trailing 6-month period | 54.57% | 54.13% | +0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.22% | 67.96% | +3.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 92.58% | 77.73% | +14.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.58% | 69.83% | +22.75% |
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 16.20%, more than USD's 0.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NVD GraniteShares 2x Short NVDA Daily ETF | 16.20% | 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 | 0.25% | 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 -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (34.07%) compared to NVD (26.72%). In terms of maximum drawdown, NVD dropped -99.26% vs USD's -88.63%.
On 1-year performance, USD leads with 206.76% vs -61.62% for NVD. On fees, USD is cheaper at 0.95% per year. On volatility, NVD has been the lower-risk option at 26.72%. 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 206.76% return vs -61.62%. 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 16.20%, compared with 0.25% 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 (3.06 vs -0.87), 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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