NVD vs. VOO

Last updated Aug 2, 2026

NVD (GraniteShares 2x Short NVDA Daily ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - NVD is a Inverse Equities fund actively managed by GraniteShares, while VOO is a S&P 500 fund tracking the S&P 500 Index. NVD is actively managed, while VOO is passively managed. Over the past year, NVD returned -45.67% vs 21.58% for VOO. Their -0.63 correlation means they have often moved in opposite directions in the past. NVD charges 1.50%/yr vs 0.03%/yr for VOO.

Performance

NVD vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short NVDA Daily ETF (NVD) and Vanguard S&P 500 ETF (VOO). 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 VOO's 10.16% return.

NVD

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

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

*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
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

NVD vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVD GraniteShares 2x Short NVDA Daily ETF	-30.21%	-73.27%	-93.09%	-15.28%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	9.05%

Correlation

The correlation between NVD and VOO is -0.63, 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.	-0.63
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	-0.63

The correlation between NVD and VOO has been stable across timeframes, ranging from -0.63 to -0.63 - a consistent structural relationship.

NVD vs. VOO - Sectors Allocation Comparison

Sectors	NVD	VOO
Technology	200.0%	38.6%
Basic Materials	-	1.7%
Communication Services	-	9.9%
Consumer Cyclical	-	9.5%
Consumer Defensive	-	4.5%
Energy	-	3.0%
Financial Services	-	11.4%
Healthcare	-	8.9%
Industrials	-	8.5%
Real Estate	-	1.8%
Utilities	-	2.2%

Return for Risk

NVD vs. VOO — 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

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short NVDA Daily ETF (NVD) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.59	1.53	-2.12
Sortino ratio: Return per unit of downside risk	-0.56	2.13	-2.69
Omega ratio: Gain probability vs. loss probability	0.94	1.28	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.72	2.21	-2.93
Martin ratio: Return relative to average drawdown	-1.30	9.44	-10.73

NVD vs. VOO - Sharpe Ratio Comparison

The current NVD Sharpe Ratio is -0.59, which is lower than the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of NVD and VOO, 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. VOO - Drawdown Comparison

The maximum NVD drawdown since its inception was -99.26%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for NVD and VOO.

Drawdown Indicators

	NVD	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-99.26%	-33.99%	-65.27%
Max Drawdown (1Y) Largest decline over 1 year	-59.80%	-8.90%	-50.90%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-99.06%	-1.38%	-97.68%
Average Drawdown Average peak-to-trough decline	-82.49%	-3.67%	-78.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.25%	2.08%	+31.17%

Volatility

NVD vs. VOO - Volatility Comparison

GraniteShares 2x Short NVDA Daily ETF (NVD) has a higher volatility of 24.19% compared to Vanguard S&P 500 ETF (VOO) at 3.54%. This indicates that NVD's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVD	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.19%	3.54%	+20.65%
Volatility (6M) Calculated over the trailing 6-month period	57.44%	10.10%	+47.34%
Volatility (1Y) Calculated over the trailing 1-year period	73.16%	12.82%	+60.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.05%	16.93%	+75.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.05%	18.01%	+74.04%

NVD vs. VOO - Expense Ratio Comparison

NVD has a 1.50% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

NVD vs. VOO - Dividend Comparison

NVD's dividend yield for the trailing twelve months is around 16.95%, more than VOO's 1.07% 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%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both NVD and VOO in my portfolio?

NVD and VOO have a correlation of -0.63, 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 VOO?

NVD has higher volatility (24.19%) compared to VOO (3.54%). In terms of maximum drawdown, NVD dropped -99.26% vs VOO's -33.99%.

Which ETF is better, NVD or VOO?

On 1-year performance, VOO leads with 21.58% vs -45.67% for NVD. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVD or VOO?

Over the 1-year period, VOO has performed better with a 21.58% 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 VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 1.50% for NVD.

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

NVD has the higher dividend yield at 16.95%, compared with 1.07% for VOO.

What is the main difference between NVD and VOO?

NVD is categorized as Inverse Equities, while VOO is S&P 500. They also come from different issuers: GraniteShares and Vanguard. Their fees differ too: 1.50% for NVD and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.53 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.