NVD vs. XLK

Last updated Jun 26, 2026

NVD (GraniteShares 2x Short NVDA Daily ETF) and XLK (State Street Technology Select Sector SPDR ETF) are both exchange-traded funds - NVD is a Inverse Equities fund actively managed by GraniteShares, while XLK is a Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index. NVD is actively managed, while XLK is passively managed. Over the past year, NVD returned -53.87% vs 48.82% for XLK. At a correlation of -0.75, they often move in opposite directions. NVD charges 1.50%/yr vs 0.08%/yr for XLK.

Performance

NVD vs. XLK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short NVDA Daily ETF (NVD) and State Street Technology Select Sector SPDR ETF (XLK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVD achieves a -23.92% return, which is significantly lower than XLK's 28.51% return.

NVD

• 1D: 3.23%
• 1M: 15.01%
• YTD: -23.92%
• 6M: -22.14%
• 1Y: -53.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XLK

• 1D: 0.83%
• 1M: -0.19%
• YTD: 28.51%
• 6M: 26.47%
• 1Y: 48.82%
• 3Y*: 31.01%
• 5Y*: 21.42%
• 10Y*: 25.76%

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

NVD vs. XLK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVD GraniteShares 2x Short NVDA Daily ETF	-23.92%	-73.27%	-93.09%	-15.28%
XLK State Street Technology Select Sector SPDR ETF	28.51%	24.61%	21.63%	14.99%

Correlation

The correlation between NVD and XLK is -0.68, 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	-0.68
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	-0.75

The correlation between NVD and XLK has been stable across timeframes, ranging from -0.75 to -0.68 - a consistent structural relationship.

NVD vs. XLK - Sectors Allocation Comparison

Sectors	NVD	XLK
Technology	199.7%	99.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.2%
Financial Services	-	-
Healthcare	-	-
Industrials	-	0.1%
Real Estate	-	-
Utilities	-	-

Return for Risk

NVD vs. XLK — Risk / Return Rank

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

NVD

NVD Risk / Return Rank: 3
NVD Sharpe Ratio Rank: 3
NVD Sortino Ratio Rank: 4
NVD Omega Ratio Rank: 4
NVD Calmar Ratio Rank: 2
NVD Martin Ratio Rank: 3

XLK

XLK Risk / Return Rank: 69
XLK Sharpe Ratio Rank: 76
XLK Sortino Ratio Rank: 66
XLK Omega Ratio Rank: 69
XLK Calmar Ratio Rank: 71
XLK Martin Ratio Rank: 62

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. XLK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short NVDA Daily ETF (NVD) and State Street Technology Select Sector SPDR ETF (XLK). 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	XLK	Difference
Sharpe ratio: Return per unit of total volatility	-0.76	2.09	-2.86
Sortino ratio: Return per unit of downside risk	-1.02	2.62	-3.64
Omega ratio: Gain probability vs. loss probability	0.89	1.35	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.81	3.08	-3.89
Martin ratio: Return relative to average drawdown	-1.33	9.75	-11.08

NVD vs. XLK - Sharpe Ratio Comparison

The current NVD Sharpe Ratio is -0.76, which is lower than the XLK Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of NVD and XLK, 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. XLK - Drawdown Comparison

The maximum NVD drawdown since its inception was -99.26%, which is greater than XLK's maximum drawdown of -82.05%. Use the drawdown chart below to compare losses from any high point for NVD and XLK.

Drawdown Indicators

	NVD	XLK	Difference
Max Drawdown Largest peak-to-trough decline	-99.26%	-82.05%	-17.21%
Max Drawdown (1Y) Largest decline over 1 year	-66.81%	-15.92%	-50.89%
Max Drawdown (3Y) Largest decline over 3 years	—	-25.66%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.56%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.56%	—
Current Drawdown Current decline from peak	-98.98%	-6.77%	-92.21%
Average Drawdown Average peak-to-trough decline	-81.90%	-34.89%	-47.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.42%	5.02%	+35.40%

Volatility

NVD vs. XLK - Volatility Comparison

GraniteShares 2x Short NVDA Daily ETF (NVD) has a higher volatility of 26.63% compared to State Street Technology Select Sector SPDR ETF (XLK) at 12.25%. This indicates that NVD's price experiences larger fluctuations and is considered to be riskier than XLK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVD	XLK	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.63%	12.25%	+14.38%
Volatility (6M) Calculated over the trailing 6-month period	54.05%	19.63%	+34.42%
Volatility (1Y) Calculated over the trailing 1-year period	71.16%	23.42%	+47.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.48%	25.37%	+67.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.48%	24.71%	+67.77%

NVD vs. XLK - Expense Ratio Comparison

NVD has a 1.50% expense ratio, which is higher than XLK's 0.08% expense ratio.

Dividends

NVD vs. XLK - Dividend Comparison

NVD's dividend yield for the trailing twelve months is around 15.54%, more than XLK's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVD GraniteShares 2x Short NVDA Daily ETF	15.54%	11.83%	8.68%	15.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XLK State Street Technology Select Sector SPDR ETF	0.43%	0.54%	0.66%	0.76%	1.04%	0.65%	0.92%	1.16%	1.60%	1.37%	1.74%	1.79%

Frequently Asked Questions

Can I hold both NVD and XLK in my portfolio?

NVD and XLK have a correlation of -0.68, 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 XLK?

NVD has higher volatility (26.63%) compared to XLK (12.25%). In terms of maximum drawdown, NVD dropped -99.26% vs XLK's -82.05%.

Which ETF is better, NVD or XLK?

On 1-year performance, XLK leads with 48.82% vs -53.87% for NVD. On fees, XLK is cheaper at 0.08% per year. On volatility, XLK has been the lower-risk option at 12.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVD or XLK?

Over the 1-year period, XLK has performed better with a 48.82% return vs -53.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVD or XLK?

XLK is cheaper with a 0.08% expense ratio, compared with 1.50% for NVD.

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

NVD has the higher dividend yield at 15.54%, compared with 0.43% for XLK.

What is the main difference between NVD and XLK?

NVD is categorized as Inverse Equities, while XLK is Technology Equities. They also come from different issuers: GraniteShares and State Street. Their fees differ too: 1.50% for NVD and 0.08% for XLK.

Which has better risk-adjusted returns?

XLK currently has the higher Sharpe Ratio (2.09 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.