NVDD vs. BMNZ

Last updated Jun 26, 2026

NVDD (Direxion Daily NVDA Bear 1X Shares) and BMNZ (Defiance Daily Target 2X Short BMNR ETF) are both Inverse Equities funds. NVDD is actively managed, while BMNZ is passively managed. At a 0.48 correlation, their price movements are largely independent. NVDD charges 1.01%/yr vs 1.31%/yr for BMNZ.

Performance

NVDD vs. BMNZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NVDA Bear 1X Shares (NVDD) and Defiance Daily Target 2X Short BMNR ETF (BMNZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDD achieves a -7.95% return, which is significantly lower than BMNZ's 29.97% return.

NVDD

• 1D: 1.55%
• 1M: 8.42%
• YTD: -7.95%
• 6M: -6.76%
• 1Y: -24.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BMNZ

• 1D: 9.79%
• 1M: 76.32%
• YTD: 29.97%
• 6M: 50.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDD vs. BMNZ - Yearly Performance Comparison

	2026 (YTD)	2025
NVDD Direxion Daily NVDA Bear 1X Shares	-7.95%	3.62%
BMNZ Defiance Daily Target 2X Short BMNR ETF	29.97%	15.30%

Correlation

The correlation between NVDD and BMNZ is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 13, 2025	0.48

Return for Risk

NVDD vs. BMNZ — Risk / Return Rank

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

NVDD

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

BMNZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

NVDD vs. BMNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NVDA Bear 1X Shares (NVDD) and Defiance Daily Target 2X Short BMNR ETF (BMNZ). 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.

	NVDD	BMNZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.71	—	—
Sortino ratio: Return per unit of downside risk	-0.87	—	—
Omega ratio: Gain probability vs. loss probability	0.90	—	—
Calmar ratio: Return relative to maximum drawdown	-0.67	—	—
Martin ratio: Return relative to average drawdown	-1.26	—	—

Drawdowns

NVDD vs. BMNZ - Drawdown Comparison

The maximum NVDD drawdown since its inception was -88.34%, which is greater than BMNZ's maximum drawdown of -70.80%. Use the drawdown chart below to compare losses from any high point for NVDD and BMNZ.

Drawdown Indicators

	NVDD	BMNZ	Difference
Max Drawdown Largest peak-to-trough decline	-88.34%	-70.80%	-17.54%
Max Drawdown (1Y) Largest decline over 1 year	-37.04%	—	—
Current Drawdown Current decline from peak	-86.14%	-27.23%	-58.91%
Average Drawdown Average peak-to-trough decline	-67.36%	-50.65%	-16.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.64%	—	—

Volatility

Volatility by Period

	NVDD	BMNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.22%	—	—
Volatility (6M) Calculated over the trailing 6-month period	26.67%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	35.36%	187.04%	-151.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.33%	187.04%	-139.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.33%	187.04%	-139.71%

NVDD vs. BMNZ - Expense Ratio Comparison

NVDD has a 1.01% expense ratio, which is lower than BMNZ's 1.31% expense ratio.

Dividends

NVDD vs. BMNZ - Dividend Comparison

NVDD's dividend yield for the trailing twelve months is around 3.55%, while BMNZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BMNZ Defiance Daily Target 2X Short BMNR ETF	0.00%	0.00%	0.00%	0.00%
NVDD Direxion Daily NVDA Bear 1X Shares	3.55%	4.19%	4.83%	1.31%

Frequently Asked Questions

Can I hold both NVDD and BMNZ in my portfolio?

NVDD and BMNZ have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NVDD or BMNZ?

On fees, NVDD is cheaper at 1.01% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NVDD or BMNZ?

NVDD is cheaper with a 1.01% expense ratio, compared with 1.31% for BMNZ.

Which ETF pays a higher dividend yield, NVDD or BMNZ?

NVDD has the higher dividend yield at 3.55%, compared with 0.00% for BMNZ.

What is the main difference between NVDD and BMNZ?

They also come from different issuers: Direxion and Defiance. Their fees differ too: 1.01% for NVDD and 1.31% for BMNZ.