NVDD vs. CNEQ

Last updated Jul 12, 2026

NVDD (Direxion Daily NVDA Bear 1X Shares) and CNEQ (Alger Concentrated Equity ETF) are both exchange-traded funds - NVDD is a Inverse Equities fund actively managed by Direxion, while CNEQ is a Large Cap Growth Equities fund actively managed by Alger. Both are actively managed. Over the past year, NVDD returned -25.18% vs 39.17% for CNEQ. At a correlation of -0.77, they often move in opposite directions. NVDD charges 1.01%/yr vs 0.55%/yr for CNEQ.

Performance

NVDD vs. CNEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NVDA Bear 1X Shares (NVDD) and Alger Concentrated Equity ETF (CNEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDD achieves a -14.52% return, which is significantly lower than CNEQ's 18.00% return.

NVDD

• 1D: -3.84%
• 1M: -2.91%
• 6M: -15.42%
• YTD: -14.52%
• 1Y: -25.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CNEQ

• 1D: -0.25%
• 1M: 4.03%
• 6M: 15.29%
• YTD: 18.00%
• 1Y: 39.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDD vs. CNEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVDD Direxion Daily NVDA Bear 1X Shares	-14.52%	-38.72%	-44.99%
CNEQ Alger Concentrated Equity ETF	18.00%	33.61%	29.82%

Correlation

The correlation between NVDD and CNEQ is -0.72, 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	-0.72
Correlation (All Time) Calculated using the full available price history since Apr 5, 2024	-0.77

The correlation between NVDD and CNEQ has been stable across timeframes, ranging from -0.77 to -0.72 - a consistent structural relationship.

Return for Risk

NVDD vs. CNEQ — Risk / Return Rank

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

NVDD

NVDD Risk / Return Rank: 3
NVDD Sharpe Ratio Rank: 3
NVDD Sortino Ratio Rank: 4
NVDD Omega Ratio Rank: 4
NVDD Calmar Ratio Rank: 3
NVDD Martin Ratio Rank: 0

CNEQ

CNEQ Risk / Return Rank: 54
CNEQ Sharpe Ratio Rank: 60
CNEQ Sortino Ratio Rank: 56
CNEQ Omega Ratio Rank: 56
CNEQ Calmar Ratio Rank: 51
CNEQ Martin Ratio Rank: 47

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. CNEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NVDA Bear 1X Shares (NVDD) and Alger Concentrated Equity ETF (CNEQ). 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	CNEQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.72	1.61	-2.34
Sortino ratio: Return per unit of downside risk	-0.90	2.17	-3.07
Omega ratio: Gain probability vs. loss probability	0.90	1.28	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.79	2.04	-2.82
Martin ratio: Return relative to average drawdown	-1.69	6.26	-7.95

NVDD vs. CNEQ - Sharpe Ratio Comparison

The current NVDD Sharpe Ratio is -0.72, which is lower than the CNEQ Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of NVDD and CNEQ, 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

NVDD vs. CNEQ - Drawdown Comparison

The maximum NVDD drawdown since its inception was -88.34%, which is greater than CNEQ's maximum drawdown of -27.58%. Use the drawdown chart below to compare losses from any high point for NVDD and CNEQ.

Drawdown Indicators

	NVDD	CNEQ	Difference
Max Drawdown Largest peak-to-trough decline	-88.34%	-27.58%	-60.76%
Max Drawdown (1Y) Largest decline over 1 year	-32.55%	-19.30%	-13.25%
Current Drawdown Current decline from peak	-87.12%	-3.01%	-84.11%
Average Drawdown Average peak-to-trough decline	-67.63%	-4.84%	-62.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.16%	6.27%	+8.89%

Volatility

NVDD vs. CNEQ - Volatility Comparison

Direxion Daily NVDA Bear 1X Shares (NVDD) has a higher volatility of 11.16% compared to Alger Concentrated Equity ETF (CNEQ) at 9.51%. This indicates that NVDD's price experiences larger fluctuations and is considered to be riskier than CNEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDD	CNEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.16%	9.51%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	27.29%	19.32%	+7.97%
Volatility (1Y) Calculated over the trailing 1-year period	35.43%	24.35%	+11.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.17%	26.97%	+20.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.17%	26.97%	+20.20%

NVDD vs. CNEQ - Expense Ratio Comparison

NVDD has a 1.01% expense ratio, which is higher than CNEQ's 0.55% expense ratio.

Dividends

NVDD vs. CNEQ - Dividend Comparison

NVDD's dividend yield for the trailing twelve months is around 3.82%, more than CNEQ's 0.44% yield.

Position	TTM	2025	2024	2023
CNEQ Alger Concentrated Equity ETF	0.44%	0.52%	0.16%	0.00%
NVDD Direxion Daily NVDA Bear 1X Shares	3.82%	4.19%	4.83%	1.31%

Frequently Asked Questions

Can I hold both NVDD and CNEQ in my portfolio?

NVDD and CNEQ have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDD or CNEQ?

NVDD has higher volatility (11.16%) compared to CNEQ (9.51%). In terms of maximum drawdown, NVDD dropped -88.34% vs CNEQ's -27.58%.

Which ETF is better, NVDD or CNEQ?

On 1-year performance, CNEQ leads with 39.17% vs -25.18% for NVDD. On fees, CNEQ is cheaper at 0.55% per year. On volatility, CNEQ has been the lower-risk option at 9.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDD or CNEQ?

Over the 1-year period, CNEQ has performed better with a 39.17% return vs -25.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDD or CNEQ?

CNEQ is cheaper with a 0.55% expense ratio, compared with 1.01% for NVDD.

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

NVDD has the higher dividend yield at 3.82%, compared with 0.44% for CNEQ.

What is the main difference between NVDD and CNEQ?

NVDD is categorized as Inverse Equities, while CNEQ is Large Cap Growth Equities. They also come from different issuers: Direxion and Alger. Their fees differ too: 1.01% for NVDD and 0.55% for CNEQ.

Which has better risk-adjusted returns?

CNEQ currently has the higher Sharpe Ratio (1.61 vs -0.72), 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.