NVDD vs. IVW
NVDD (Direxion Daily NVDA Bear 1X Shares) and IVW (iShares S&P 500 Growth ETF) are both exchange-traded funds - NVDD is a Inverse Equities fund actively managed by Direxion, while IVW is a Large Cap Growth Equities fund tracking the S&P 500 Growth Index. NVDD is actively managed, while IVW is passively managed. Over the past year, NVDD returned -34.19% vs 31.38% for IVW. At a correlation of -0.75, they often move in opposite directions. NVDD charges 1.01%/yr vs 0.18%/yr for IVW.
Performance
NVDD vs. IVW - Performance Comparison
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Returns By Period
In the year-to-date period, NVDD achieves a -13.53% return, which is significantly lower than IVW's 11.26% return.
NVDD
- 1D
- 1.07%
- 1M
- 2.11%
- YTD
- -13.53%
- 6M
- -14.80%
- 1Y
- -34.19%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IVW
- 1D
- -0.78%
- 1M
- 0.29%
- YTD
- 11.26%
- 6M
- 10.89%
- 1Y
- 31.38%
- 3Y*
- 26.35%
- 5Y*
- 14.62%
- 10Y*
- 18.21%
NVDD vs. IVW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NVDD Direxion Daily NVDA Bear 1X Shares | -13.53% | -38.72% | -69.77% | -8.97% |
IVW iShares S&P 500 Growth ETF | 11.26% | 21.95% | 35.82% | 6.18% |
Correlation
The correlation between NVDD and IVW 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 Sep 13, 2023 | -0.75 |
The correlation between NVDD and IVW has been stable across timeframes, ranging from -0.75 to -0.72 - a consistent structural relationship.
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Return for Risk
NVDD vs. IVW — Risk / Return Rank
NVDD
IVW
NVDD vs. IVW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NVDA Bear 1X Shares (NVDD) and iShares S&P 500 Growth ETF (IVW). 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 | IVW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.84 | ||
| Sortino ratioReturn per unit of downside risk | -3.89 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.32 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 2.29 | -3.13 |
| Martin ratioReturn relative to average drawdown | -1.42 | 9.14 | -10.56 |
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Drawdowns
NVDD vs. IVW - Drawdown Comparison
The maximum NVDD drawdown since its inception was -88.34%, which is greater than IVW's maximum drawdown of -57.33%. Use the drawdown chart below to compare losses from any high point for NVDD and IVW.
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Drawdown Indicators
| NVDD | IVW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.34% | -57.33% | -31.01% |
Max Drawdown (1Y)Largest decline over 1 year | -40.97% | -13.75% | -27.22% |
Max Drawdown (3Y)Largest decline over 3 years | — | -22.15% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -32.72% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.72% | — |
Current DrawdownCurrent decline from peak | -86.98% | -3.23% | -83.75% |
Average DrawdownAverage peak-to-trough decline | -67.28% | -17.59% | -49.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.25% | 3.44% | +20.81% |
Volatility
NVDD vs. IVW - Volatility Comparison
Direxion Daily NVDA Bear 1X Shares (NVDD) has a higher volatility of 12.74% compared to iShares S&P 500 Growth ETF (IVW) at 6.84%. This indicates that NVDD's price experiences larger fluctuations and is considered to be riskier than IVW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NVDD | IVW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.74% | 6.84% | +5.90% |
Volatility (6M)Calculated over the trailing 6-month period | 26.62% | 13.64% | +12.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.21% | 16.92% | +18.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.34% | 21.32% | +26.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.34% | 20.71% | +26.63% |
NVDD vs. IVW - Expense Ratio Comparison
NVDD has a 1.01% expense ratio, which is higher than IVW's 0.18% expense ratio.
Dividends
NVDD vs. IVW - Dividend Comparison
NVDD's dividend yield for the trailing twelve months is around 4.14%, more than IVW's 0.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVW iShares S&P 500 Growth ETF | 0.36% | 0.40% | 0.43% | 1.03% | 0.92% | 0.46% | 0.82% | 1.63% | 1.28% | 1.30% | 1.51% | 1.51% |
NVDD Direxion Daily NVDA Bear 1X Shares | 4.14% | 4.19% | 4.83% | 1.31% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NVDD and IVW 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.
NVDD has higher volatility (12.74%) compared to IVW (6.84%). In terms of maximum drawdown, NVDD dropped -88.34% vs IVW's -57.33%.
On 1-year performance, IVW leads with 31.38% vs -34.19% for NVDD. On fees, IVW is cheaper at 0.18% per year. On volatility, IVW has been the lower-risk option at 6.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IVW has performed better with a 31.38% return vs -34.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVW is cheaper with a 0.18% expense ratio, compared with 1.01% for NVDD.
NVDD has the higher dividend yield at 4.14%, compared with 0.36% for IVW.
NVDD is categorized as Inverse Equities, while IVW is Large Cap Growth Equities. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.01% for NVDD and 0.18% for IVW.
IVW currently has the higher Sharpe Ratio (1.87 vs -0.98), 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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