NVDD vs. IYW
NVDD (Direxion Daily NVDA Bear 1X Shares) and IYW (iShares U.S. Technology ETF) are both exchange-traded funds - NVDD is a Inverse Equities fund actively managed by Direxion, while IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index. NVDD is actively managed, while IYW is passively managed. Over the past year, NVDD returned -37.37% vs 58.25% for IYW. At a correlation of -0.78, they often move in opposite directions. NVDD charges 1.01%/yr vs 0.38%/yr for IYW.
Performance
NVDD vs. IYW - Performance Comparison
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Returns By Period
In the year-to-date period, NVDD achieves a -17.07% return, which is significantly lower than IYW's 28.46% return.
NVDD
- 1D
- -1.83%
- 1M
- -11.14%
- YTD
- -17.07%
- 6M
- -18.48%
- 1Y
- -37.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IYW
- 1D
- -0.44%
- 1M
- 13.87%
- YTD
- 28.46%
- 6M
- 27.22%
- 1Y
- 58.25%
- 3Y*
- 35.17%
- 5Y*
- 22.76%
- 10Y*
- 26.00%
NVDD vs. IYW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NVDD Direxion Daily NVDA Bear 1X Shares | -17.07% | -38.72% | -69.77% | -8.79% |
IYW iShares U.S. Technology ETF | 28.46% | 25.38% | 30.25% | 12.61% |
Correlation
The correlation between NVDD and IYW is -0.70, 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 | -0.70 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023 | -0.78 |
The correlation between NVDD and IYW has been stable across timeframes, ranging from -0.78 to -0.70 - a consistent structural relationship.
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Return for Risk
NVDD vs. IYW — Risk / Return Rank
NVDD
IYW
NVDD vs. IYW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NVDA Bear 1X Shares (NVDD) and iShares U.S. Technology ETF (IYW). 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.
| NVDD | IYW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.02 | ||
| Sortino ratioReturn per unit of downside risk | -5.24 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.47 | -0.65 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 3.29 | -4.17 |
| Martin ratioReturn relative to average drawdown | -1.50 | 10.76 | -12.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NVDD | IYW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.10 | 2.92 | -4.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.88 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.04 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.09 | 0.35 | -1.44 |
Drawdowns
NVDD vs. IYW - Drawdown Comparison
The maximum NVDD drawdown since its inception was -88.34%, which is greater than IYW's maximum drawdown of -81.90%. Use the drawdown chart below to compare losses from any high point for NVDD and IYW.
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Drawdown Indicators
| NVDD | IYW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.34% | -81.90% | -6.44% |
Max Drawdown (1Y)Largest decline over 1 year | -42.53% | -17.81% | -24.72% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.47% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -39.44% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.44% | — |
Current DrawdownCurrent decline from peak | -87.51% | -1.35% | -86.16% |
Average DrawdownAverage peak-to-trough decline | -67.06% | -34.65% | -32.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.95% | 5.43% | +19.52% |
Volatility
NVDD vs. IYW - Volatility Comparison
Direxion Daily NVDA Bear 1X Shares (NVDD) has a higher volatility of 12.50% compared to iShares U.S. Technology ETF (IYW) at 6.28%. This indicates that NVDD's price experiences larger fluctuations and is considered to be riskier than IYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NVDD | IYW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.50% | 6.28% | +6.22% |
Volatility (6M)Calculated over the trailing 6-month period | 25.58% | 15.84% | +9.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.00% | 20.07% | +13.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.38% | 25.86% | +21.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.38% | 25.09% | +22.29% |
NVDD vs. IYW - Expense Ratio Comparison
NVDD has a 1.01% expense ratio, which is higher than IYW's 0.38% expense ratio.
Dividends
NVDD vs. IYW - Dividend Comparison
NVDD's dividend yield for the trailing twelve months is around 4.32%, more than IYW's 0.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 0.11% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
NVDD Direxion Daily NVDA Bear 1X Shares | 4.32% | 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 IYW have a correlation of -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVDD has higher volatility (12.50%) compared to IYW (6.28%). In terms of maximum drawdown, NVDD dropped -88.34% vs IYW's -81.90%.
On 1-year performance, IYW leads with 58.25% vs -37.37% for NVDD. On fees, IYW is cheaper at 0.38% per year. On volatility, IYW has been the lower-risk option at 6.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IYW has performed better with a 58.25% return vs -37.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYW is cheaper with a 0.38% expense ratio, compared with 1.01% for NVDD.
NVDD has the higher dividend yield at 4.32%, compared with 0.11% for IYW.
NVDD is categorized as Inverse Equities, while IYW is Technology Equities. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.01% for NVDD and 0.38% for IYW.
IYW currently has the higher Sharpe Ratio (2.92 vs -1.10), 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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