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 -24.68% vs 43.57% 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 -7.95% return, which is significantly lower than IYW's 22.27% return.
NVDD
- 1D
- 1.55%
- 1M
- 8.42%
- YTD
- -7.95%
- 6M
- -6.76%
- 1Y
- -24.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IYW
- 1D
- 0.74%
- 1M
- -1.36%
- YTD
- 22.27%
- 6M
- 20.44%
- 1Y
- 43.57%
- 3Y*
- 32.70%
- 5Y*
- 20.41%
- 10Y*
- 26.29%
NVDD vs. IYW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NVDD Direxion Daily NVDA Bear 1X Shares | -7.95% | -38.72% | -69.77% | -8.97% |
IYW iShares U.S. Technology ETF | 22.27% | 25.38% | 30.25% | 12.95% |
Correlation
The correlation between NVDD and IYW 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 | -0.78 |
The correlation between NVDD and IYW has been stable across timeframes, ranging from -0.78 to -0.72 - 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.
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 | IYW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.67 | ||
| Sortino ratioReturn per unit of downside risk | -3.39 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.34 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | 2.46 | -3.13 |
| Martin ratioReturn relative to average drawdown | -1.26 | 7.80 | -9.05 |
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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 | -37.04% | -17.81% | -19.23% |
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 | -86.14% | -6.11% | -80.03% |
Average DrawdownAverage peak-to-trough decline | -67.36% | -34.59% | -32.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.64% | 5.60% | +14.04% |
Volatility
NVDD vs. IYW - Volatility Comparison
Direxion Daily NVDA Bear 1X Shares (NVDD) has a higher volatility of 13.22% compared to iShares U.S. Technology ETF (IYW) at 10.91%. 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 | 13.22% | 10.91% | +2.31% |
Volatility (6M)Calculated over the trailing 6-month period | 26.67% | 18.39% | +8.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.36% | 22.28% | +13.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.33% | 26.24% | +21.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.33% | 25.25% | +22.08% |
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 3.55%, 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 | 3.55% | 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 -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVDD has higher volatility (13.22%) compared to IYW (10.91%). In terms of maximum drawdown, NVDD dropped -88.34% vs IYW's -81.90%.
On 1-year performance, IYW leads with 43.57% vs -24.68% for NVDD. On fees, IYW is cheaper at 0.38% per year. On volatility, IYW has been the lower-risk option at 10.91%. 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 43.57% return vs -24.68%. 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 3.55%, 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 (1.97 vs -0.71), 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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