NVDD vs. NVD
NVDD (Direxion Daily NVDA Bear 1X Shares) and NVD (GraniteShares 2x Short NVDA Daily ETF) are both Inverse Equities funds. Both are actively managed. Over the past year, NVDD returned -31.84% vs -61.62% for NVD. With a 0.99 correlation, they move nearly in lockstep. NVDD charges 1.01%/yr vs 1.50%/yr for NVD.
Performance
NVDD vs. NVD - Performance Comparison
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Returns By Period
In the year-to-date period, NVDD achieves a -10.62% return, which is significantly higher than NVD's -26.99% return.
NVDD
- 1D
- 3.37%
- 1M
- 5.55%
- YTD
- -10.62%
- 6M
- -9.15%
- 1Y
- -31.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NVD
- 1D
- 8.30%
- 1M
- 10.83%
- YTD
- -26.99%
- 6M
- -24.81%
- 1Y
- -61.62%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NVDD vs. NVD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NVDD Direxion Daily NVDA Bear 1X Shares | -10.62% | -38.72% | -69.77% | -8.97% |
NVD GraniteShares 2x Short NVDA Daily ETF | -26.99% | -73.27% | -93.09% | -16.46% |
Correlation
The correlation between NVDD and NVD is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023 | 0.99 |
The correlation between NVDD and NVD has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
NVDD vs. NVD — Risk / Return Rank
NVDD
NVD
NVDD vs. NVD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NVDA Bear 1X Shares (NVDD) and GraniteShares 2x Short NVDA Daily ETF (NVD). 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 | NVD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.85 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.89 | +0.08 |
| Martin ratioReturn relative to average drawdown | -1.44 | -1.39 | -0.05 |
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Drawdowns
NVDD vs. NVD - Drawdown Comparison
The maximum NVDD drawdown since its inception was -88.34%, smaller than the maximum NVD drawdown of -99.26%. Use the drawdown chart below to compare losses from any high point for NVDD and NVD.
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Drawdown Indicators
| NVDD | NVD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.34% | -99.26% | +10.92% |
Max Drawdown (1Y)Largest decline over 1 year | -39.32% | -69.44% | +30.12% |
Current DrawdownCurrent decline from peak | -86.54% | -99.02% | +12.48% |
Average DrawdownAverage peak-to-trough decline | -67.31% | -81.86% | +14.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.19% | 47.02% | -22.83% |
Volatility
NVDD vs. NVD - Volatility Comparison
The current volatility for Direxion Daily NVDA Bear 1X Shares (NVDD) is 13.05%, while GraniteShares 2x Short NVDA Daily ETF (NVD) has a volatility of 26.72%. This indicates that NVDD experiences smaller price fluctuations and is considered to be less risky than NVD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NVDD | NVD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.05% | 26.72% | -13.67% |
Volatility (6M)Calculated over the trailing 6-month period | 26.79% | 54.57% | -27.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.31% | 71.22% | -35.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.36% | 92.58% | -45.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.36% | 92.58% | -45.22% |
NVDD vs. NVD - Expense Ratio Comparison
NVDD has a 1.01% expense ratio, which is lower than NVD's 1.50% expense ratio.
Dividends
NVDD vs. NVD - Dividend Comparison
NVDD's dividend yield for the trailing twelve months is around 4.01%, less than NVD's 16.20% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
NVD GraniteShares 2x Short NVDA Daily ETF | 16.20% | 11.83% | 8.68% | 15.78% |
NVDD Direxion Daily NVDA Bear 1X Shares | 4.01% | 4.19% | 4.83% | 1.31% |
Frequently Asked Questions
With a correlation of 1.00, NVDD and NVD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
NVD has higher volatility (26.72%) compared to NVDD (13.05%). In terms of maximum drawdown, NVDD dropped -88.34% vs NVD's -99.26%.
On 1-year performance, NVDD leads with -31.84% vs -61.62% for NVD. On fees, NVDD is cheaper at 1.01% per year. On volatility, NVDD has been the lower-risk option at 13.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, NVDD has performed better with a -31.84% return vs -61.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NVDD is cheaper with a 1.01% expense ratio, compared with 1.50% for NVD.
NVD has the higher dividend yield at 16.20%, compared with 4.01% for NVDD.
They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 1.01% for NVDD and 1.50% for NVD.
NVD currently has the higher Sharpe Ratio (-0.87 vs -0.90), 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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