NVDD vs. NVDU

Last updated Jun 5, 2026

NVDD (Direxion Daily NVDA Bear 1X Shares) and NVDU (Direxion Daily NVDA Bull 2X Shares ETF) are both exchange-traded funds - NVDD is a Inverse Equities fund actively managed by Direxion, while NVDU is a Leveraged Equities fund actively managed by Direxion. Both are actively managed. Over the past year, NVDD returned -37.37% vs 90.38% for NVDU. At a correlation of -1.00, they often move in opposite directions. NVDD charges 1.01%/yr vs 1.04%/yr for NVDU.

Performance

NVDD vs. NVDU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NVDA Bear 1X Shares (NVDD) and Direxion Daily NVDA Bull 2X Shares ETF (NVDU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDD achieves a -17.07% return, which is significantly lower than NVDU's 24.68% return.

NVDD

• 1D: -1.83%
• 1M: -11.14%
• YTD: -17.07%
• 6M: -18.48%
• 1Y: -37.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDU

• 1D: 3.97%
• 1M: 21.27%
• YTD: 24.68%
• 6M: 26.89%
• 1Y: 90.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDD vs. NVDU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDD Direxion Daily NVDA Bear 1X Shares	-17.07%	-38.72%	-69.77%	-8.79%
NVDU Direxion Daily NVDA Bull 2X Shares ETF	24.68%	33.65%	289.29%	9.96%

Correlation

The correlation between NVDD and NVDU is -1.00, 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	-1.00
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	-1.00

The correlation between NVDD and NVDU has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.

Return for Risk

NVDD vs. NVDU — Risk / Return Rank

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

NVDD

NVDD Risk / Return Rank: 1
NVDD Sharpe Ratio Rank: 1
NVDD Sortino Ratio Rank: 1
NVDD Omega Ratio Rank: 1
NVDD Calmar Ratio Rank: 1
NVDD Martin Ratio Rank: 1

NVDU

NVDU Risk / Return Rank: 38
NVDU Sharpe Ratio Rank: 39
NVDU Sortino Ratio Rank: 39
NVDU Omega Ratio Rank: 36
NVDU Calmar Ratio Rank: 44
NVDU Martin Ratio Rank: 33

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. NVDU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NVDA Bear 1X Shares (NVDD) and Direxion Daily NVDA Bull 2X Shares ETF (NVDU). 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	NVDU	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	1.34	-2.44
Sortino ratio: Return per unit of downside risk	-1.61	1.96	-3.56
Omega ratio: Gain probability vs. loss probability	0.82	1.23	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.88	2.15	-3.03
Martin ratio: Return relative to average drawdown	-1.50	4.90	-6.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVDD vs. NVDU - Sharpe Ratio Comparison

The current NVDD Sharpe Ratio is -1.10, which is lower than the NVDU Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of NVDD and NVDU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NVDD	NVDU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.10	1.34	-2.44
Sharpe Ratio (All Time) Calculated using the full available price history	-1.09	1.17	-2.26

Drawdowns

NVDD vs. NVDU - Drawdown Comparison

The maximum NVDD drawdown since its inception was -88.34%, which is greater than NVDU's maximum drawdown of -67.27%. Use the drawdown chart below to compare losses from any high point for NVDD and NVDU.

Drawdown Indicators

	NVDD	NVDU	Difference
Max Drawdown Largest peak-to-trough decline	-88.34%	-67.27%	-21.07%
Max Drawdown (1Y) Largest decline over 1 year	-42.53%	-42.27%	-0.26%
Current Drawdown Current decline from peak	-87.51%	-15.08%	-72.43%
Average Drawdown Average peak-to-trough decline	-67.06%	-18.83%	-48.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.95%	18.50%	+6.45%

Volatility

NVDD vs. NVDU - Volatility Comparison

The current volatility for Direxion Daily NVDA Bear 1X Shares (NVDD) is 12.50%, while Direxion Daily NVDA Bull 2X Shares ETF (NVDU) has a volatility of 24.76%. This indicates that NVDD experiences smaller price fluctuations and is considered to be less risky than NVDU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDD	NVDU	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.50%	24.76%	-12.26%
Volatility (6M) Calculated over the trailing 6-month period	25.58%	50.62%	-25.04%
Volatility (1Y) Calculated over the trailing 1-year period	34.00%	67.91%	-33.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.38%	91.02%	-43.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.38%	91.02%	-43.64%

NVDD vs. NVDU - Expense Ratio Comparison

NVDD has a 1.01% expense ratio, which is lower than NVDU's 1.04% expense ratio.

Dividends

NVDD vs. NVDU - Dividend Comparison

NVDD's dividend yield for the trailing twelve months is around 4.32%, less than NVDU's 4.65% yield.

Position	TTM	2025	2024	2023
NVDD Direxion Daily NVDA Bear 1X Shares	4.32%	4.19%	4.83%	1.31%
NVDU Direxion Daily NVDA Bull 2X Shares ETF	4.65%	5.68%	16.85%	0.63%

Frequently Asked Questions

Can I hold both NVDD and NVDU in my portfolio?

NVDD and NVDU have a correlation of -1.00, 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 NVDU?

NVDU has higher volatility (24.76%) compared to NVDD (12.50%). In terms of maximum drawdown, NVDD dropped -88.34% vs NVDU's -67.27%.

Which ETF is better, NVDD or NVDU?

On 1-year performance, NVDU leads with 90.38% vs -37.37% for NVDD. On fees, NVDD is cheaper at 1.01% per year. On volatility, NVDD has been the lower-risk option at 12.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDD or NVDU?

Over the 1-year period, NVDU has performed better with a 90.38% return vs -37.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDD or NVDU?

NVDD is cheaper with a 1.01% expense ratio, compared with 1.04% for NVDU.

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

NVDU has the higher dividend yield at 4.65%, compared with 4.32% for NVDD.

What is the main difference between NVDD and NVDU?

NVDD is categorized as Inverse Equities, while NVDU is Leveraged Equities. Their fees differ too: 1.01% for NVDD and 1.04% for NVDU.

Which has better risk-adjusted returns?

NVDU currently has the higher Sharpe Ratio (1.34 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.