NVDD vs. SSG
NVDD (Direxion Daily NVDA Bear 1X Shares) and SSG (Proshares Ultrashort Semiconductors) are both exchange-traded funds - NVDD is a Inverse Equities fund actively managed by Direxion, while SSG is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (-200%). NVDD is actively managed, while SSG is passively managed. Over the past year, NVDD returned -36.57% vs -81.06% for SSG. Their correlation of 0.91 suggests significant overlap in exposure. NVDD charges 1.01%/yr vs 0.95%/yr for SSG.
Performance
NVDD vs. SSG - Performance Comparison
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Returns By Period
In the year-to-date period, NVDD achieves a -15.52% return, which is significantly higher than SSG's -60.94% return.
NVDD
- 1D
- 3.54%
- 1M
- -8.53%
- YTD
- -15.52%
- 6M
- -18.71%
- 1Y
- -36.57%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SSG
- 1D
- 1.36%
- 1M
- -33.91%
- YTD
- -60.94%
- 6M
- -61.42%
- 1Y
- -81.06%
- 3Y*
- -74.84%
- 5Y*
- -66.94%
- 10Y*
- -62.12%
NVDD vs. SSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NVDD Direxion Daily NVDA Bear 1X Shares | -15.52% | -38.72% | -69.77% | -8.79% |
SSG Proshares Ultrashort Semiconductors | -60.94% | -70.03% | -77.59% | -28.28% |
Correlation
The correlation between NVDD and SSG is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023 | 0.91 |
The correlation between NVDD and SSG has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.
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Return for Risk
NVDD vs. SSG — Risk / Return Rank
NVDD
SSG
NVDD vs. SSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NVDA Bear 1X Shares (NVDD) and Proshares Ultrashort Semiconductors (SSG). 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 | SSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +1.55 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.67 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | -1.00 | +0.14 |
| Martin ratioReturn relative to average drawdown | -1.47 | -1.60 | +0.13 |
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 | SSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.08 | -1.32 | +0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.87 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.90 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.08 | -0.79 | -0.30 |
Drawdowns
NVDD vs. SSG - Drawdown Comparison
The maximum NVDD drawdown since its inception was -88.34%, smaller than the maximum SSG drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for NVDD and SSG.
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Drawdown Indicators
| NVDD | SSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.34% | -100.00% | +11.66% |
Max Drawdown (1Y)Largest decline over 1 year | -42.53% | -81.36% | +38.83% |
Max Drawdown (3Y)Largest decline over 3 years | — | -98.49% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -99.64% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.99% | — |
Current DrawdownCurrent decline from peak | -87.28% | -100.00% | +12.72% |
Average DrawdownAverage peak-to-trough decline | -67.03% | -88.59% | +21.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.84% | 50.50% | -25.66% |
Volatility
NVDD vs. SSG - Volatility Comparison
The current volatility for Direxion Daily NVDA Bear 1X Shares (NVDD) is 12.53%, while Proshares Ultrashort Semiconductors (SSG) has a volatility of 21.44%. This indicates that NVDD experiences smaller price fluctuations and is considered to be less risky than SSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NVDD | SSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.53% | 21.44% | -8.91% |
Volatility (6M)Calculated over the trailing 6-month period | 25.53% | 47.41% | -21.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.08% | 61.80% | -27.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.41% | 77.33% | -29.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.41% | 68.97% | -21.56% |
NVDD vs. SSG - Expense Ratio Comparison
NVDD has a 1.01% expense ratio, which is higher than SSG's 0.95% expense ratio.
Dividends
NVDD vs. SSG - Dividend Comparison
NVDD's dividend yield for the trailing twelve months is around 4.24%, less than SSG's 13.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
NVDD Direxion Daily NVDA Bear 1X Shares | 4.24% | 4.19% | 4.83% | 1.31% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SSG Proshares Ultrashort Semiconductors | 13.36% | 9.19% | 7.67% | 6.73% | 0.75% | 0.00% | 0.34% | 1.81% | 0.62% |
Frequently Asked Questions
NVDD and SSG have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSG has higher volatility (21.44%) compared to NVDD (12.53%). In terms of maximum drawdown, NVDD dropped -88.34% vs SSG's -100.00%.
On 1-year performance, NVDD leads with -36.57% vs -81.06% for SSG. On fees, SSG is cheaper at 0.95% per year. On volatility, NVDD has been the lower-risk option at 12.53%. 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 -36.57% return vs -81.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SSG is cheaper with a 0.95% expense ratio, compared with 1.01% for NVDD.
SSG has the higher dividend yield at 13.36%, compared with 4.24% for NVDD.
NVDD is categorized as Inverse Equities, while SSG is Leveraged Equities. They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.01% for NVDD and 0.95% for SSG.
NVDD currently has the higher Sharpe Ratio (-1.08 vs -1.32), 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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