NVDD vs. TSDD

Last updated Jun 5, 2026

NVDD (Direxion Daily NVDA Bear 1X Shares) and TSDD (GraniteShares 2x Short TSLA Daily ETF) are both Inverse Equities funds. Both are actively managed. Over the past year, NVDD returned -37.37% vs -64.48% for TSDD. At a 0.34 correlation, their price movements are largely independent. NVDD charges 1.01%/yr vs 1.50%/yr for TSDD.

Performance

NVDD vs. TSDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NVDA Bear 1X Shares (NVDD) and GraniteShares 2x Short TSLA Daily ETF (TSDD). 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 TSDD's -1.81% return.

NVDD

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

TSDD

• 1D: 2.57%
• 1M: -16.78%
• YTD: -1.81%
• 6M: -2.21%
• 1Y: -64.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDD vs. TSDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDD Direxion Daily NVDA Bear 1X Shares	-17.07%	-38.72%	-69.77%	-8.79%
TSDD GraniteShares 2x Short TSLA Daily ETF	-1.81%	-74.84%	-89.21%	5.95%

Correlation

The correlation between NVDD and TSDD is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.34

Return for Risk

NVDD vs. TSDD — 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

TSDD

TSDD Risk / Return Rank: 3
TSDD Sharpe Ratio Rank: 3
TSDD Sortino Ratio Rank: 3
TSDD Omega Ratio Rank: 4
TSDD Calmar Ratio Rank: 2
TSDD Martin Ratio Rank: 4

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. TSDD - 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 TSLA Daily ETF (TSDD). 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	TSDD	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	-0.70	-0.40
Sortino ratio: Return per unit of downside risk	-1.61	-0.94	-0.67
Omega ratio: Gain probability vs. loss probability	0.82	0.90	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.88	-0.85	-0.03
Martin ratio: Return relative to average drawdown	-1.50	-1.07	-0.43
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. TSDD - Sharpe Ratio Comparison

The current NVDD Sharpe Ratio is -1.10, which is lower than the TSDD Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of NVDD and TSDD, 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	TSDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.10	-0.70	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	-1.09	-0.66	-0.43

Drawdowns

NVDD vs. TSDD - Drawdown Comparison

The maximum NVDD drawdown since its inception was -88.34%, smaller than the maximum TSDD drawdown of -99.03%. Use the drawdown chart below to compare losses from any high point for NVDD and TSDD.

Drawdown Indicators

	NVDD	TSDD	Difference
Max Drawdown Largest peak-to-trough decline	-88.34%	-99.03%	+10.69%
Max Drawdown (1Y) Largest decline over 1 year	-42.53%	-76.12%	+33.59%
Current Drawdown Current decline from peak	-87.51%	-98.88%	+11.37%
Average Drawdown Average peak-to-trough decline	-67.06%	-71.25%	+4.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.95%	60.05%	-35.10%

Volatility

NVDD vs. TSDD - Volatility Comparison

The current volatility for Direxion Daily NVDA Bear 1X Shares (NVDD) is 12.50%, while GraniteShares 2x Short TSLA Daily ETF (TSDD) has a volatility of 24.30%. This indicates that NVDD experiences smaller price fluctuations and is considered to be less risky than TSDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDD	TSDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.50%	24.30%	-11.80%
Volatility (6M) Calculated over the trailing 6-month period	25.58%	54.96%	-29.38%
Volatility (1Y) Calculated over the trailing 1-year period	34.00%	92.61%	-58.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.38%	114.39%	-67.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.38%	114.39%	-67.01%

NVDD vs. TSDD - Expense Ratio Comparison

NVDD has a 1.01% expense ratio, which is lower than TSDD's 1.50% expense ratio.

Dividends

NVDD vs. TSDD - Dividend Comparison

NVDD's dividend yield for the trailing twelve months is around 4.32%, less than TSDD's 8.58% yield.

Position	TTM	2025	2024	2023
NVDD Direxion Daily NVDA Bear 1X Shares	4.32%	4.19%	4.83%	1.31%
TSDD GraniteShares 2x Short TSLA Daily ETF	8.58%	8.42%	0.00%	24.84%

Frequently Asked Questions

Can I hold both NVDD and TSDD in my portfolio?

NVDD and TSDD have a correlation of 0.34, 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 TSDD?

TSDD has higher volatility (24.30%) compared to NVDD (12.50%). In terms of maximum drawdown, NVDD dropped -88.34% vs TSDD's -99.03%.

Which ETF is better, NVDD or TSDD?

On 1-year performance, NVDD leads with -37.37% vs -64.48% for TSDD. 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 TSDD?

Over the 1-year period, NVDD has performed better with a -37.37% return vs -64.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDD or TSDD?

NVDD is cheaper with a 1.01% expense ratio, compared with 1.50% for TSDD.

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

TSDD has the higher dividend yield at 8.58%, compared with 4.32% for NVDD.

What is the main difference between NVDD and TSDD?

They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 1.01% for NVDD and 1.50% for TSDD.

Which has better risk-adjusted returns?

TSDD currently has the higher Sharpe Ratio (-0.70 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.