NVDD vs. UST

Last updated Jun 24, 2026

NVDD (Direxion Daily NVDA Bear 1X Shares) and UST (ProShares Ultra 7-10 Year Treasury) are both exchange-traded funds - NVDD is a Inverse Equities fund actively managed by Direxion, while UST is a Leveraged Bonds fund tracking the Barclays Capital U.S. 7-10 Year Treasury Index (200%). NVDD is actively managed, while UST is passively managed. Over the past year, NVDD returned -31.84% vs 1.76% for UST. At a 0.05 correlation, their price movements are largely independent. NVDD charges 1.01%/yr vs 0.95%/yr for UST.

Performance

NVDD vs. UST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NVDA Bear 1X Shares (NVDD) and ProShares Ultra 7-10 Year Treasury (UST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDD achieves a -10.62% return, which is significantly lower than UST's -2.82% return.

NVDD

• 1D: 3.37%
• 1M: 5.55%
• YTD: -10.62%
• 6M: -9.15%
• 1Y: -31.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UST

• 1D: 0.23%
• 1M: 0.95%
• YTD: -2.82%
• 6M: -2.86%
• 1Y: 1.76%
• 3Y*: -0.19%
• 5Y*: -6.85%
• 10Y*: -2.35%

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

NVDD vs. UST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDD Direxion Daily NVDA Bear 1X Shares	-10.62%	-38.72%	-69.77%	-8.97%
UST ProShares Ultra 7-10 Year Treasury	-2.82%	10.26%	-6.19%	6.54%

Correlation

The correlation between NVDD and UST is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.05

Return for Risk

NVDD vs. UST — Risk / Return Rank

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

NVDD

NVDD Risk / Return Rank: 2
NVDD Sharpe Ratio Rank: 2
NVDD Sortino Ratio Rank: 2
NVDD Omega Ratio Rank: 2
NVDD Calmar Ratio Rank: 2
NVDD Martin Ratio Rank: 1

UST

UST Risk / Return Rank: 10
UST Sharpe Ratio Rank: 11
UST Sortino Ratio Rank: 10
UST Omega Ratio Rank: 10
UST Calmar Ratio Rank: 11
UST Martin Ratio Rank: 11

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. UST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NVDA Bear 1X Shares (NVDD) and ProShares Ultra 7-10 Year Treasury (UST). 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	UST	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	0.19	-1.09
Sortino ratio: Return per unit of downside risk	-1.24	0.34	-1.58
Omega ratio: Gain probability vs. loss probability	0.86	1.04	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.81	0.20	-1.01
Martin ratio: Return relative to average drawdown	-1.44	0.52	-1.96

NVDD vs. UST - Sharpe Ratio Comparison

The current NVDD Sharpe Ratio is -0.90, which is lower than the UST Sharpe Ratio of 0.19. The chart below compares the historical Sharpe Ratios of NVDD and UST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NVDD vs. UST - Drawdown Comparison

The maximum NVDD drawdown since its inception was -88.34%, which is greater than UST's maximum drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for NVDD and UST.

Drawdown Indicators

	NVDD	UST	Difference
Max Drawdown Largest peak-to-trough decline	-88.34%	-47.99%	-40.35%
Max Drawdown (1Y) Largest decline over 1 year	-39.32%	-8.75%	-30.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.66%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-43.97%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-47.99%	—
Current Drawdown Current decline from peak	-86.54%	-38.29%	-48.25%
Average Drawdown Average peak-to-trough decline	-67.31%	-15.20%	-52.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.19%	3.37%	+20.82%

Volatility

NVDD vs. UST - Volatility Comparison

Direxion Daily NVDA Bear 1X Shares (NVDD) has a higher volatility of 13.05% compared to ProShares Ultra 7-10 Year Treasury (UST) at 2.71%. This indicates that NVDD's price experiences larger fluctuations and is considered to be riskier than UST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDD	UST	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.05%	2.71%	+10.34%
Volatility (6M) Calculated over the trailing 6-month period	26.79%	6.85%	+19.94%
Volatility (1Y) Calculated over the trailing 1-year period	35.31%	9.34%	+25.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.36%	15.47%	+31.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.36%	13.16%	+34.20%

NVDD vs. UST - Expense Ratio Comparison

NVDD has a 1.01% expense ratio, which is higher than UST's 0.95% expense ratio.

Dividends

NVDD vs. UST - Dividend Comparison

NVDD's dividend yield for the trailing twelve months is around 4.01%, more than UST's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVDD Direxion Daily NVDA Bear 1X Shares	4.01%	4.19%	4.83%	1.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UST ProShares Ultra 7-10 Year Treasury	3.49%	3.65%	4.09%	3.49%	0.47%	0.27%	0.53%	1.42%	1.71%	0.84%	0.64%	0.75%

Frequently Asked Questions

Can I hold both NVDD and UST in my portfolio?

NVDD and UST have a correlation of 0.03, 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 UST?

NVDD has higher volatility (13.05%) compared to UST (2.71%). In terms of maximum drawdown, NVDD dropped -88.34% vs UST's -47.99%.

Which ETF is better, NVDD or UST?

On 1-year performance, UST leads with 1.76% vs -31.84% for NVDD. On fees, UST is cheaper at 0.95% per year. On volatility, UST has been the lower-risk option at 2.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDD or UST?

Over the 1-year period, UST has performed better with a 1.76% return vs -31.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDD or UST?

UST is cheaper with a 0.95% expense ratio, compared with 1.01% for NVDD.

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

NVDD has the higher dividend yield at 4.01%, compared with 3.49% for UST.

What is the main difference between NVDD and UST?

NVDD is categorized as Inverse Equities, while UST is Leveraged Bonds. They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.01% for NVDD and 0.95% for UST.

Which has better risk-adjusted returns?

UST currently has the higher Sharpe Ratio (0.19 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.