NVDG vs. ION

Last updated Jun 23, 2026

NVDG (Leverage Shares 2X Long NVDA Daily ETF) and ION (Proshares S&P Global Core Battery Metals ETF) are both exchange-traded funds - NVDG is a Leveraged Equities fund actively managed by Leverage Shares, while ION is a Lithium & Battery Metals fund tracking the S&P Global Core Battery Metals Index - Benchmark TR Net. NVDG is actively managed, while ION is passively managed. Over the past year, NVDG returned 65.95% vs 111.43% for ION. At a 0.25 correlation, their price movements are largely independent. NVDG charges 0.75%/yr vs 0.58%/yr for ION.

Performance

NVDG vs. ION - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long NVDA Daily ETF (NVDG) and Proshares S&P Global Core Battery Metals ETF (ION). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDG achieves a 10.86% return, which is significantly higher than ION's 8.52% return.

NVDG

• 1D: -1.48%
• 1M: -8.07%
• YTD: 10.86%
• 6M: 13.71%
• 1Y: 65.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ION

• 1D: -0.40%
• 1M: -6.82%
• YTD: 8.52%
• 6M: 8.91%
• 1Y: 111.43%
• 3Y*: 17.02%
• 5Y*: —
• 10Y*: —

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

NVDG vs. ION - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVDG Leverage Shares 2X Long NVDA Daily ETF	10.86%	32.45%	-0.52%
ION Proshares S&P Global Core Battery Metals ETF	8.52%	108.37%	-8.17%

Correlation

The correlation between NVDG and ION is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Dec 13, 2024	0.25

Return for Risk

NVDG vs. ION — Risk / Return Rank

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

NVDG

NVDG Risk / Return Rank: 29
NVDG Sharpe Ratio Rank: 27
NVDG Sortino Ratio Rank: 31
NVDG Omega Ratio Rank: 29
NVDG Calmar Ratio Rank: 32
NVDG Martin Ratio Rank: 26

ION

ION Risk / Return Rank: 80
ION Sharpe Ratio Rank: 89
ION Sortino Ratio Rank: 72
ION Omega Ratio Rank: 71
ION Calmar Ratio Rank: 87
ION Martin Ratio Rank: 78

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.

NVDG vs. ION - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long NVDA Daily ETF (NVDG) and Proshares S&P Global Core Battery Metals ETF (ION). 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.

	NVDG	ION	Difference
Sharpe ratio: Return per unit of total volatility	0.95	2.85	-1.90
Sortino ratio: Return per unit of downside risk	1.60	3.13	-1.52
Omega ratio: Gain probability vs. loss probability	1.19	1.40	-0.21
Calmar ratio: Return relative to maximum drawdown	1.55	4.81	-3.26
Martin ratio: Return relative to average drawdown	3.39	14.58	-11.19

NVDG vs. ION - Sharpe Ratio Comparison

The current NVDG Sharpe Ratio is 0.95, which is lower than the ION Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of NVDG and ION, 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

NVDG vs. ION - Drawdown Comparison

The maximum NVDG drawdown since its inception was -66.19%, which is greater than ION's maximum drawdown of -52.08%. Use the drawdown chart below to compare losses from any high point for NVDG and ION.

Drawdown Indicators

	NVDG	ION	Difference
Max Drawdown Largest peak-to-trough decline	-66.19%	-52.08%	-14.11%
Max Drawdown (1Y) Largest decline over 1 year	-42.72%	-23.30%	-19.42%
Max Drawdown (3Y) Largest decline over 3 years	—	-46.47%	—
Current Drawdown Current decline from peak	-23.88%	-18.15%	-5.73%
Average Drawdown Average peak-to-trough decline	-23.03%	-23.60%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.49%	7.67%	+11.82%

Volatility

NVDG vs. ION - Volatility Comparison

Leverage Shares 2X Long NVDA Daily ETF (NVDG) has a higher volatility of 25.02% compared to Proshares S&P Global Core Battery Metals ETF (ION) at 13.14%. This indicates that NVDG's price experiences larger fluctuations and is considered to be riskier than ION based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDG	ION	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.02%	13.14%	+11.88%
Volatility (6M) Calculated over the trailing 6-month period	52.21%	31.78%	+20.43%
Volatility (1Y) Calculated over the trailing 1-year period	69.81%	39.41%	+30.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.44%	31.50%	+58.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.44%	31.50%	+58.94%

NVDG vs. ION - Expense Ratio Comparison

NVDG has a 0.75% expense ratio, which is higher than ION's 0.58% expense ratio.

Dividends

NVDG vs. ION - Dividend Comparison

NVDG's dividend yield for the trailing twelve months is around 10.66%, more than ION's 1.47% yield.

Position	TTM	2025	2024	2023	2022
ION Proshares S&P Global Core Battery Metals ETF	1.47%	1.63%	1.74%	2.23%	0.13%
NVDG Leverage Shares 2X Long NVDA Daily ETF	10.66%	11.81%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NVDG and ION in my portfolio?

NVDG and ION have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDG or ION?

NVDG has higher volatility (25.02%) compared to ION (13.14%). In terms of maximum drawdown, NVDG dropped -66.19% vs ION's -52.08%.

Which ETF is better, NVDG or ION?

On 1-year performance, ION leads with 111.43% vs 65.95% for NVDG. On fees, ION is cheaper at 0.58% per year. On volatility, ION has been the lower-risk option at 13.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDG or ION?

Over the 1-year period, ION has performed better with a 111.43% return vs 65.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDG or ION?

ION is cheaper with a 0.58% expense ratio, compared with 0.75% for NVDG.

Which ETF pays a higher dividend yield, NVDG or ION?

NVDG has the higher dividend yield at 10.66%, compared with 1.47% for ION.

What is the main difference between NVDG and ION?

NVDG is categorized as Leveraged Equities, while ION is Lithium & Battery Metals. They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for NVDG and 0.58% for ION.

Which has better risk-adjusted returns?

ION currently has the higher Sharpe Ratio (2.85 vs 0.95), 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.