NVDL vs. NVDS

Last updated Jun 26, 2026

NVDL (GraniteShares 2x Long NVDA Daily ETF) and NVDS (Tradr 1.25X NVDA Bear Daily ETF) are both exchange-traded funds - NVDL is a Leveraged Equities fund actively managed by GraniteShares, while NVDS is a Inverse Equities fund tracking the NVIDIA Corporation (-125%). NVDL is actively managed, while NVDS is passively managed. Over the past 3 years, NVDL returned 93.53%/yr vs -62.52%/yr for NVDS. At a correlation of -0.99, they often move in opposite directions. NVDL charges 1.05%/yr vs 1.15%/yr for NVDS.

Performance

NVDL vs. NVDS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long NVDA Daily ETF (NVDL) and Tradr 1.25X NVDA Bear Daily ETF (NVDS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDL achieves a -2.11% return, which is significantly higher than NVDS's -15.73% return.

NVDL

• 1D: -3.04%
• 1M: -18.96%
• YTD: -2.11%
• 6M: -4.57%
• 1Y: 27.82%
• 3Y*: 93.53%
• 5Y*: —
• 10Y*: —

NVDS

• 1D: 2.35%
• 1M: 11.93%
• YTD: -15.73%
• 6M: -14.16%
• 1Y: -40.11%
• 3Y*: -62.52%
• 5Y*: —
• 10Y*: —

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

NVDL vs. NVDS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NVDL GraniteShares 2x Long NVDA Daily ETF	-2.11%	32.57%	344.58%	432.18%	-28.71%
NVDS Tradr 1.25X NVDA Bear Daily ETF	-15.73%	-58.18%	-80.03%	-83.15%	22.77%

Correlation

The correlation between NVDL and NVDS 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 (3Y) Calculated over the trailing 3-year period	-1.00
Correlation (All Time) Calculated using the full available price history since Dec 13, 2022	-0.99

The correlation between NVDL and NVDS has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

Return for Risk

NVDL vs. NVDS — Risk / Return Rank

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

NVDL

NVDL Risk / Return Rank: 17
NVDL Sharpe Ratio Rank: 15
NVDL Sortino Ratio Rank: 20
NVDL Omega Ratio Rank: 19
NVDL Calmar Ratio Rank: 17
NVDL Martin Ratio Rank: 16

NVDS

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

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.

NVDL vs. NVDS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NVDA Daily ETF (NVDL) and Tradr 1.25X NVDA Bear Daily ETF (NVDS). 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.

	NVDL	NVDS	Difference
Sharpe ratio: Return per unit of total volatility	0.40	-0.76	+1.16
Sortino ratio: Return per unit of downside risk	1.02	-0.97	+2.00
Omega ratio: Gain probability vs. loss probability	1.12	0.89	+0.23
Calmar ratio: Return relative to maximum drawdown	0.66	-0.75	+1.41
Martin ratio: Return relative to average drawdown	1.44	-1.31	+2.75

NVDL vs. NVDS - Sharpe Ratio Comparison

The current NVDL Sharpe Ratio is 0.40, which is higher than the NVDS Sharpe Ratio of -0.76. The chart below compares the historical Sharpe Ratios of NVDL and NVDS, 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

NVDL vs. NVDS - Drawdown Comparison

The maximum NVDL drawdown since its inception was -67.55%, smaller than the maximum NVDS drawdown of -99.40%. Use the drawdown chart below to compare losses from any high point for NVDL and NVDS.

Drawdown Indicators

	NVDL	NVDS	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-99.40%	+31.85%
Max Drawdown (1Y) Largest decline over 1 year	-42.23%	-53.79%	+11.56%
Max Drawdown (3Y) Largest decline over 3 years	-67.55%	-95.88%	+28.33%
Current Drawdown Current decline from peak	-33.24%	-99.23%	+65.99%
Average Drawdown Average peak-to-trough decline	-17.10%	-83.62%	+66.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.43%	30.58%	-11.15%

Volatility

NVDL vs. NVDS - Volatility Comparison

GraniteShares 2x Long NVDA Daily ETF (NVDL) has a higher volatility of 26.22% compared to Tradr 1.25X NVDA Bear Daily ETF (NVDS) at 19.97%. This indicates that NVDL's price experiences larger fluctuations and is considered to be riskier than NVDS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDL	NVDS	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.22%	19.97%	+6.25%
Volatility (6M) Calculated over the trailing 6-month period	53.11%	40.26%	+12.85%
Volatility (1Y) Calculated over the trailing 1-year period	70.59%	53.11%	+17.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.34%	68.84%	+21.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.34%	68.84%	+21.50%

NVDL vs. NVDS - Expense Ratio Comparison

NVDL has a 1.05% expense ratio, which is lower than NVDS's 1.15% expense ratio.

Dividends

NVDL vs. NVDS - Dividend Comparison

NVDL has not paid dividends to shareholders, while NVDS's dividend yield for the trailing twelve months is around 16.84%.

Position	TTM	2025	2024	2023	2022
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%	0.00%
NVDS Tradr 1.25X NVDA Bear Daily ETF	16.84%	14.19%	14.11%	14.69%	5.72%

Frequently Asked Questions

Can I hold both NVDL and NVDS in my portfolio?

NVDL and NVDS 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, NVDL or NVDS?

NVDL has higher volatility (26.22%) compared to NVDS (19.97%). In terms of maximum drawdown, NVDL dropped -67.55% vs NVDS's -99.40%.

Which ETF is better, NVDL or NVDS?

On 3-year performance, NVDL leads with 93.53% vs -62.52% for NVDS. On fees, NVDL is cheaper at 1.05% per year. On volatility, NVDS has been the lower-risk option at 19.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDL or NVDS?

Over the 3-year period, NVDL has performed better with a 93.53% return vs -62.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDL or NVDS?

NVDL is cheaper with a 1.05% expense ratio, compared with 1.15% for NVDS.

Which ETF pays a higher dividend yield, NVDL or NVDS?

NVDS has the higher dividend yield at 16.84%, compared with 0.00% for NVDL.

What is the main difference between NVDL and NVDS?

NVDL is categorized as Leveraged Equities, while NVDS is Inverse Equities. They also come from different issuers: GraniteShares and AXS. Their fees differ too: 1.05% for NVDL and 1.15% for NVDS.

Which has better risk-adjusted returns?

NVDL currently has the higher Sharpe Ratio (0.40 vs -0.76), 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.