NVDQ vs. SPDN
NVDQ (T-Rex 2X Inverse NVIDIA Daily Target ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds. NVDQ is actively managed, while SPDN is passively managed. Over the past year, NVDQ returned -50.45% vs -14.33% for SPDN. Their 0.63 correlation means they have sometimes moved together and sometimes differently. NVDQ charges 1.05%/yr vs 0.50%/yr for SPDN.
Performance
NVDQ vs. SPDN - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, NVDQ achieves a -39.70% return, which is significantly lower than SPDN's -9.32% return.
NVDQ
- 1D
- -5.06%
- 1M
- -19.48%
- 6M
- -42.67%
- YTD
- -39.70%
- 1Y
- -50.45%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.30%
SPDN
- 1D
- -1.86%
- 1M
- -3.10%
- 6M
- -8.93%
- YTD
- -9.32%
- 1Y
- -14.33%
- 3Y*
- -12.32%
- 5Y*
- -8.28%
- 10Y*
- -12.36%
- ALL TIME*
- -12.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.84M | $29.28M | $55.12M | |
| $440.54M | $381.38M | $427.62M |
NVDQ vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NVDQ T-Rex 2X Inverse NVIDIA Daily Target ETF | -39.70% | -74.63% | -93.80% | -28.84% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -9.32% | -11.09% | -12.88% | -8.67% |
Correlation
The correlation between NVDQ and SPDN is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.62 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023 | 0.63 |
The correlation between NVDQ and SPDN has been stable across timeframes, ranging from 0.62 to 0.63 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
NVDQ vs. SPDN — Risk / Return Rank
NVDQ
SPDN
NVDQ vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). 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.
| NVDQ | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 0.83 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.85 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.44 | -1.66 | +0.22 |
Loading charts...
Drawdowns
NVDQ vs. SPDN - Drawdown Comparison
The maximum NVDQ drawdown since its inception was -99.45%, which is greater than SPDN's maximum drawdown of -75.58%. Use the drawdown chart below to compare losses from any high point for NVDQ and SPDN.
Loading charts...
Drawdown Indicators
| NVDQ | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -75.58% | -23.87% |
Max Drawdown (1Y)Largest decline over 1 year | -61.17% | -16.83% | -44.34% |
Max Drawdown (3Y)Largest decline over 3 years | — | -38.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -44.45% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -74.25% | — |
Current DrawdownCurrent decline from peak | -99.39% | -75.58% | -23.81% |
Average DrawdownAverage peak-to-trough decline | -88.75% | -48.95% | -39.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.09% | 8.67% | +26.42% |
Volatility
NVDQ vs. SPDN - Volatility Comparison
T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ) has a higher volatility of 24.71% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 4.07%. This indicates that NVDQ's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| NVDQ | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.71% | 4.07% | +20.64% |
Volatility (6M)Calculated over the trailing 6-month period | 57.15% | 10.37% | +46.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 72.63% | 13.04% | +59.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.71% | 17.00% | +77.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 94.71% | 18.04% | +76.67% |
NVDQ vs. SPDN - Expense Ratio Comparison
NVDQ has a 1.05% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
NVDQ vs. SPDN - Dividend Comparison
NVDQ's dividend yield for the trailing twelve months is around 0.43%, less than SPDN's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
NVDQ T-Rex 2X Inverse NVIDIA Daily Target ETF | 0.43% | 0.26% | 4.59% | 11.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.42% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
NVDQ and SPDN have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVDQ has higher volatility (24.71%) compared to SPDN (4.07%). In terms of maximum drawdown, NVDQ dropped -99.45% vs SPDN's -75.58%.
On 1-year performance, SPDN leads with -14.33% vs -50.45% for NVDQ. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPDN has performed better with a -14.33% return vs -50.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 1.05% for NVDQ.
SPDN has the higher dividend yield at 3.42%, compared with 0.43% for NVDQ.
They also come from different issuers: T-Rex and Direxion. Their fees differ too: 1.05% for NVDQ and 0.50% for SPDN.
NVDQ currently has the higher Sharpe Ratio (-0.70 vs -1.11), 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.
Find the right allocation for NVDQ and SPDN
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer