NVDQ vs. SPY
NVDQ (T-Rex 2X Inverse NVIDIA Daily Target ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - NVDQ is a Inverse Equities fund actively managed by T-Rex, while SPY is a S&P 500 fund tracking the S&P 500 Index. NVDQ is actively managed, while SPY is passively managed. Over the past year, NVDQ returned -48.60% vs 21.49% for SPY. Their -0.63 correlation means they have often moved in opposite directions in the past. NVDQ charges 1.05%/yr vs 0.09%/yr for SPY.
Performance
NVDQ vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, NVDQ achieves a -32.56% return, which is significantly lower than SPY's 10.13% return.
NVDQ
- 1D
- -5.82%
- 1M
- -9.94%
- 6M
- -28.13%
- YTD
- -32.56%
- 1Y
- -48.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -82.74%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $23.89M | $29.47M | $56.41M | |
| $37.27B | $35.99B | $39.23B |
NVDQ vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NVDQ T-Rex 2X Inverse NVIDIA Daily Target ETF | -32.56% | -74.63% | -93.80% | -28.84% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 10.93% |
Correlation
The correlation between NVDQ and SPY is -0.62, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| 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 SPY has been stable across timeframes, ranging from -0.63 to -0.62 - a consistent structural relationship.
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Return for Risk
NVDQ vs. SPY — Risk / Return Rank
NVDQ
SPY
NVDQ vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.16 | ||
| Sortino ratioReturn per unit of downside risk | -2.79 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.27 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 2.20 | -2.96 |
| Martin ratioReturn relative to average drawdown | -1.33 | 9.40 | -10.73 |
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Drawdowns
NVDQ vs. SPY - Drawdown Comparison
The maximum NVDQ drawdown since its inception was -99.45%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for NVDQ and SPY.
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Drawdown Indicators
| NVDQ | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -55.19% | -44.26% |
Max Drawdown (1Y)Largest decline over 1 year | -61.17% | -8.88% | -52.29% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.76% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -99.32% | -1.40% | -97.92% |
Average DrawdownAverage peak-to-trough decline | -88.72% | -9.01% | -79.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.78% | 2.08% | +32.70% |
Volatility
NVDQ vs. SPY - Volatility Comparison
T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ) has a higher volatility of 23.95% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that NVDQ's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NVDQ | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.95% | 3.58% | +20.37% |
Volatility (6M)Calculated over the trailing 6-month period | 57.01% | 10.14% | +46.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 72.43% | 12.89% | +59.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.76% | 17.18% | +77.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 94.76% | 17.95% | +76.81% |
NVDQ vs. SPY - Expense Ratio Comparison
NVDQ has a 1.05% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
NVDQ vs. SPY - Dividend Comparison
NVDQ's dividend yield for the trailing twelve months is around 0.39%, less than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NVDQ T-Rex 2X Inverse NVIDIA Daily Target ETF | 0.39% | 0.26% | 4.59% | 11.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
NVDQ and SPY 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 (23.95%) compared to SPY (3.58%). In terms of maximum drawdown, NVDQ dropped -99.45% vs SPY's -55.19%.
On 1-year performance, SPY leads with 21.49% vs -48.60% for NVDQ. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPY has performed better with a 21.49% return vs -48.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 1.05% for NVDQ.
SPY has the higher dividend yield at 1.01%, compared with 0.39% for NVDQ.
NVDQ is categorized as Inverse Equities, while SPY is S&P 500. They also come from different issuers: T-Rex and State Street. Their fees differ too: 1.05% for NVDQ and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.52 vs -0.64), 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.
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