NVDQ vs. SPY

Last updated Jun 4, 2026

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 -68.82% vs 27.98% for SPY. At a correlation of -0.62, they often move in opposite directions. NVDQ charges 1.05%/yr vs 0.09%/yr for SPY.

Performance

NVDQ vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDQ achieves a -36.13% return, which is significantly lower than SPY's 10.91% return.

NVDQ

• 1D: 7.09%
• 1M: -18.40%
• YTD: -36.13%
• 6M: -41.91%
• 1Y: -68.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

NVDQ vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDQ T-Rex 2X Inverse NVIDIA Daily Target ETF	-36.13%	-74.63%	-93.80%	-30.70%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	11.91%

Correlation

The correlation between NVDQ and SPY is -0.57, 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	-0.57
Correlation (All Time) Calculated using the full available price history since Oct 20, 2023	-0.62

The correlation between NVDQ and SPY has been stable across timeframes, ranging from -0.62 to -0.57 - a consistent structural relationship.

Return for Risk

NVDQ vs. SPY — Risk / Return Rank

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

NVDQ

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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

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.

	NVDQ	SPY	Difference
Sharpe ratio Return per unit of total volatility	-1.02	2.38	-3.40
Sortino ratio Return per unit of downside risk	-1.82	3.24	-5.06
Omega ratio Gain probability vs. loss probability	0.80	1.43	-0.63
Calmar ratio Return relative to maximum drawdown	-0.94	3.16	-4.10
Martin ratio Return relative to average drawdown	-1.42	14.72	-16.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVDQ vs. SPY - Sharpe Ratio Comparison

The current NVDQ Sharpe Ratio is -1.02, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of NVDQ and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NVDQ	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.02	2.38	-3.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.89	0.59	-1.48

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.

Drawdown Indicators

	NVDQ	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-99.45%	-55.19%	-44.26%
Max Drawdown (1Y) Largest decline over 1 year	-73.67%	-8.88%	-64.79%
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 Drawdown Current decline from peak	-99.35%	-0.70%	-98.65%
Average Drawdown Average peak-to-trough decline	-88.21%	-9.05%	-79.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.57%	1.91%	+46.66%

Volatility

NVDQ vs. SPY - Volatility Comparison

T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ) has a higher volatility of 25.84% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. 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.

Volatility by Period

	NVDQ	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.84%	2.84%	+23.00%
Volatility (6M) Calculated over the trailing 6-month period	51.78%	8.90%	+42.88%
Volatility (1Y) Calculated over the trailing 1-year period	67.86%	11.83%	+56.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	95.52%	17.05%	+78.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	95.52%	17.94%	+77.58%

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 0.41%, less than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVDQ T-Rex 2X Inverse NVIDIA Daily Target ETF	0.41%	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	0.98%	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

Can I hold both NVDQ and SPY in my portfolio?

NVDQ and SPY have a correlation of -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDQ or SPY?

NVDQ has higher volatility (25.84%) compared to SPY (2.84%). In terms of maximum drawdown, NVDQ dropped -99.45% vs SPY's -55.19%.

Which ETF is better, NVDQ or SPY?

On 1-year performance, SPY leads with 27.98% vs -68.82% for NVDQ. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDQ or SPY?

Over the 1-year period, SPY has performed better with a 27.98% return vs -68.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDQ or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.05% for NVDQ.

Which ETF pays a higher dividend yield, NVDQ or SPY?

SPY has the higher dividend yield at 0.98%, compared with 0.41% for NVDQ.

What is the main difference between NVDQ and SPY?

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.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs -1.02), 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.