NVDQ vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ) and State Street SPDR S&P 500 ETF (SPY).

NVDQ and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NVDQ is an actively managed fund by T-Rex. It was launched on Oct 18, 2023. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

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.

NVDQ vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDQ T-Rex 2X Inverse NVIDIA Daily Target ETF	4.46%	-74.63%	-93.80%	-30.70%
SPY State Street SPDR S&P 500 ETF	-4.37%	17.72%	24.89%	11.91%

Returns By Period

In the year-to-date period, NVDQ achieves a 4.46% return, which is significantly higher than SPY's -4.37% return.

NVDQ

• 1D: -11.16%
• 1M: -0.06%
• YTD: 4.46%
• 6M: -4.52%
• 1Y: -76.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: 2.91%
• 1M: -4.94%
• YTD: -4.37%
• 6M: -1.82%
• 1Y: 17.59%
• 3Y*: 18.19%
• 5Y*: 11.69%
• 10Y*: 13.98%

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

NVDQ vs. SPY - Expense Ratio Comparison

NVDQ has a 1.05% expense ratio, which is higher than SPY's 0.09% expense ratio.

NVDQ

T-Rex 2X Inverse NVIDIA Daily Target ETF

SPY

State Street SPDR S&P 500 ETF

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: 0
NVDQ Omega Ratio Rank: 0
NVDQ Calmar Ratio Rank: 0
NVDQ Martin Ratio Rank: 4

SPY

SPY Risk / Return Rank: 64
SPY Sharpe Ratio Rank: 56
SPY Sortino Ratio Rank: 60
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 65
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	-0.93	0.93	-1.86
Sortino ratio Return per unit of downside risk	-1.69	1.45	-3.15
Omega ratio Gain probability vs. loss probability	0.79	1.22	-0.44
Calmar ratio Return relative to maximum drawdown	-0.90	1.53	-2.42
Martin ratio Return relative to average drawdown	-1.02	7.30	-8.32
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 -0.93, which is lower than the SPY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of NVDQ and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NVDQ	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.93	0.93	-1.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.87	0.56	-1.43

Correlation

The correlation between NVDQ and SPY is -0.63. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

NVDQ vs. SPY - Dividend Comparison

NVDQ's dividend yield for the trailing twelve months is around 0.25%, less than SPY's 1.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVDQ T-Rex 2X Inverse NVIDIA Daily Target ETF	0.25%	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	1.14%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

NVDQ vs. SPY - Drawdown Comparison

The maximum NVDQ drawdown since its inception was -99.13%, 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	-99.13%	-55.19%	-43.94%
Max Drawdown (1Y) Largest decline over 1 year	-85.00%	-12.05%	-72.95%
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	-98.94%	-6.24%	-92.70%
Average Drawdown Average peak-to-trough decline	-87.41%	-9.09%	-78.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	74.44%	2.52%	+71.92%

Volatility

NVDQ vs. SPY - Volatility Comparison

T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ) has a higher volatility of 20.96% compared to State Street SPDR S&P 500 ETF (SPY) at 5.31%. 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	20.96%	5.31%	+15.65%
Volatility (6M) Calculated over the trailing 6-month period	51.99%	9.47%	+42.52%
Volatility (1Y) Calculated over the trailing 1-year period	82.28%	19.05%	+63.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	96.83%	17.06%	+79.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	96.83%	17.92%	+78.91%