NVDS vs. FIAT

Last updated Jun 3, 2026

NVDS (Tradr 1.25X NVDA Bear Daily ETF) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - NVDS is a Inverse Equities fund tracking the NVIDIA Corporation (-125%), while FIAT is a Derivative Income fund actively managed by YieldMax. NVDS is passively managed, while FIAT is actively managed. Over the past year, NVDS returned -58.02% vs -7.95% for FIAT. At a 0.42 correlation, their price movements are largely independent. NVDS charges 1.15%/yr vs 0.99%/yr for FIAT.

Performance

NVDS vs. FIAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 1.25X NVDA Bear Daily ETF (NVDS) and YieldMax Short COIN Option Income Strategy ETF (FIAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDS achieves a -29.31% return, which is significantly lower than FIAT's 9.13% return.

NVDS

• 1D: 1.18%
• 1M: -17.63%
• YTD: -29.31%
• 6M: -32.74%
• 1Y: -58.02%
• 3Y*: -65.20%
• 5Y*: —
• 10Y*: —

FIAT

• 1D: 3.52%
• 1M: 6.41%
• YTD: 9.13%
• 6M: 22.96%
• 1Y: -7.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDS vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVDS Tradr 1.25X NVDA Bear Daily ETF	-29.31%	-58.18%	-18.95%
FIAT YieldMax Short COIN Option Income Strategy ETF	9.13%	-24.17%	-28.61%

Correlation

The correlation between NVDS and FIAT is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jul 11, 2024	0.42

Return for Risk

NVDS vs. FIAT — Risk / Return Rank

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

NVDS

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

FIAT

FIAT Risk / Return Rank: 8
FIAT Sharpe Ratio Rank: 7
FIAT Sortino Ratio Rank: 9
FIAT Omega Ratio Rank: 9
FIAT Calmar Ratio Rank: 7
FIAT Martin Ratio Rank: 7

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.

NVDS vs. FIAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 1.25X NVDA Bear Daily ETF (NVDS) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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.

	NVDS	FIAT	Difference
Sharpe ratio Return per unit of total volatility	-1.14	-0.14	-1.00
Sortino ratio Return per unit of downside risk	-1.91	0.17	-2.08
Omega ratio Gain probability vs. loss probability	0.79	1.02	-0.23
Calmar ratio Return relative to maximum drawdown	-0.97	-0.18	-0.79
Martin ratio Return relative to average drawdown	-1.53	-0.28	-1.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVDS vs. FIAT - Sharpe Ratio Comparison

The current NVDS Sharpe Ratio is -1.14, which is lower than the FIAT Sharpe Ratio of -0.14. The chart below compares the historical Sharpe Ratios of NVDS and FIAT, 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

	NVDS	FIAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.14	-0.14	-1.00
Sharpe Ratio (All Time) Calculated using the full available price history	-1.03	-0.40	-0.63

Drawdowns

NVDS vs. FIAT - Drawdown Comparison

The maximum NVDS drawdown since its inception was -99.40%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for NVDS and FIAT.

Drawdown Indicators

	NVDS	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-99.40%	-70.50%	-28.90%
Max Drawdown (1Y) Largest decline over 1 year	-59.88%	-42.26%	-17.62%
Max Drawdown (3Y) Largest decline over 3 years	-96.32%	—	—
Current Drawdown Current decline from peak	-99.35%	-52.97%	-46.38%
Average Drawdown Average peak-to-trough decline	-83.38%	-45.34%	-38.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.60%	27.30%	+11.30%

Volatility

NVDS vs. FIAT - Volatility Comparison

Tradr 1.25X NVDA Bear Daily ETF (NVDS) has a higher volatility of 18.32% compared to YieldMax Short COIN Option Income Strategy ETF (FIAT) at 16.00%. This indicates that NVDS's price experiences larger fluctuations and is considered to be riskier than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDS	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.32%	16.00%	+2.32%
Volatility (6M) Calculated over the trailing 6-month period	38.28%	42.07%	-3.79%
Volatility (1Y) Calculated over the trailing 1-year period	50.88%	55.32%	-4.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.85%	60.54%	+8.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.85%	60.54%	+8.31%

NVDS vs. FIAT - Expense Ratio Comparison

NVDS has a 1.15% expense ratio, which is higher than FIAT's 0.99% expense ratio.

Dividends

NVDS vs. FIAT - Dividend Comparison

NVDS's dividend yield for the trailing twelve months is around 20.07%, less than FIAT's 97.31% yield.

Position	TTM	2025	2024	2023	2022
FIAT YieldMax Short COIN Option Income Strategy ETF	97.31%	178.11%	70.99%	0.00%	0.00%
NVDS Tradr 1.25X NVDA Bear Daily ETF	20.07%	14.19%	14.11%	14.69%	5.72%

Frequently Asked Questions

Can I hold both NVDS and FIAT in my portfolio?

NVDS and FIAT have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDS or FIAT?

NVDS has higher volatility (18.32%) compared to FIAT (16.00%). In terms of maximum drawdown, NVDS dropped -99.40% vs FIAT's -70.50%.

Which ETF is better, NVDS or FIAT?

On 1-year performance, FIAT leads with -7.95% vs -58.02% for NVDS. On fees, FIAT is cheaper at 0.99% per year. On volatility, FIAT has been the lower-risk option at 16.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDS or FIAT?

Over the 1-year period, FIAT has performed better with a -7.95% return vs -58.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDS or FIAT?

FIAT is cheaper with a 0.99% expense ratio, compared with 1.15% for NVDS.

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

FIAT has the higher dividend yield at 97.31%, compared with 20.07% for NVDS.

What is the main difference between NVDS and FIAT?

NVDS is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: AXS and YieldMax. Their fees differ too: 1.15% for NVDS and 0.99% for FIAT.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (-0.14 vs -1.14), 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.