NVDS vs. MSFD

Last updated Aug 4, 2026

NVDS (Tradr 1.25X NVDA Bear Daily ETF) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds - NVDS tracks the NVIDIA Corporation (-125%) while MSFD tracks the Microsoft Corporation (-100%). Both are passively managed. Over the past 3 years, NVDS returned -62.25%/yr vs -12.94%/yr for MSFD. Their 0.53 correlation means they have sometimes moved together and sometimes differently. NVDS charges 1.15%/yr vs 1.06%/yr for MSFD.

Performance

NVDS vs. MSFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 1.25X NVDA Bear Daily ETF (NVDS) and Direxion Daily MSFT Bear 1X Shares (MSFD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDS achieves a -24.21% return, which is significantly lower than MSFD's -6.55% return.

NVDS

• 1D: -4.24%
• 1M: -10.37%
• 6M: -24.26%
• YTD: -24.21%
• 1Y: -35.38%
• 3Y*: -62.25%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -68.81%

MSFD

• 1D: -4.86%
• 1M: -22.03%
• 6M: -17.42%
• YTD: -6.55%
• 1Y: 2.18%
• 3Y*: -12.94%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -16.41%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSFD Direxion Daily MSFT Bear 1X Shares	$25.99M	$17.53M	$21.94M
NVDS Tradr 1.25X NVDA Bear Daily ETF	$5.22M	$5.62M	$7.37M

NVDS vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NVDS Tradr 1.25X NVDA Bear Daily ETF	-24.21%	-58.18%	-80.03%	-83.15%	-22.36%
MSFD Direxion Daily MSFT Bear 1X Shares	-6.55%	-13.36%	-7.86%	-35.90%	3.88%

Correlation

The correlation between NVDS and MSFD is 0.33, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.33
Correlation (3Y) Balances recent behavior with more history.	0.47
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022	0.53

The correlation between NVDS and MSFD shifts across timeframes, from 0.33 (1 year) to 0.53 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NVDS vs. MSFD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NVDS

NVDS Risk / Return Rank: 3
NVDS Sharpe Ratio Rank: 4
NVDS Sortino Ratio Rank: 4
NVDS Omega Ratio Rank: 5
NVDS Calmar Ratio Rank: 3
NVDS Martin Ratio Rank: 1

MSFD

MSFD Risk / Return Rank: 13
MSFD Sharpe Ratio Rank: 12
MSFD Sortino Ratio Rank: 13
MSFD Omega Ratio Rank: 14
MSFD Calmar Ratio Rank: 12
MSFD Martin Ratio Rank: 13

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NVDS vs. MSFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 1.25X NVDA Bear Daily ETF (NVDS) and Direxion Daily MSFT Bear 1X Shares (MSFD). 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.

	NVDS	MSFD	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	0.07	-0.72
Sortino ratio: Return per unit of downside risk	-0.73	0.31	-1.03
Omega ratio: Gain probability vs. loss probability	0.92	1.05	-0.13
Calmar ratio: Return relative to maximum drawdown	-0.75	0.07	-0.83
Martin ratio: Return relative to average drawdown	-1.44	0.27	-1.71

NVDS vs. MSFD - Sharpe Ratio Comparison

The current NVDS Sharpe Ratio is -0.65, which is lower than the MSFD Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of NVDS and MSFD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NVDS vs. MSFD - Drawdown Comparison

The maximum NVDS drawdown since its inception was -99.40%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for NVDS and MSFD.

Drawdown Indicators

	NVDS	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-99.40%	-59.90%	-39.50%
Max Drawdown (1Y) Largest decline over 1 year	-47.10%	-30.11%	-16.99%
Max Drawdown (3Y) Largest decline over 3 years	-95.83%	-40.50%	-55.33%
Current Drawdown Current decline from peak	-99.31%	-57.85%	-41.46%
Average Drawdown Average peak-to-trough decline	-84.02%	-41.74%	-42.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.60%	8.10%	+16.50%

Volatility

NVDS vs. MSFD - Volatility Comparison

Tradr 1.25X NVDA Bear Daily ETF (NVDS) and Direxion Daily MSFT Bear 1X Shares (MSFD) have volatilities of 18.42% and 18.52%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDS	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.42%	18.52%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	43.03%	28.25%	+14.78%
Volatility (1Y) Calculated over the trailing 1-year period	54.77%	32.16%	+22.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.61%	27.64%	+40.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.61%	27.64%	+40.97%

NVDS vs. MSFD - Expense Ratio Comparison

NVDS has a 1.15% expense ratio, which is higher than MSFD's 1.06% expense ratio.

Dividends

NVDS vs. MSFD - Dividend Comparison

NVDS's dividend yield for the trailing twelve months is around 18.72%, more than MSFD's 4.23% yield.

Position	TTM	2025	2024	2023	2022
MSFD Direxion Daily MSFT Bear 1X Shares	4.23%	3.33%	4.46%	4.43%	0.74%
NVDS Tradr 1.25X NVDA Bear Daily ETF	18.72%	14.19%	14.11%	14.69%	5.72%

Frequently Asked Questions

Can I hold both NVDS and MSFD in my portfolio?

NVDS and MSFD have a correlation of 0.33, 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 MSFD?

MSFD has higher volatility (18.52%) compared to NVDS (18.42%). In terms of maximum drawdown, NVDS dropped -99.40% vs MSFD's -59.90%.

Which ETF is better, NVDS or MSFD?

On 3-year performance, MSFD leads with -12.94% vs -62.25% for NVDS. On fees, MSFD is cheaper at 1.06% per year. On volatility, NVDS has been the lower-risk option at 18.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDS or MSFD?

Over the 3-year period, MSFD has performed better with a -12.94% return vs -62.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDS or MSFD?

MSFD is cheaper with a 1.06% expense ratio, compared with 1.15% for NVDS.

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

NVDS has the higher dividend yield at 18.72%, compared with 4.23% for MSFD.

What is the main difference between NVDS and MSFD?

NVDS tracks NVIDIA Corporation (-125%), while MSFD tracks Microsoft Corporation (-100%). They also come from different issuers: AXS and Direxion. Their fees differ too: 1.15% for NVDS and 1.06% for MSFD.

Which has better risk-adjusted returns?

MSFD currently has the higher Sharpe Ratio (0.07 vs -0.65), 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.