NVDS vs. MSFD

Last updated Jun 3, 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 -65.20%/yr vs -8.15%/yr for MSFD. A 0.56 correlation means they provide meaningful diversification when combined. 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 -29.31% return, which is significantly lower than MSFD's 6.94% return.

NVDS

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

MSFD

• 1D: 4.21%
• 1M: -6.67%
• YTD: 6.94%
• 6M: 8.58%
• 1Y: 3.79%
• 3Y*: -8.15%
• 5Y*: —
• 10Y*: —

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

NVDS vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NVDS Tradr 1.25X NVDA Bear Daily ETF	-29.31%	-58.18%	-80.03%	-83.15%	-20.44%
MSFD Direxion Daily MSFT Bear 1X Shares	6.94%	-13.36%	-7.86%	-35.90%	3.88%

Correlation

The correlation between NVDS and MSFD is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022	0.56

The correlation between NVDS and MSFD shifts across timeframes, from 0.40 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NVDS vs. MSFD — 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

MSFD

MSFD Risk / Return Rank: 11
MSFD Sharpe Ratio Rank: 11
MSFD Sortino Ratio Rank: 11
MSFD Omega Ratio Rank: 12
MSFD Calmar Ratio Rank: 10
MSFD Martin Ratio Rank: 10

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. 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.

	NVDS	MSFD	Difference
Sharpe ratio Return per unit of total volatility	-1.14	0.15	-1.30
Sortino ratio Return per unit of downside risk	-1.91	0.42	-2.33
Omega ratio Gain probability vs. loss probability	0.79	1.05	-0.26
Calmar ratio Return relative to maximum drawdown	-0.97	0.14	-1.11
Martin ratio Return relative to average drawdown	-1.53	0.39	-1.92
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. MSFD - Sharpe Ratio Comparison

The current NVDS Sharpe Ratio is -1.14, which is lower than the MSFD Sharpe Ratio of 0.15. 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.

Sharpe Ratios by Period

	NVDS	MSFD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.14	0.15	-1.30
Sharpe Ratio (All Time) Calculated using the full available price history	-1.03	-0.54	-0.49

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	-59.88%	-23.25%	-36.63%
Max Drawdown (3Y) Largest decline over 3 years	-96.32%	-40.50%	-55.82%
Current Drawdown Current decline from peak	-99.35%	-51.77%	-47.58%
Average Drawdown Average peak-to-trough decline	-83.38%	-41.58%	-41.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.60%	8.44%	+30.16%

Volatility

NVDS vs. MSFD - Volatility Comparison

Tradr 1.25X NVDA Bear Daily ETF (NVDS) has a higher volatility of 18.32% compared to Direxion Daily MSFT Bear 1X Shares (MSFD) at 9.49%. This indicates that NVDS's price experiences larger fluctuations and is considered to be riskier than MSFD based on this measure. 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	18.32%	9.49%	+8.83%
Volatility (6M) Calculated over the trailing 6-month period	38.28%	21.86%	+16.42%
Volatility (1Y) Calculated over the trailing 1-year period	50.88%	25.12%	+25.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.85%	26.11%	+42.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.85%	26.11%	+42.74%

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 20.07%, more than MSFD's 2.92% yield.

Position	TTM	2025	2024	2023	2022
MSFD Direxion Daily MSFT Bear 1X Shares	2.92%	3.33%	4.46%	4.43%	0.74%
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 MSFD in my portfolio?

NVDS and MSFD have a correlation of 0.40, 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?

NVDS has higher volatility (18.32%) compared to MSFD (9.49%). 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 -8.15% vs -65.20% for NVDS. On fees, MSFD is cheaper at 1.06% per year. On volatility, MSFD has been the lower-risk option at 9.49%. 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 -8.15% return vs -65.20%. 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 20.07%, compared with 2.92% 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 (0.15 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.