NVDS vs. SPDN

Last updated Jun 24, 2026

NVDS (Tradr 1.25X NVDA Bear Daily ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - NVDS tracks the NVIDIA Corporation (-125%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 3 years, NVDS returned -62.36%/yr vs -11.95%/yr for SPDN. A 0.66 correlation means they provide meaningful diversification when combined. NVDS charges 1.15%/yr vs 0.50%/yr for SPDN.

Performance

NVDS vs. SPDN - 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 S&P 500 Bear 1x Shares (SPDN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDS achieves a -18.53% return, which is significantly lower than SPDN's -6.10% return.

NVDS

• 1D: 6.24%
• 1M: 8.67%
• YTD: -18.53%
• 6M: -16.59%
• 1Y: -47.95%
• 3Y*: -62.36%
• 5Y*: —
• 10Y*: —

SPDN

• 1D: 0.69%
• 1M: 0.80%
• YTD: -6.10%
• 6M: -5.09%
• 1Y: -14.93%
• 3Y*: -11.95%
• 5Y*: -8.36%
• 10Y*: -12.66%

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

NVDS vs. SPDN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NVDS Tradr 1.25X NVDA Bear Daily ETF	-18.53%	-58.18%	-80.03%	-83.15%	-16.72%
SPDN Direxion Daily S&P 500 Bear 1x Shares	-6.10%	-11.09%	-12.88%	-15.04%	-1.84%

Correlation

The correlation between NVDS and SPDN is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jul 14, 2022	0.66

The correlation between NVDS and SPDN has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.

Return for Risk

NVDS vs. SPDN — Risk / Return Rank

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

NVDS

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

SPDN

SPDN Risk / Return Rank: 1
SPDN Sharpe Ratio Rank: 0
SPDN Sortino Ratio Rank: 1
SPDN Omega Ratio Rank: 1
SPDN Calmar Ratio Rank: 1
SPDN Martin Ratio Rank: 0

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. SPDN - 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 S&P 500 Bear 1x Shares (SPDN). 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	SPDN	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	-1.19	+0.29
Sortino ratio: Return per unit of downside risk	-1.31	-1.71	+0.40
Omega ratio: Gain probability vs. loss probability	0.85	0.81	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.85	-0.93	+0.08
Martin ratio: Return relative to average drawdown	-1.41	-1.75	+0.34

NVDS vs. SPDN - Sharpe Ratio Comparison

The current NVDS Sharpe Ratio is -0.90, which is comparable to the SPDN Sharpe Ratio of -1.19. The chart below compares the historical Sharpe Ratios of NVDS and SPDN, 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. SPDN - Drawdown Comparison

The maximum NVDS drawdown since its inception was -99.40%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for NVDS and SPDN.

Drawdown Indicators

	NVDS	SPDN	Difference
Max Drawdown Largest peak-to-trough decline	-99.40%	-75.31%	-24.09%
Max Drawdown (1Y) Largest decline over 1 year	-56.48%	-16.05%	-40.43%
Max Drawdown (3Y) Largest decline over 3 years	-95.90%	-38.24%	-57.66%
Max Drawdown (5Y) Largest decline over 5 years	—	-43.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.31%	—
Current Drawdown Current decline from peak	-99.25%	-74.71%	-24.54%
Average Drawdown Average peak-to-trough decline	-83.59%	-48.66%	-34.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.37%	9.44%	+26.93%

Volatility

NVDS vs. SPDN - Volatility Comparison

Tradr 1.25X NVDA Bear Daily ETF (NVDS) has a higher volatility of 20.03% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 4.51%. This indicates that NVDS's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDS	SPDN	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.03%	4.51%	+15.52%
Volatility (6M) Calculated over the trailing 6-month period	40.67%	9.82%	+30.85%
Volatility (1Y) Calculated over the trailing 1-year period	53.16%	12.59%	+40.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.89%	16.95%	+51.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.89%	18.04%	+50.85%

NVDS vs. SPDN - Expense Ratio Comparison

NVDS has a 1.15% expense ratio, which is higher than SPDN's 0.50% expense ratio.

Dividends

NVDS vs. SPDN - Dividend Comparison

NVDS's dividend yield for the trailing twelve months is around 17.42%, more than SPDN's 4.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NVDS Tradr 1.25X NVDA Bear Daily ETF	17.42%	14.19%	14.11%	14.69%	5.72%	0.00%	0.00%	0.00%	0.00%	0.00%
SPDN Direxion Daily S&P 500 Bear 1x Shares	4.02%	4.06%	5.32%	5.84%	0.96%	0.00%	0.10%	1.89%	1.24%	0.42%

Frequently Asked Questions

Can I hold both NVDS and SPDN in my portfolio?

NVDS and SPDN have a correlation of 0.59, 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 SPDN?

NVDS has higher volatility (20.03%) compared to SPDN (4.51%). In terms of maximum drawdown, NVDS dropped -99.40% vs SPDN's -75.31%.

Which ETF is better, NVDS or SPDN?

On 3-year performance, SPDN leads with -11.95% vs -62.36% for NVDS. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDS or SPDN?

Over the 3-year period, SPDN has performed better with a -11.95% return vs -62.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDS or SPDN?

SPDN is cheaper with a 0.50% expense ratio, compared with 1.15% for NVDS.

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

NVDS has the higher dividend yield at 17.42%, compared with 4.02% for SPDN.

What is the main difference between NVDS and SPDN?

NVDS tracks NVIDIA Corporation (-125%), while SPDN tracks S&P 500 Index. They also come from different issuers: AXS and Direxion. Their fees differ too: 1.15% for NVDS and 0.50% for SPDN.

Which has better risk-adjusted returns?

NVDS currently has the higher Sharpe Ratio (-0.90 vs -1.19), 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.