NVDS vs. SPY

Last updated Jun 23, 2026

NVDS (Tradr 1.25X NVDA Bear Daily ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - NVDS is a Inverse Equities fund tracking the NVIDIA Corporation (-125%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, NVDS returned -63.11%/yr vs 21.27%/yr for SPY. At a correlation of -0.66, they often move in opposite directions. NVDS charges 1.15%/yr vs 0.09%/yr for SPY.

Performance

NVDS vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 1.25X NVDA Bear Daily ETF (NVDS) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDS achieves a -23.31% return, which is significantly lower than SPY's 9.74% return.

NVDS

• 1D: 1.27%
• 1M: 2.29%
• YTD: -23.31%
• 6M: -25.07%
• 1Y: -51.18%
• 3Y*: -63.11%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

NVDS vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NVDS Tradr 1.25X NVDA Bear Daily ETF	-23.31%	-58.18%	-80.03%	-83.15%	-16.72%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	1.83%

Correlation

The correlation between NVDS and SPY is -0.59, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.59
Correlation (3Y) Calculated over the trailing 3-year period	-0.64
Correlation (All Time) Calculated using the full available price history since Jul 14, 2022	-0.66

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

Return for Risk

NVDS vs. SPY — 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: 2
NVDS Calmar Ratio Rank: 1
NVDS Martin Ratio Rank: 1

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 1.25X NVDA Bear Daily ETF (NVDS) 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.

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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	2.16	-3.13
Sortino ratio: Return per unit of downside risk	-1.48	2.91	-4.39
Omega ratio: Gain probability vs. loss probability	0.84	1.39	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.88	3.01	-3.90
Martin ratio: Return relative to average drawdown	-1.41	13.54	-14.95

NVDS vs. SPY - Sharpe Ratio Comparison

The current NVDS Sharpe Ratio is -0.97, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of NVDS and SPY, 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. SPY - Drawdown Comparison

The maximum NVDS drawdown since its inception was -99.40%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for NVDS and SPY.

Drawdown Indicators

	NVDS	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-99.40%	-55.19%	-44.21%
Max Drawdown (1Y) Largest decline over 1 year	-58.10%	-8.88%	-49.22%
Max Drawdown (3Y) Largest decline over 3 years	-95.90%	-18.76%	-77.14%
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	-99.30%	-1.75%	-97.55%
Average Drawdown Average peak-to-trough decline	-83.57%	-9.04%	-74.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.46%	1.97%	+34.49%

Volatility

NVDS vs. SPY - Volatility Comparison

Tradr 1.25X NVDA Bear Daily ETF (NVDS) has a higher volatility of 19.35% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that NVDS'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

	NVDS	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.35%	4.64%	+14.71%
Volatility (6M) Calculated over the trailing 6-month period	40.24%	9.75%	+30.49%
Volatility (1Y) Calculated over the trailing 1-year period	52.87%	12.43%	+40.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.84%	17.14%	+51.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.84%	17.99%	+50.85%

NVDS vs. SPY - Expense Ratio Comparison

NVDS has a 1.15% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

NVDS vs. SPY - Dividend Comparison

NVDS's dividend yield for the trailing twelve months is around 18.50%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVDS Tradr 1.25X NVDA Bear Daily ETF	18.50%	14.19%	14.11%	14.69%	5.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both NVDS and SPY in my portfolio?

NVDS and SPY 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 SPY?

NVDS has higher volatility (19.35%) compared to SPY (4.64%). In terms of maximum drawdown, NVDS dropped -99.40% vs SPY's -55.19%.

Which ETF is better, NVDS or SPY?

On 3-year performance, SPY leads with 21.27% vs -63.11% for NVDS. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDS or SPY?

Over the 3-year period, SPY has performed better with a 21.27% return vs -63.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDS or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.15% for NVDS.

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

NVDS has the higher dividend yield at 18.50%, compared with 1.01% for SPY.

What is the main difference between NVDS and SPY?

NVDS is categorized as Inverse Equities, while SPY is S&P 500. NVDS tracks NVIDIA Corporation (-125%), while SPY tracks S&P 500 Index. They also come from different issuers: AXS and State Street. Their fees differ too: 1.15% for NVDS and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs -0.97), 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.