NVDX vs. SPY

Last updated Jun 23, 2026

NVDX (T-REX 2X Long NVIDIA Daily Target ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - NVDX is a Leveraged Equities fund actively managed by REX, while SPY is a S&P 500 fund tracking the S&P 500 Index. NVDX is actively managed, while SPY is passively managed. Over the past year, NVDX returned 58.04% vs 26.65% for SPY. A 0.63 correlation means they provide meaningful diversification when combined. NVDX charges 1.05%/yr vs 0.09%/yr for SPY.

Performance

NVDX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-REX 2X Long NVIDIA Daily Target ETF (NVDX) 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, NVDX achieves a 8.64% return, which is significantly lower than SPY's 9.74% return.

NVDX

• 1D: -1.74%
• 1M: -8.51%
• YTD: 8.64%
• 6M: 11.25%
• 1Y: 58.04%
• 3Y*: —
• 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)

NVDX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDX T-REX 2X Long NVIDIA Daily Target ETF	8.64%	26.24%	384.03%	28.06%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	10.93%

Correlation

The correlation between NVDX and SPY 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 (All Time) Calculated using the full available price history since Oct 19, 2023	0.63

The correlation between NVDX and SPY has been stable across timeframes, ranging from 0.59 to 0.63 - a consistent structural relationship.

NVDX vs. SPY - Sectors Allocation Comparison

Sectors	NVDX	SPY
Technology	100.0%	39.0%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Financial Services	-	11.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

NVDX vs. SPY — Risk / Return Rank

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

NVDX

NVDX Risk / Return Rank: 26
NVDX Sharpe Ratio Rank: 24
NVDX Sortino Ratio Rank: 28
NVDX Omega Ratio Rank: 26
NVDX Calmar Ratio Rank: 28
NVDX Martin Ratio Rank: 23

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.

NVDX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Long NVIDIA Daily Target ETF (NVDX) 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.

	NVDX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.83	2.16	-1.33
Sortino ratio: Return per unit of downside risk	1.49	2.91	-1.42
Omega ratio: Gain probability vs. loss probability	1.18	1.39	-0.21
Calmar ratio: Return relative to maximum drawdown	1.33	3.01	-1.68
Martin ratio: Return relative to average drawdown	2.91	13.54	-10.62

NVDX vs. SPY - Sharpe Ratio Comparison

The current NVDX Sharpe Ratio is 0.83, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of NVDX 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

NVDX vs. SPY - Drawdown Comparison

The maximum NVDX drawdown since its inception was -68.19%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for NVDX and SPY.

Drawdown Indicators

	NVDX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-68.19%	-55.19%	-13.00%
Max Drawdown (1Y) Largest decline over 1 year	-43.76%	-8.88%	-34.88%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
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	-24.33%	-1.75%	-22.58%
Average Drawdown Average peak-to-trough decline	-20.33%	-9.04%	-11.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.99%	1.97%	+18.02%

Volatility

NVDX vs. SPY - Volatility Comparison

T-REX 2X Long NVIDIA Daily Target ETF (NVDX) has a higher volatility of 25.45% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that NVDX'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

	NVDX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.45%	4.64%	+20.81%
Volatility (6M) Calculated over the trailing 6-month period	53.08%	9.75%	+43.33%
Volatility (1Y) Calculated over the trailing 1-year period	70.57%	12.43%	+58.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	95.43%	17.14%	+78.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	95.43%	17.99%	+77.44%

NVDX vs. SPY - Expense Ratio Comparison

NVDX has a 1.05% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

NVDX vs. SPY - Dividend Comparison

NVDX's dividend yield for the trailing twelve months is around 3.08%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVDX T-REX 2X Long NVIDIA Daily Target ETF	3.08%	3.35%	15.48%	0.00%	0.00%	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 NVDX and SPY in my portfolio?

NVDX 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, NVDX or SPY?

NVDX has higher volatility (25.45%) compared to SPY (4.64%). In terms of maximum drawdown, NVDX dropped -68.19% vs SPY's -55.19%.

Which ETF is better, NVDX or SPY?

On 1-year performance, NVDX leads with 58.04% vs 26.65% for SPY. 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, NVDX or SPY?

Over the 1-year period, NVDX has performed better with a 58.04% return vs 26.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDX or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.05% for NVDX.

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

NVDX has the higher dividend yield at 3.08%, compared with 1.01% for SPY.

What is the main difference between NVDX and SPY?

NVDX is categorized as Leveraged Equities, while SPY is S&P 500. They also come from different issuers: REX and State Street. Their fees differ too: 1.05% for NVDX and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 0.83), 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.