NVDY vs. NVDX

Last updated Jun 23, 2026

NVDY (YieldMax NVDA Option Income Strategy ETF) and NVDX (T-REX 2X Long NVIDIA Daily Target ETF) are both exchange-traded funds - NVDY is a Derivative Income fund actively managed by YieldMax, while NVDX is a Leveraged Equities fund actively managed by REX. Both are actively managed. Over the past year, NVDY returned 38.81% vs 58.04% for NVDX. With a 0.97 correlation, they move nearly in lockstep. NVDY charges 0.99%/yr vs 1.05%/yr for NVDX.

Performance

NVDY vs. NVDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax NVDA Option Income Strategy ETF (NVDY) and T-REX 2X Long NVIDIA Daily Target ETF (NVDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDY achieves a 10.62% return, which is significantly higher than NVDX's 8.64% return.

NVDY

• 1D: -0.76%
• 1M: -2.04%
• YTD: 10.62%
• 6M: 12.42%
• 1Y: 38.81%
• 3Y*: 52.25%
• 5Y*: —
• 10Y*: —

NVDX

• 1D: -1.74%
• 1M: -8.51%
• YTD: 8.64%
• 6M: 11.25%
• 1Y: 58.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDY vs. NVDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDY YieldMax NVDA Option Income Strategy ETF	10.62%	27.38%	114.23%	13.55%
NVDX T-REX 2X Long NVIDIA Daily Target ETF	8.64%	26.24%	384.03%	28.06%

Correlation

The correlation between NVDY and NVDX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	0.97

The correlation between NVDY and NVDX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Return for Risk

NVDY vs. NVDX — Risk / Return Rank

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

NVDY

NVDY Risk / Return Rank: 44
NVDY Sharpe Ratio Rank: 40
NVDY Sortino Ratio Rank: 38
NVDY Omega Ratio Rank: 37
NVDY Calmar Ratio Rank: 63
NVDY Martin Ratio Rank: 44

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

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.

NVDY vs. NVDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax NVDA Option Income Strategy ETF (NVDY) and T-REX 2X Long NVIDIA Daily Target ETF (NVDX). 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.

	NVDY	NVDX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	0.83	+0.56
Sortino ratio: Return per unit of downside risk	1.91	1.49	+0.42
Omega ratio: Gain probability vs. loss probability	1.24	1.18	+0.06
Calmar ratio: Return relative to maximum drawdown	3.04	1.33	+1.71
Martin ratio: Return relative to average drawdown	6.98	2.91	+4.07

NVDY vs. NVDX - Sharpe Ratio Comparison

The current NVDY Sharpe Ratio is 1.39, which is higher than the NVDX Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of NVDY and NVDX, 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

NVDY vs. NVDX - Drawdown Comparison

The maximum NVDY drawdown since its inception was -34.08%, smaller than the maximum NVDX drawdown of -68.19%. Use the drawdown chart below to compare losses from any high point for NVDY and NVDX.

Drawdown Indicators

	NVDY	NVDX	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-68.19%	+34.11%
Max Drawdown (1Y) Largest decline over 1 year	-12.81%	-43.76%	+30.95%
Max Drawdown (3Y) Largest decline over 3 years	-34.08%	—	—
Current Drawdown Current decline from peak	-8.67%	-24.33%	+15.66%
Average Drawdown Average peak-to-trough decline	-6.19%	-20.33%	+14.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.57%	19.99%	-14.42%

Volatility

NVDY vs. NVDX - Volatility Comparison

The current volatility for YieldMax NVDA Option Income Strategy ETF (NVDY) is 9.68%, while T-REX 2X Long NVIDIA Daily Target ETF (NVDX) has a volatility of 25.45%. This indicates that NVDY experiences smaller price fluctuations and is considered to be less risky than NVDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDY	NVDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.68%	25.45%	-15.77%
Volatility (6M) Calculated over the trailing 6-month period	21.40%	53.08%	-31.68%
Volatility (1Y) Calculated over the trailing 1-year period	28.17%	70.57%	-42.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.16%	95.43%	-57.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.16%	95.43%	-57.27%

NVDY vs. NVDX - Expense Ratio Comparison

NVDY has a 0.99% expense ratio, which is lower than NVDX's 1.05% expense ratio.

Dividends

NVDY vs. NVDX - Dividend Comparison

NVDY's dividend yield for the trailing twelve months is around 62.22%, more than NVDX's 3.08% yield.

Position	TTM	2025	2024	2023
NVDX T-REX 2X Long NVIDIA Daily Target ETF	3.08%	3.35%	15.48%	0.00%
NVDY YieldMax NVDA Option Income Strategy ETF	62.22%	83.10%	83.65%	22.32%

Frequently Asked Questions

Can I hold both NVDY and NVDX in my portfolio?

With a correlation of 0.99, NVDY and NVDX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NVDY or NVDX?

NVDX has higher volatility (25.45%) compared to NVDY (9.68%). In terms of maximum drawdown, NVDY dropped -34.08% vs NVDX's -68.19%.

Which ETF is better, NVDY or NVDX?

On 1-year performance, NVDX leads with 58.04% vs 38.81% for NVDY. On fees, NVDY is cheaper at 0.99% per year. On volatility, NVDY has been the lower-risk option at 9.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDY or NVDX?

Over the 1-year period, NVDX has performed better with a 58.04% return vs 38.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDY or NVDX?

NVDY is cheaper with a 0.99% expense ratio, compared with 1.05% for NVDX.

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

NVDY has the higher dividend yield at 62.22%, compared with 3.08% for NVDX.

What is the main difference between NVDY and NVDX?

NVDY is categorized as Derivative Income, while NVDX is Leveraged Equities. They also come from different issuers: YieldMax and REX. Their fees differ too: 0.99% for NVDY and 1.05% for NVDX.

Which has better risk-adjusted returns?

NVDY currently has the higher Sharpe Ratio (1.39 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.