PPI vs. NVDS

Last updated Jun 4, 2026

PPI (Astoria Real Assets ETF) and NVDS (Tradr 1.25X NVDA Bear Daily ETF) are both exchange-traded funds - PPI is a Global Allocation fund actively managed by AXS, while NVDS is a Inverse Equities fund tracking the NVIDIA Corporation (-125%). PPI is actively managed, while NVDS is passively managed. Over the past 3 years, PPI returned 22.47%/yr vs -64.56%/yr for NVDS. At a correlation of -0.42, they often move in opposite directions. PPI charges 0.58%/yr vs 1.15%/yr for NVDS.

Performance

PPI vs. NVDS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Astoria Real Assets ETF (PPI) and Tradr 1.25X NVDA Bear Daily ETF (NVDS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PPI achieves a 16.52% return, which is significantly higher than NVDS's -25.38% return.

PPI

• 1D: -0.13%
• 1M: -0.86%
• YTD: 16.52%
• 6M: 17.66%
• 1Y: 38.26%
• 3Y*: 22.47%
• 5Y*: —
• 10Y*: —

NVDS

• 1D: 5.56%
• 1M: -13.17%
• YTD: -25.38%
• 6M: -29.90%
• 1Y: -53.75%
• 3Y*: -64.56%
• 5Y*: —
• 10Y*: —

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

PPI vs. NVDS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PPI Astoria Real Assets ETF	16.52%	30.05%	6.43%	11.33%	16.50%
NVDS Tradr 1.25X NVDA Bear Daily ETF	-25.38%	-58.18%	-80.03%	-83.15%	-14.84%

Correlation

The correlation between PPI and NVDS is -0.36, 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	-0.36
Correlation (3Y) Calculated over the trailing 3-year period	-0.36
Correlation (All Time) Calculated using the full available price history since Jul 15, 2022	-0.42

Return for Risk

PPI vs. NVDS — Risk / Return Rank

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

PPI

PPI Risk / Return Rank: 78
PPI Sharpe Ratio Rank: 77
PPI Sortino Ratio Rank: 72
PPI Omega Ratio Rank: 73
PPI Calmar Ratio Rank: 86
PPI Martin Ratio Rank: 80

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

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.

PPI vs. NVDS - Risk-Adjusted Trends Comparison

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

	PPI	NVDS	Difference
Sharpe ratio: Return per unit of total volatility	2.45	-1.06	+3.50
Sortino ratio: Return per unit of downside risk	3.19	-1.66	+4.86
Omega ratio: Gain probability vs. loss probability	1.43	0.81	+0.62
Calmar ratio: Return relative to maximum drawdown	4.82	-0.90	+5.72
Martin ratio: Return relative to average drawdown	15.72	-1.45	+17.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PPI vs. NVDS - Sharpe Ratio Comparison

The current PPI Sharpe Ratio is 2.45, which is higher than the NVDS Sharpe Ratio of -1.06. The chart below compares the historical Sharpe Ratios of PPI and NVDS, 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

	PPI	NVDS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	-1.06	+3.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	-1.02	+1.83

Drawdowns

PPI vs. NVDS - Drawdown Comparison

The maximum PPI drawdown since its inception was -24.54%, smaller than the maximum NVDS drawdown of -99.40%. Use the drawdown chart below to compare losses from any high point for PPI and NVDS.

Drawdown Indicators

	PPI	NVDS	Difference
Max Drawdown Largest peak-to-trough decline	-24.54%	-99.40%	+74.86%
Max Drawdown (1Y) Largest decline over 1 year	-7.98%	-59.88%	+51.90%
Max Drawdown (3Y) Largest decline over 3 years	-20.70%	-96.32%	+75.62%
Current Drawdown Current decline from peak	-3.26%	-99.32%	+96.06%
Average Drawdown Average peak-to-trough decline	-6.50%	-83.40%	+76.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	37.07%	-34.63%

Volatility

PPI vs. NVDS - Volatility Comparison

The current volatility for Astoria Real Assets ETF (PPI) is 4.37%, while Tradr 1.25X NVDA Bear Daily ETF (NVDS) has a volatility of 19.37%. This indicates that PPI experiences smaller price fluctuations and is considered to be less risky than NVDS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPI	NVDS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	19.37%	-15.00%
Volatility (6M) Calculated over the trailing 6-month period	12.56%	38.64%	-26.08%
Volatility (1Y) Calculated over the trailing 1-year period	15.73%	51.17%	-35.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.04%	68.88%	-49.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.04%	68.88%	-49.84%

PPI vs. NVDS - Expense Ratio Comparison

PPI has a 0.58% expense ratio, which is lower than NVDS's 1.15% expense ratio.

Dividends

PPI vs. NVDS - Dividend Comparison

PPI's dividend yield for the trailing twelve months is around 1.01%, less than NVDS's 19.02% yield.

Position	TTM	2025	2024	2023	2022
NVDS Tradr 1.25X NVDA Bear Daily ETF	19.02%	14.19%	14.11%	14.69%	5.72%
PPI Astoria Real Assets ETF	1.01%	1.06%	0.60%	2.87%	2.40%

Frequently Asked Questions

Can I hold both PPI and NVDS in my portfolio?

PPI and NVDS have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PPI or NVDS?

NVDS has higher volatility (19.37%) compared to PPI (4.37%). In terms of maximum drawdown, PPI dropped -24.54% vs NVDS's -99.40%.

Which ETF is better, PPI or NVDS?

On 3-year performance, PPI leads with 22.47% vs -64.56% for NVDS. On fees, PPI is cheaper at 0.58% per year. On volatility, PPI has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPI or NVDS?

Over the 3-year period, PPI has performed better with a 22.47% return vs -64.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPI or NVDS?

PPI is cheaper with a 0.58% expense ratio, compared with 1.15% for NVDS.

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

NVDS has the higher dividend yield at 19.02%, compared with 1.01% for PPI.

What is the main difference between PPI and NVDS?

PPI is categorized as Global Allocation, while NVDS is Inverse Equities. Their fees differ too: 0.58% for PPI and 1.15% for NVDS.

Which has better risk-adjusted returns?

PPI currently has the higher Sharpe Ratio (2.45 vs -1.06), 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.