SSG vs. NVDD

Last updated Jun 3, 2026

SSG (Proshares Ultrashort Semiconductors) and NVDD (Direxion Daily NVDA Bear 1X Shares) are both exchange-traded funds - SSG is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (-200%), while NVDD is a Inverse Equities fund actively managed by Direxion. SSG is passively managed, while NVDD is actively managed. Over the past year, SSG returned -82.39% vs -40.55% for NVDD. Their correlation of 0.91 suggests significant overlap in exposure. SSG charges 0.95%/yr vs 1.01%/yr for NVDD.

Performance

SSG vs. NVDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultrashort Semiconductors (SSG) and Direxion Daily NVDA Bear 1X Shares (NVDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSG achieves a -61.47% return, which is significantly lower than NVDD's -18.41% return.

SSG

• 1D: -5.10%
• 1M: -34.47%
• YTD: -61.47%
• 6M: -61.93%
• 1Y: -82.39%
• 3Y*: -74.95%
• 5Y*: -67.33%
• 10Y*: -62.17%

NVDD

• 1D: 0.78%
• 1M: -11.63%
• YTD: -18.41%
• 6M: -20.74%
• 1Y: -40.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SSG vs. NVDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SSG Proshares Ultrashort Semiconductors	-61.47%	-70.03%	-77.59%	-28.28%
NVDD Direxion Daily NVDA Bear 1X Shares	-18.41%	-38.72%	-69.77%	-8.79%

Correlation

The correlation between SSG and NVDD is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.91

The correlation between SSG and NVDD has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

SSG vs. NVDD — Risk / Return Rank

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

SSG

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

NVDD

NVDD Risk / Return Rank: 1
NVDD Sharpe Ratio Rank: 1
NVDD Sortino Ratio Rank: 1
NVDD Omega Ratio Rank: 1
NVDD Calmar Ratio Rank: 1
NVDD 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.

SSG vs. NVDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Semiconductors (SSG) and Direxion Daily NVDA Bear 1X Shares (NVDD). 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.

	SSG	NVDD	Difference
Sharpe ratio Return per unit of total volatility	-1.34	-1.20	-0.14
Sortino ratio Return per unit of downside risk	-3.24	-1.81	-1.43
Omega ratio Gain probability vs. loss probability	0.66	0.80	-0.14
Calmar ratio Return relative to maximum drawdown	-1.01	-0.96	-0.05
Martin ratio Return relative to average drawdown	-1.58	-1.60	+0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SSG vs. NVDD - Sharpe Ratio Comparison

The current SSG Sharpe Ratio is -1.34, which is comparable to the NVDD Sharpe Ratio of -1.20. The chart below compares the historical Sharpe Ratios of SSG and NVDD, 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

	SSG	NVDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.34	-1.20	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.87	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.90	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	-1.10	+0.31

Drawdowns

SSG vs. NVDD - Drawdown Comparison

The maximum SSG drawdown since its inception was -100.00%, which is greater than NVDD's maximum drawdown of -88.34%. Use the drawdown chart below to compare losses from any high point for SSG and NVDD.

Drawdown Indicators

	SSG	NVDD	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-88.34%	-11.66%
Max Drawdown (1Y) Largest decline over 1 year	-81.36%	-42.53%	-38.83%
Max Drawdown (3Y) Largest decline over 3 years	-98.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-99.64%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.99%	—	—
Current Drawdown Current decline from peak	-100.00%	-87.71%	-12.29%
Average Drawdown Average peak-to-trough decline	-88.59%	-67.00%	-21.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.66%	26.02%	+26.64%

Volatility

SSG vs. NVDD - Volatility Comparison

Proshares Ultrashort Semiconductors (SSG) has a higher volatility of 21.32% compared to Direxion Daily NVDA Bear 1X Shares (NVDD) at 11.86%. This indicates that SSG's price experiences larger fluctuations and is considered to be riskier than NVDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSG	NVDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.32%	11.86%	+9.46%
Volatility (6M) Calculated over the trailing 6-month period	47.37%	25.30%	+22.07%
Volatility (1Y) Calculated over the trailing 1-year period	61.85%	33.91%	+27.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	77.34%	47.39%	+29.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.98%	47.39%	+21.59%

SSG vs. NVDD - Expense Ratio Comparison

SSG has a 0.95% expense ratio, which is lower than NVDD's 1.01% expense ratio.

Dividends

SSG vs. NVDD - Dividend Comparison

SSG's dividend yield for the trailing twelve months is around 13.55%, more than NVDD's 4.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
NVDD Direxion Daily NVDA Bear 1X Shares	4.39%	4.19%	4.83%	1.31%	0.00%	0.00%	0.00%	0.00%	0.00%
SSG Proshares Ultrashort Semiconductors	13.55%	9.19%	7.67%	6.73%	0.75%	0.00%	0.34%	1.81%	0.62%

Frequently Asked Questions

Can I hold both SSG and NVDD in my portfolio?

SSG and NVDD have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSG or NVDD?

SSG has higher volatility (21.32%) compared to NVDD (11.86%). In terms of maximum drawdown, SSG dropped -100.00% vs NVDD's -88.34%.

Which ETF is better, SSG or NVDD?

On 1-year performance, NVDD leads with -40.55% vs -82.39% for SSG. On fees, SSG is cheaper at 0.95% per year. On volatility, NVDD has been the lower-risk option at 11.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSG or NVDD?

Over the 1-year period, NVDD has performed better with a -40.55% return vs -82.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSG or NVDD?

SSG is cheaper with a 0.95% expense ratio, compared with 1.01% for NVDD.

Which ETF pays a higher dividend yield, SSG or NVDD?

SSG has the higher dividend yield at 13.55%, compared with 4.39% for NVDD.

What is the main difference between SSG and NVDD?

SSG is categorized as Leveraged Equities, while NVDD is Inverse Equities. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SSG and 1.01% for NVDD.

Which has better risk-adjusted returns?

NVDD currently has the higher Sharpe Ratio (-1.20 vs -1.34), 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.