SSG vs. NVDL

Last updated Jun 3, 2026

SSG (Proshares Ultrashort Semiconductors) and NVDL (GraniteShares 2x Long NVDA Daily ETF) are both Leveraged Equities funds. SSG is passively managed, while NVDL is actively managed. Over the past 3 years, SSG returned -74.95%/yr vs 114.97%/yr for NVDL. At a correlation of -0.91, they often move in opposite directions. SSG charges 0.95%/yr vs 1.15%/yr for NVDL.

Performance

SSG vs. NVDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultrashort Semiconductors (SSG) and GraniteShares 2x Long NVDA Daily ETF (NVDL). 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 NVDL's 29.19% 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%

NVDL

• 1D: -1.46%
• 1M: 23.29%
• YTD: 29.19%
• 6M: 34.48%
• 1Y: 109.97%
• 3Y*: 114.97%
• 5Y*: —
• 10Y*: —

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

SSG vs. NVDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SSG Proshares Ultrashort Semiconductors	-61.47%	-70.03%	-77.59%	-78.69%	24.97%
NVDL GraniteShares 2x Long NVDA Daily ETF	29.19%	32.57%	344.58%	432.18%	-28.32%

Correlation

The correlation between SSG and NVDL is -0.87, 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	-0.87
Correlation (3Y) Calculated over the trailing 3-year period	-0.91
Correlation (All Time) Calculated using the full available price history since Dec 14, 2022	-0.91

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

SSG vs. NVDL - Sectors Allocation Comparison

Sectors	SSG	NVDL
Financial Services	50.7%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SSG vs. NVDL — 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

NVDL

NVDL Risk / Return Rank: 45
NVDL Sharpe Ratio Rank: 46
NVDL Sortino Ratio Rank: 44
NVDL Omega Ratio Rank: 40
NVDL Calmar Ratio Rank: 55
NVDL Martin Ratio Rank: 40

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. NVDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Semiconductors (SSG) and GraniteShares 2x Long NVDA Daily ETF (NVDL). 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	NVDL	Difference
Sharpe ratio Return per unit of total volatility	-1.34	1.63	-2.97
Sortino ratio Return per unit of downside risk	-3.24	2.20	-5.43
Omega ratio Gain probability vs. loss probability	0.66	1.26	-0.61
Calmar ratio Return relative to maximum drawdown	-1.01	2.80	-3.80
Martin ratio Return relative to average drawdown	-1.58	6.43	-8.01
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. NVDL - Sharpe Ratio Comparison

The current SSG Sharpe Ratio is -1.34, which is lower than the NVDL Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of SSG and NVDL, 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	NVDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.34	1.63	-2.97
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	1.84	-2.62

Drawdowns

SSG vs. NVDL - Drawdown Comparison

The maximum SSG drawdown since its inception was -100.00%, which is greater than NVDL's maximum drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for SSG and NVDL.

Drawdown Indicators

	SSG	NVDL	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-67.55%	-32.45%
Max Drawdown (1Y) Largest decline over 1 year	-81.36%	-42.23%	-39.13%
Max Drawdown (3Y) Largest decline over 3 years	-98.49%	-67.55%	-30.94%
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%	-11.89%	-88.11%
Average Drawdown Average peak-to-trough decline	-88.59%	-16.96%	-71.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.66%	18.35%	+34.31%

Volatility

SSG vs. NVDL - Volatility Comparison

The current volatility for Proshares Ultrashort Semiconductors (SSG) is 21.32%, while GraniteShares 2x Long NVDA Daily ETF (NVDL) has a volatility of 23.30%. This indicates that SSG experiences smaller price fluctuations and is considered to be less risky than NVDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSG	NVDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.32%	23.30%	-1.98%
Volatility (6M) Calculated over the trailing 6-month period	47.37%	50.31%	-2.94%
Volatility (1Y) Calculated over the trailing 1-year period	61.85%	67.87%	-6.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	77.34%	90.38%	-13.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.98%	90.38%	-21.40%

SSG vs. NVDL - Expense Ratio Comparison

SSG has a 0.95% expense ratio, which is lower than NVDL's 1.15% expense ratio.

Dividends

SSG vs. NVDL - Dividend Comparison

SSG's dividend yield for the trailing twelve months is around 13.55%, while NVDL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%	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 NVDL in my portfolio?

SSG and NVDL 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 NVDL?

NVDL has higher volatility (23.30%) compared to SSG (21.32%). In terms of maximum drawdown, SSG dropped -100.00% vs NVDL's -67.55%.

Which ETF is better, SSG or NVDL?

On 3-year performance, NVDL leads with 114.97% vs -74.95% for SSG. On fees, SSG is cheaper at 0.95% per year. On volatility, SSG has been the lower-risk option at 21.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSG or NVDL?

Over the 3-year period, NVDL has performed better with a 114.97% return vs -74.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSG or NVDL?

SSG is cheaper with a 0.95% expense ratio, compared with 1.15% for NVDL.

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

SSG has the higher dividend yield at 13.55%, compared with 0.00% for NVDL.

What is the main difference between SSG and NVDL?

They also come from different issuers: ProShares and GraniteShares. Their fees differ too: 0.95% for SSG and 1.15% for NVDL.

Which has better risk-adjusted returns?

NVDL currently has the higher Sharpe Ratio (1.63 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.