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ULCC vs. NVD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

Performance

ULCC vs. NVD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Frontier Group Holdings, Inc. (ULCC) and GraniteShares 2x Short NVDA Daily ETF (NVD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ULCC achieves a 53.93% return, which is significantly higher than NVD's -26.99% return.


ULCC

1D
1.54%
1M
46.46%
YTD
53.93%
6M
49.79%
1Y
106.85%
3Y*
-7.33%
5Y*
-16.31%
10Y*

NVD

1D
8.30%
1M
10.83%
YTD
-26.99%
6M
-24.81%
1Y
-61.62%
3Y*
5Y*
10Y*
*Multi-year figures are annualized to reflect compound growth (CAGR)

ULCC vs. NVD - Yearly Performance Comparison


2026 (YTD)202520242023
ULCC
Frontier Group Holdings, Inc.
53.93%-33.76%30.22%-20.06%
NVD
GraniteShares 2x Short NVDA Daily ETF
-26.99%-73.27%-93.09%-15.28%

Correlation

The correlation between ULCC and NVD is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.


Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.06

Correlation (All Time)
Calculated using the full available price history since Aug 22, 2023

-0.16

The correlation between ULCC and NVD shifts across timeframes, from -0.16 (all time) to -0.06 (1 year), reflecting how their relationship changes across market environments.

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Return for Risk

ULCC vs. NVD — Risk / Return Rank

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

ULCC
ULCC Risk / Return Rank: 7676
Overall Rank
ULCC Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
ULCC Sortino Ratio Rank: 7878
Sortino Ratio Rank
ULCC Omega Ratio Rank: 7474
Omega Ratio Rank
ULCC Calmar Ratio Rank: 7676
Calmar Ratio Rank
ULCC Martin Ratio Rank: 7474
Martin Ratio Rank

NVD
NVD Risk / Return Rank: 22
Overall Rank
NVD Sharpe Ratio Rank: 22
Sharpe Ratio Rank
NVD Sortino Ratio Rank: 22
Sortino Ratio Rank
NVD Omega Ratio Rank: 22
Omega Ratio Rank
NVD Calmar Ratio Rank: 11
Calmar Ratio Rank
NVD Martin Ratio Rank: 22
Martin Ratio Rank
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.

ULCC vs. NVD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Frontier Group Holdings, Inc. (ULCC) and GraniteShares 2x Short NVDA Daily ETF (NVD). 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.


ULCCNVDDifference
Sharpe ratioReturn per unit of total volatility

+2.15

Sortino ratioReturn per unit of downside risk

+3.44

Omega ratioGain probability vs. loss probability

1.25

0.85

+0.39

Calmar ratioReturn relative to maximum drawdown

2.05

-0.89

+2.94

Martin ratioReturn relative to average drawdown

4.41

-1.39

+5.79

ULCC vs. NVD - Sharpe Ratio Comparison

The current ULCC Sharpe Ratio is 1.28, which is higher than the NVD Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of ULCC and NVD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.


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Drawdowns

ULCC vs. NVD - Drawdown Comparison

The maximum ULCC drawdown since its inception was -87.04%, smaller than the maximum NVD drawdown of -99.26%. Use the drawdown chart below to compare losses from any high point for ULCC and NVD.


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Drawdown Indicators


ULCCNVDDifference

Max Drawdown

Largest peak-to-trough decline

-87.04%

-99.26%

+12.22%

Max Drawdown (1Y)

Largest decline over 1 year

-52.45%

-69.44%

+16.99%

Max Drawdown (3Y)

Largest decline over 3 years

-72.90%

Max Drawdown (5Y)

Largest decline over 5 years

-84.04%

Current Drawdown

Current decline from peak

-66.91%

-99.02%

+32.11%

Average Drawdown

Average peak-to-trough decline

-60.38%

-81.86%

+21.48%

Ulcer Index

Depth and duration of drawdowns from previous peaks

24.33%

47.02%

-22.69%

Volatility

ULCC vs. NVD - Volatility Comparison

The current volatility for Frontier Group Holdings, Inc. (ULCC) is 23.29%, while GraniteShares 2x Short NVDA Daily ETF (NVD) has a volatility of 26.72%. This indicates that ULCC experiences smaller price fluctuations and is considered to be less risky than NVD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


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Volatility by Period


ULCCNVDDifference

Volatility (1M)

Calculated over the trailing 1-month period

23.29%

26.72%

-3.43%

Volatility (6M)

Calculated over the trailing 6-month period

58.36%

54.57%

+3.79%

Volatility (1Y)

Calculated over the trailing 1-year period

83.94%

71.22%

+12.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

70.20%

92.58%

-22.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

69.14%

92.58%

-23.44%

Dividends

ULCC vs. NVD - Dividend Comparison

ULCC has not paid dividends to shareholders, while NVD's dividend yield for the trailing twelve months is around 16.20%.


PositionTTM202520242023
NVD
GraniteShares 2x Short NVDA Daily ETF
16.20%11.83%8.68%15.78%
ULCC
Frontier Group Holdings, Inc.
0.00%0.00%0.00%0.00%

Frequently Asked Questions


ULCC and NVD have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NVD has higher volatility (26.72%) compared to ULCC (23.29%). In terms of maximum drawdown, ULCC dropped -87.04% vs NVD's -99.26%.

ULCC currently has the higher Sharpe Ratio (1.28 vs -0.87), 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.

Portfolio Optimizer

Find the right allocation for ULCC and NVD

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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