USD vs. NVD
USD (ProShares Ultra Semiconductors) and NVD (GraniteShares 2x Short NVDA Daily ETF) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while NVD is a Inverse Equities fund actively managed by GraniteShares. USD is passively managed, while NVD is actively managed. Over the past year, USD returned 250.81% vs -68.07% for NVD. At a correlation of -0.91, they often move in opposite directions. USD charges 0.95%/yr vs 1.50%/yr for NVD.
Performance
USD vs. NVD - Performance Comparison
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Returns By Period
In the year-to-date period, USD achieves a 103.32% return, which is significantly higher than NVD's -37.20% return.
USD
- 1D
- -4.99%
- 1M
- 31.62%
- YTD
- 103.32%
- 6M
- 97.79%
- 1Y
- 250.81%
- 3Y*
- 125.78%
- 5Y*
- 67.80%
- 10Y*
- 61.24%
NVD
- 1D
- -3.65%
- 1M
- -22.72%
- YTD
- -37.20%
- 6M
- -40.09%
- 1Y
- -68.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USD vs. NVD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 103.32% | 62.08% | 139.64% | 30.82% |
NVD GraniteShares 2x Short NVDA Daily ETF | -37.20% | -73.27% | -93.09% | -15.28% |
Correlation
The correlation between USD and NVD is -0.86, 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 | -0.86 |
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023 | -0.91 |
The correlation between USD and NVD has been stable across timeframes, ranging from -0.91 to -0.86 - a consistent structural relationship.
USD vs. NVD - Sectors Allocation Comparison
Sectors
USD
NVD
Financial Services
-
Technology
Energy
-
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Utilities
-
-
Financial Services
USD
NVD
-
Technology
USD
NVD
Energy
USD
NVD
-
Basic Materials
USD
-
NVD
-
Communication Services
USD
-
NVD
-
Consumer Cyclical
USD
-
NVD
-
Consumer Defensive
USD
-
NVD
-
Healthcare
USD
-
NVD
-
Industrials
USD
-
NVD
-
Real Estate
USD
-
NVD
-
Utilities
USD
-
NVD
-
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Return for Risk
USD vs. NVD — Risk / Return Rank
USD
NVD
USD vs. NVD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) 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.
| USD | NVD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.12 | ||
| Sortino ratioReturn per unit of downside risk | +5.37 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 0.81 | +0.68 |
| Calmar ratioReturn relative to maximum drawdown | 7.94 | -0.94 | +8.88 |
| Martin ratioReturn relative to average drawdown | 22.96 | -1.42 | +24.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USD | NVD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.12 | -1.00 | +5.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.89 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.89 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | -0.88 | +1.36 |
Drawdowns
USD vs. NVD - Drawdown Comparison
The maximum USD drawdown since its inception was -88.63%, smaller than the maximum NVD drawdown of -99.26%. Use the drawdown chart below to compare losses from any high point for USD and NVD.
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Drawdown Indicators
| USD | NVD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -99.26% | +10.63% |
Max Drawdown (1Y)Largest decline over 1 year | -31.80% | -72.64% | +40.84% |
Max Drawdown (3Y)Largest decline over 3 years | -64.46% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -77.85% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -77.85% | — | — |
Current DrawdownCurrent decline from peak | -6.07% | -99.15% | +93.08% |
Average DrawdownAverage peak-to-trough decline | -32.35% | -81.68% | +49.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.98% | 47.83% | -36.85% |
Volatility
USD vs. NVD - Volatility Comparison
The current volatility for ProShares Ultra Semiconductors (USD) is 21.29%, while GraniteShares 2x Short NVDA Daily ETF (NVD) has a volatility of 25.96%. This indicates that USD 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
| USD | NVD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.29% | 25.96% | -4.67% |
Volatility (6M)Calculated over the trailing 6-month period | 46.74% | 52.11% | -5.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.28% | 68.48% | -7.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.56% | 92.55% | -15.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.24% | 92.55% | -23.31% |
USD vs. NVD - Expense Ratio Comparison
USD has a 0.95% expense ratio, which is lower than NVD's 1.50% expense ratio.
Dividends
USD vs. NVD - Dividend Comparison
USD's dividend yield for the trailing twelve months is around 0.23%, less than NVD's 18.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NVD GraniteShares 2x Short NVDA Daily ETF | 18.83% | 11.83% | 8.68% | 15.78% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USD ProShares Ultra Semiconductors | 0.23% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
USD and NVD have a correlation of -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVD has higher volatility (25.96%) compared to USD (21.29%). In terms of maximum drawdown, USD dropped -88.63% vs NVD's -99.26%.
On 1-year performance, USD leads with 250.81% vs -68.07% for NVD. On fees, USD is cheaper at 0.95% per year. On volatility, USD has been the lower-risk option at 21.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USD has performed better with a 250.81% return vs -68.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USD is cheaper with a 0.95% expense ratio, compared with 1.50% for NVD.
NVD has the higher dividend yield at 18.83%, compared with 0.23% for USD.
USD is categorized as Leveraged Equities, while NVD is Inverse Equities. They also come from different issuers: ProShares and GraniteShares. Their fees differ too: 0.95% for USD and 1.50% for NVD.
USD currently has the higher Sharpe Ratio (4.12 vs -1.00), 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.
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