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 185.02% vs -53.87% 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 92.18% return, which is significantly higher than NVD's -23.92% return.
USD
- 1D
- 4.73%
- 1M
- -0.57%
- YTD
- 92.18%
- 6M
- 86.88%
- 1Y
- 185.02%
- 3Y*
- 118.50%
- 5Y*
- 64.73%
- 10Y*
- 62.72%
NVD
- 1D
- 3.23%
- 1M
- 15.01%
- YTD
- -23.92%
- 6M
- -22.14%
- 1Y
- -53.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USD vs. NVD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 92.18% | 62.08% | 139.64% | 26.62% |
NVD GraniteShares 2x Short NVDA Daily ETF | -23.92% | -73.27% | -93.09% | -15.28% |
Correlation
The correlation between USD and NVD is -0.85, 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 | -0.85 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023 | -0.91 |
The correlation between USD and NVD has been stable across timeframes, ranging from -0.91 to -0.85 - a consistent structural relationship.
USD vs. NVD - Sectors Allocation Comparison
Sectors
USD
NVD
Technology
Financial Services
-
Energy
-
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Utilities
-
-
Technology
USD
NVD
Financial Services
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.
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.
| USD | NVD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.52 | ||
| Sortino ratioReturn per unit of downside risk | +3.79 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.89 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 5.86 | -0.81 | +6.66 |
| Martin ratioReturn relative to average drawdown | 16.16 | -1.33 | +17.49 |
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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% | -66.81% | +35.01% |
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 | -11.21% | -98.98% | +87.77% |
Average DrawdownAverage peak-to-trough decline | -32.29% | -81.90% | +49.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.50% | 40.42% | -28.92% |
Volatility
USD vs. NVD - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 33.79% compared to GraniteShares 2x Short NVDA Daily ETF (NVD) at 26.63%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier 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 | 33.79% | 26.63% | +7.16% |
Volatility (6M)Calculated over the trailing 6-month period | 53.90% | 54.05% | -0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.84% | 71.16% | -3.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 77.74% | 92.48% | -14.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.82% | 92.48% | -22.66% |
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 0.30%, less than NVD's 15.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NVD GraniteShares 2x Short NVDA Daily ETF | 15.54% | 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 | 0.30% | 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 -0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (33.79%) compared to NVD (26.63%). In terms of maximum drawdown, USD dropped -88.63% vs NVD's -99.26%.
On 1-year performance, USD leads with 185.02% vs -53.87% for NVD. On fees, USD is cheaper at 0.95% per year. On volatility, NVD has been the lower-risk option at 26.63%. 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 185.02% return vs -53.87%. 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 15.54%, compared with 0.30% 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 (2.75 vs -0.76), 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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