UVIX vs. NVDS

Last updated Jun 4, 2026

UVIX (Volatility Shares 2x Long VIX Futures ETF) and NVDS (Tradr 1.25X NVDA Bear Daily ETF) are both exchange-traded funds - UVIX is a Volatility fund tracking the Long VIX Futures Index – Benchmark TR Gross (200%), while NVDS is a Inverse Equities fund tracking the NVIDIA Corporation (-125%). Both are passively managed. Over the past 3 years, UVIX returned -82.43%/yr vs -64.56%/yr for NVDS. At a 0.49 correlation, their price movements are largely independent. UVIX charges 2.78%/yr vs 1.15%/yr for NVDS.

Performance

UVIX vs. NVDS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares 2x Long VIX Futures ETF (UVIX) and Tradr 1.25X NVDA Bear Daily ETF (NVDS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UVIX achieves a -31.87% return, which is significantly lower than NVDS's -25.38% return.

UVIX

• 1D: -0.26%
• 1M: -29.01%
• YTD: -31.87%
• 6M: -51.86%
• 1Y: -85.80%
• 3Y*: -82.43%
• 5Y*: —
• 10Y*: —

NVDS

• 1D: 5.56%
• 1M: -13.17%
• YTD: -25.38%
• 6M: -29.90%
• 1Y: -53.75%
• 3Y*: -64.56%
• 5Y*: —
• 10Y*: —

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

UVIX vs. NVDS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UVIX Volatility Shares 2x Long VIX Futures ETF	-31.87%	-83.21%	-75.24%	-95.28%	-62.23%
NVDS Tradr 1.25X NVDA Bear Daily ETF	-25.38%	-58.18%	-80.03%	-83.15%	-14.84%

Correlation

The correlation between UVIX and NVDS is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jul 15, 2022	0.49

Return for Risk

UVIX vs. NVDS — Risk / Return Rank

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

UVIX

UVIX Risk / Return Rank: 2
UVIX Sharpe Ratio Rank: 3
UVIX Sortino Ratio Rank: 1
UVIX Omega Ratio Rank: 1
UVIX Calmar Ratio Rank: 1
UVIX Martin Ratio Rank: 3

NVDS

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

UVIX vs. NVDS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Long VIX Futures ETF (UVIX) and Tradr 1.25X NVDA Bear Daily ETF (NVDS). 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.

	UVIX	NVDS	Difference
Sharpe ratio Return per unit of total volatility	-0.77	-1.06	+0.29
Sortino ratio Return per unit of downside risk	-1.70	-1.66	-0.03
Omega ratio Gain probability vs. loss probability	0.81	0.81	-0.01
Calmar ratio Return relative to maximum drawdown	-0.98	-0.90	-0.08
Martin ratio Return relative to average drawdown	-1.26	-1.45	+0.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UVIX vs. NVDS - Sharpe Ratio Comparison

The current UVIX Sharpe Ratio is -0.77, which is comparable to the NVDS Sharpe Ratio of -1.06. The chart below compares the historical Sharpe Ratios of UVIX and NVDS, 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

	UVIX	NVDS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.77	-1.06	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	-0.62	-1.02	+0.41

Drawdowns

UVIX vs. NVDS - Drawdown Comparison

The maximum UVIX drawdown since its inception was -99.97%, roughly equal to the maximum NVDS drawdown of -99.40%. Use the drawdown chart below to compare losses from any high point for UVIX and NVDS.

Drawdown Indicators

	UVIX	NVDS	Difference
Max Drawdown Largest peak-to-trough decline	-99.97%	-99.40%	-0.57%
Max Drawdown (1Y) Largest decline over 1 year	-87.35%	-59.88%	-27.47%
Max Drawdown (3Y) Largest decline over 3 years	-99.44%	-96.32%	-3.12%
Current Drawdown Current decline from peak	-99.97%	-99.32%	-0.65%
Average Drawdown Average peak-to-trough decline	-88.52%	-83.40%	-5.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	67.78%	37.07%	+30.71%

Volatility

UVIX vs. NVDS - Volatility Comparison

The current volatility for Volatility Shares 2x Long VIX Futures ETF (UVIX) is 15.41%, while Tradr 1.25X NVDA Bear Daily ETF (NVDS) has a volatility of 19.37%. This indicates that UVIX experiences smaller price fluctuations and is considered to be less risky than NVDS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UVIX	NVDS	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.41%	19.37%	-3.96%
Volatility (6M) Calculated over the trailing 6-month period	82.35%	38.64%	+43.71%
Volatility (1Y) Calculated over the trailing 1-year period	111.51%	51.17%	+60.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	136.15%	68.88%	+67.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	136.15%	68.88%	+67.27%

UVIX vs. NVDS - Expense Ratio Comparison

UVIX has a 2.78% expense ratio, which is higher than NVDS's 1.15% expense ratio.

Dividends

UVIX vs. NVDS - Dividend Comparison

UVIX has not paid dividends to shareholders, while NVDS's dividend yield for the trailing twelve months is around 19.02%.

Position	TTM	2025	2024	2023	2022
NVDS Tradr 1.25X NVDA Bear Daily ETF	19.02%	14.19%	14.11%	14.69%	5.72%
UVIX Volatility Shares 2x Long VIX Futures ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UVIX and NVDS in my portfolio?

UVIX and NVDS have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UVIX or NVDS?

NVDS has higher volatility (19.37%) compared to UVIX (15.41%). In terms of maximum drawdown, UVIX dropped -99.97% vs NVDS's -99.40%.

Which ETF is better, UVIX or NVDS?

On 3-year performance, NVDS leads with -64.56% vs -82.43% for UVIX. On fees, NVDS is cheaper at 1.15% per year. On volatility, UVIX has been the lower-risk option at 15.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UVIX or NVDS?

Over the 3-year period, NVDS has performed better with a -64.56% return vs -82.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UVIX or NVDS?

NVDS is cheaper with a 1.15% expense ratio, compared with 2.78% for UVIX.

Which ETF pays a higher dividend yield, UVIX or NVDS?

NVDS has the higher dividend yield at 19.02%, compared with 0.00% for UVIX.

What is the main difference between UVIX and NVDS?

UVIX is categorized as Volatility, while NVDS is Inverse Equities. UVIX tracks Long VIX Futures Index – Benchmark TR Gross (200%), while NVDS tracks NVIDIA Corporation (-125%). They also come from different issuers: Volatility Shares and AXS. Their fees differ too: 2.78% for UVIX and 1.15% for NVDS.

Which has better risk-adjusted returns?

UVIX currently has the higher Sharpe Ratio (-0.77 vs -1.06), 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.