Data as of .
NVC vs NVD: which held to its multiple?
Over a month against its own daily promise, NVC finished 0.3 points short and NVD 0.4 points over.
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| NVC | NVD | NVC | NVD | NVC | NVD | |
| 1 month | −6.5% | +0.8% | −5.0% | +5.0% | −1.5 pts | −4.2 pts |
| 3 months | not published | −20.5% | not published | −13.0% | not published | −7.5 pts |
| 6 months | not published | −44.7% | not published | −42.8% | not published | −1.9 pts |
| 1 year | not published | −54.3% | not published | −47.0% | not published | −7.3 pts |
| 3 years | not published | −99.1% | not published | not meaningful | not published | not meaningful |
| Since launch | +14.2% | −99.1% | +18.4% | not meaningful | −4.2 pts | not meaningful |
| NVC Corgi NVDA 2x Daily ETF Aims to return twice the daily move of NVIDIA (NVDA) | NVD GraniteShares 2x Short NVDA Daily ETF Aims to return twice the opposite of the daily move of NVIDIA (NVDA) | |
|---|---|---|
| Issuer | Corgi | GraniteShares |
| Sets out to return | +2x | -2x |
| On | NVDA | NVDA |
| Segment | company | company |
| Fund returned, 3 months | −6.5% | −20.5% |
| Underlying returned, 3 months | −2.5% | +6.5% |
| What the stated multiple implies, 3 months | −5.0% | −13.0% |
| Difference from stated, 3 months | −1.5 pts | −7.5 pts |
| Fund returned, 1 year or since launch | +14.2% | −54.3% |
| Difference from stated, over that window | −4.2 pts | −7.3 pts |
| Underlying volatility | 42% | 40% |
| Difference over the days both have traded | −1.5 pts | −7.5 pts |
| Expense ratio | 0.45% | 1.35% |
| Launched | Jun 30, 2026 | Aug 22, 2023 |
NVC in plain words
One month to Sep 11, 2026: NVC returned −6.5% where its own daily promise gave −6.2%, 0.3 points short. Read the multiple against the whole window instead and +2 times NVDA's −2.5% implies −5.0%, which makes NVC look 1.5 points short. 1.3 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. NVC aims to return +2 times NVDA's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. NVDA moved at 42% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
NVD in plain words
Three months to Sep 11, 2026: NVD returned −20.5% where its own daily promise gave −21.9%, 1.4 points over. Read the multiple against the whole window instead and −2 times NVDA's 6.5% implies −13.0%, which makes NVD look 7.5 points short. 8.9 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. NVD aims to return -2 times NVDA's move each day, then resets. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. NVDA moved at 40% annualized over that window.
Questions people ask
- Which came closer to its stated multiple, NVC or NVD?
- Over the window to Sep 11, 2026, NVC finished 1.5 points from what its multiple implies and NVD finished 7.5 points from its own, so NVC came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are NVC and NVD levered on the same thing?
- Yes. Both are levered on NVIDIA, NVC at +2 times and NVD at -2 times the daily move.
- Which one decays faster, NVC or NVD?
- Decay follows how much the underlying moves about. Over this window NVC’s moved at 42% annualized and NVD’s at 40%, so NVC has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold NVC or NVD for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, NVC or NVD?
- NVC charges 0.45% a year and NVD charges 1.35%, so NVC is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, NVC against NVD, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/NVC-NVD Free to use with attribution; the underlying files are at Open data.