NVD vs NVDB: which held to its multiple?
Over three months against its own daily promise, NVD finished 1.1 points over and NVDB 3.2 points short. GraniteShares 2x Short NVDA Daily ETF and ProShares Ultra NVDA.
NVDB costs 0.40 points a year less; their one-year returns differ by 59.8 points; NVD is 11.9 times larger.
| NVD | NVDB | |
|---|---|---|
| Expense ratio | 1.35% | 0.95% |
| Net assets, NVD as of Oct 8, 2026 and NVDB as of Oct 9, 2026 | $61m | $5m |
| Total return, 1 year | −50.8% | +9.0% |
| What it tracks | NVDA | NVDA |
| Holdings in common | not published | |
| What its daily multiple gave, 3 months | −24.1% | +14.4% |
| What the underlying did, 3 months | NVDA 8.8% | NVDA 8.8% |
NVD returned −23.0% while −2 times NVDA's move would have been −17.6%. Figures from Jul 10, 2026 to Oct 9, 2026.
NVD returned −23.0% while −2 times NVDA's move would have been −17.6%. Figures from Jul 10, 2026 to Oct 9, 2026.
NVDB returned +11.2% while 2 times NVDA's move would have been +17.6%. Figures from Jul 10, 2026 to Oct 9, 2026.
NVDB returned +11.2% while 2 times NVDA's move would have been +17.6%. Figures from Jul 10, 2026 to Oct 9, 2026.
NVD among the 128 inverse ETFs over three months
NVDB among the 517 leveraged ETFs, long, over three months
A percentile among the 128 inverse ETFs over three months. NVDB is a percentile among the 517 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. All leveraged ETFs ranked by it → How it is computed →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | NVD | NVDB | NVD | NVDB | NVD | NVDB |
| 1 month | −6.0% | +3.5% | −5.3% | +5.3% | −0.8 pts | −1.7 pts |
| 3 months | −23.0% | +11.2% | −17.6% | +17.6% | −5.4 pts | −6.4 pts |
| 6 months | −44.4% | +29.7% | −43.7% | +43.7% | −0.8 pts | −13.9 pts |
| 1 year | −50.8% | +9.0% | −38.7% | +38.7% | −12.1 pts | −29.7 pts |
| 3 years | −99.2% | not published | not meaningful | not published | not meaningful | not published |
| Since launch NVD Aug 2023 · NVDB Sep 2025 | −99.2% | +26.3% | not meaningful | +59.2% | not meaningful | −32.9 pts |
Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
As of Oct 9, 2026. Source: ETFIQ.
NVD in plain words
Three months to Oct 9, 2026: NVD returned −23.0% where its own daily promise gave −24.1%, 1.1 points over. Read the multiple against the whole window instead and −2 times NVDA's 8.8% implies −17.6%, which makes NVD look 5.4 points short. That 5.4 is two pieces: daily compounding, −6.5 points, which happens to any −2 times fund over the same path, and the fund itself, +1.1 points against its own daily promise. NVD 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 37% 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.
NVDB in plain words
Three months to Oct 9, 2026: NVDB returned +11.2% where its own daily promise gave +14.4%, 3.2 points short. Read the multiple against the whole window instead and 2 times NVDA's 8.8% implies +17.6%, which makes NVDB look 6.4 points short. That 6.4 is two pieces: daily compounding, −3.2 points, which happens to any 2 times fund over the same path, and the fund itself, −3.2 points against its own daily promise. NVDB 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.
Questions people ask
- Which came closer to its stated multiple, NVD or NVDB?
- Over the window to Oct 9, 2026, NVD finished 5.4 points from what its multiple implies and NVDB finished 6.4 points from its own, so NVD came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are NVD and NVDB levered on the same thing?
- Yes. Both are levered on NVIDIA, NVD at -2 times and NVDB at +2 times the daily move.
- Which one decays faster, NVD or NVDB?
- Decay follows how much the underlying moves about. Over this window NVD’s moved at 37% annualized and NVDB’s at 37%, so NVD has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold NVD or NVDB 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.
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
It is a position in a set, not a rating, and neither end of it is a recommendation.
Every figure is an ETFIQ calculation with distributions reinvested.
ETFIQ, NVD against NVDB, data as of Oct 9, 2026. https://etfiq.com/compare/leverage/nvd-vs-nvdb
ETFIQ. (Oct 9, 2026). NVD against NVDB. Retrieved from https://etfiq.com/compare/leverage/nvd-vs-nvdb
[NVD against NVDB (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/leverage/nvd-vs-nvdb)
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