NVD vs NVDS: which held to its multiple?
Over three months against its own daily promise, NVD finished 1.4 points over and NVDS 1.4 points over. GraniteShares 2x Short NVDA Daily ETF and Tradr 1.5X Short NVDA Daily ETF.
NVD returned −31.8% while −2 times NVDA's move would have been −31.4%
NVDS returned −23.7% while −1.5 times NVDA's move would have been −23.6%
A percentile among the 125 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | NVD | NVDS | NVD | NVDS | NVD | NVDS |
| 1 month | −7.4% | −5.3% | −7.1% | −5.3% | −0.3 pts | 0.0 pts |
| 3 months | −31.8% | −23.7% | −31.4% | −23.6% | −0.4 pts | −0.1 pts |
| 6 months | −51.1% | −39.5% | −60.5% | −45.4% | +9.3 pts | +5.9 pts |
| 1 year | −53.1% | −39.0% | −45.4% | −34.0% | −7.7 pts | −4.9 pts |
| 3 years | −99.3% | −95.5% | not meaningful | not meaningful | not meaningful | not meaningful |
| Since launch NVD Aug 2023 · NVDS Jul 2022 | −99.2% | −99.2% | not meaningful | not meaningful | not meaningful | not meaningful |
NVD and NVDS over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
NVD and NVDS on the same fields, as of Sep 30, 2026. Source: ETFIQ.
NVD in plain words
Three months to Sep 30, 2026: NVD returned −31.8% where its own daily promise gave −33.3%, 1.4 points over. Read the multiple against the whole window instead and −2 times NVDA's 15.7% implies −31.4%, which makes NVD look 0.4 points short. 1.8 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 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 38% 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.
NVDS in plain words
Three months to Sep 30, 2026: NVDS returned −23.7% where its own daily promise gave −25.1%, 1.4 points over. Read the multiple against the whole window instead and −1.5 times NVDA's 15.7% implies −23.6%, which makes NVDS look 0.1 points short. 1.5 of that is daily compounding, which happens to any −1.5 times fund over the same path, and the rest is the fund. NVDS aims to return -1.5 times NVDA's move each day, then resets. Over longer, the daily results compound, so the total is not -1.5 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 NVDS?
- Over the window to Sep 30, 2026, NVD finished 0.4 points from what its multiple implies and NVDS finished 0.1 points from its own, so NVDS came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are NVD and NVDS levered on the same thing?
- Yes. Both are levered on NVIDIA, NVD at -2 times and NVDS at -1.5 times the daily move.
- Which one decays faster, NVD or NVDS?
- Decay follows how much the underlying moves about. Over this window NVD’s moved at 38% annualized and NVDS’s at 38%, so NVD has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold NVD or NVDS 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. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, NVD against NVDS, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/nvd-vs-nvds
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, NVD against NVDS, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/nvd-vs-nvds Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, NVD against NVDS, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/nvd-vs-nvds
- APA
- ETFIQ. (Sep 30, 2026). NVD against NVDS. Retrieved from https://etfiq.com/compare/leverage/nvd-vs-nvds
- Markdown
- [NVD against NVDS (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/nvd-vs-nvds)