NVDB vs NVDD: which held to its multiple?
Over three months against its own daily promise, NVDB finished 3.2 points short and NVDD 1.5 points over. ProShares Ultra NVDA and Direxion Daily NVDA Bear 1X ETF.
NVDB costs 0.06 points a year less; their one-year returns differ by 30.4 points; NVDD is 3.1 times larger.
| NVDB | NVDD | |
|---|---|---|
| Expense ratio | 0.95% | 1.01% |
| Net assets, NVDB as of Oct 9, 2026 and NVDD as of Oct 8, 2026 | $5m | $16m |
| Total return, 1 year | +9.0% | −21.4% |
| What it tracks | NVDA | NVDA |
| Holdings in common | not published | |
| What its daily multiple gave, 3 months | +14.4% | −11.3% |
| What the underlying did, 3 months | NVDA 8.8% | NVDA 8.8% |
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.
NVDD returned −9.8% while −1 times NVDA's move would have been −8.8%. Figures from Jul 10, 2026 to Oct 9, 2026.
NVDD returned −9.8% while −1 times NVDA's move would have been −8.8%. Figures from Jul 10, 2026 to Oct 9, 2026.
NVDB among the 517 leveraged ETFs, long, over three months
NVDD among the 128 inverse ETFs over three months
A percentile among the 517 leveraged ETFs, long, over three months. NVDD is a percentile among the 128 inverse ETFs 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 | NVDB | NVDD | NVDB | NVDD | NVDB | NVDD |
| 1 month | +3.5% | −2.5% | +5.3% | −2.6% | −1.7 pts | +0.2 pts |
| 3 months | +11.2% | −9.8% | +17.6% | −8.8% | −6.4 pts | −1.0 pts |
| 6 months | +29.7% | −21.1% | +43.7% | −21.8% | −13.9 pts | +0.7 pts |
| 1 year | +9.0% | −21.4% | +38.7% | −19.4% | −29.7 pts | −2.1 pts |
| 3 years | not published | −86.9% | not published | not meaningful | not published | not meaningful |
| Since launch NVDB Sep 2025 · NVDD Sep 2023 | +26.3% | −87.0% | +59.2% | not meaningful | −32.9 pts | not meaningful |
Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
As of Oct 9, 2026. Source: ETFIQ.
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 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.
NVDD in plain words
Three months to Oct 9, 2026: NVDD returned −9.8% where its own daily promise gave −11.3%, 1.5 points over. Read the multiple against the whole window instead and −1 times NVDA's 8.8% implies −8.8%, which makes NVDD look 1.0 points short. That 1.0 is two pieces: daily compounding, −2.5 points, which happens to any −1 times fund over the same path, and the fund itself, +1.5 points against its own daily promise. NVDD aims to return -1 times NVDA's move each day, then resets. Over longer, the daily results compound, so the total is not -1 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, NVDB or NVDD?
- Over the window to Oct 9, 2026, NVDB finished 6.4 points from what its multiple implies and NVDD finished 1.0 points from its own, so NVDD came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are NVDB and NVDD levered on the same thing?
- Yes. Both are levered on NVIDIA, NVDB at +2 times and NVDD at -1 times the daily move.
- Which one decays faster, NVDB or NVDD?
- Decay follows how much the underlying moves about. Over this window NVDB’s moved at 37% annualized and NVDD’s at 37%, so NVDB has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold NVDB or NVDD 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, NVDB against NVDD, data as of Oct 9, 2026. https://etfiq.com/compare/leverage/nvdb-vs-nvdd
ETFIQ. (Oct 9, 2026). NVDB against NVDD. Retrieved from https://etfiq.com/compare/leverage/nvdb-vs-nvdd
[NVDB against NVDD (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/leverage/nvdb-vs-nvdd)
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