NVDB vs NVDQ: which held to its multiple?
Over three months against its own daily promise, NVDB finished 3.2 points short and NVDQ 0.1 points over. ProShares Ultra NVDA and T-REX 2X INVERSE NVIDIA DAILY TARGET ETF.
NVDB costs 0.10 points a year less; their one-year returns differ by 62.1 points; NVDQ is 2.7 times larger.
| NVDB | NVDQ | |
|---|---|---|
| Expense ratio | 0.95% | 1.05% |
| Net assets, NVDB as of Oct 9, 2026 and NVDQ as of Oct 8, 2026 | $5m | $14m |
| Total return, 1 year | +9.0% | −53.1% |
| What it tracks | NVDA | NVIDIA |
| Holdings in common | not published | |
| What its daily multiple gave, 3 months | +14.4% | −24.1% |
| 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.
NVDQ returned −24.0% while −2 times NVDA's move would have been −17.6%. Figures from Jul 10, 2026 to Oct 9, 2026.
NVDQ returned −24.0% while −2 times NVDA's move would have been −17.6%. Figures from Jul 10, 2026 to Oct 9, 2026.
NVDB among the 517 leveraged ETFs, long, over three months
NVDQ among the 128 inverse ETFs over three months
A percentile among the 517 leveraged ETFs, long, over three months. NVDQ 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 | NVDQ | NVDB | NVDQ | NVDB | NVDQ |
| 1 month | +3.5% | −6.3% | +5.3% | −5.3% | −1.7 pts | −1.0 pts |
| 3 months | +11.2% | −24.0% | +17.6% | −17.6% | −6.4 pts | −6.4 pts |
| 6 months | +29.7% | −46.1% | +43.7% | −43.7% | −13.9 pts | −2.4 pts |
| 1 year | +9.0% | −53.1% | +38.7% | −38.7% | −29.7 pts | −14.4 pts |
| Since launch NVDB Sep 2025 · NVDQ Oct 2023 | +26.3% | −99.5% | +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.
NVDQ in plain words
Three months to Oct 9, 2026: NVDQ returned −24.0% where its own daily promise gave −24.1%, 0.1 points over. Read the multiple against the whole window instead and −2 times NVDA's 8.8% implies −17.6%, which makes NVDQ look 6.4 points short. That 6.4 is two pieces: daily compounding, −6.5 points, which happens to any −2 times fund over the same path, and the fund itself, +0.1 points against its own daily promise. NVDQ 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, NVDB or NVDQ?
- Over the window to Oct 9, 2026, NVDB finished 6.4 points from what its multiple implies and NVDQ finished 6.4 points from its own, so NVDQ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are NVDB and NVDQ levered on the same thing?
- Yes. Both are levered on NVIDIA, NVDB at +2 times and NVDQ at -2 times the daily move.
- Which one decays faster, NVDB or NVDQ?
- Decay follows how much the underlying moves about. Over this window NVDB’s moved at 37% annualized and NVDQ’s at 37%, so NVDB has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold NVDB or NVDQ 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 NVDQ, data as of Oct 9, 2026. https://etfiq.com/compare/leverage/nvdb-vs-nvdq
ETFIQ. (Oct 9, 2026). NVDB against NVDQ. Retrieved from https://etfiq.com/compare/leverage/nvdb-vs-nvdq
[NVDB against NVDQ (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/leverage/nvdb-vs-nvdq)
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