NVDB vs NVDU: which held to its multiple?
Over the days both have traded, NVDB finished 6.4 points from its stated multiple and NVDU 5.8. ProShares Ultra NVDA and Direxion Daily NVDA Bull 2X ETF.
NVDU costs 0.03 points a year less; their one-year returns differ by 2.6 points; NVDU is far larger, $528m against $5m.
| NVDB | NVDU | |
|---|---|---|
| Expense ratio | 0.95% | 0.92% |
| Net assets, NVDB as of Oct 9, 2026 and NVDU as of Oct 8, 2026 | $5m | $528m |
| Total return, 1 year | +9.0% | +11.6% |
| What it tracks | NVDA | NVDA |
| Holdings in common | not published | |
| What its daily multiple gave, 3 months | +14.4% | +14.4% |
| Against its daily multiple, 3 months | 3.2 points short | |
| 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.
NVDU returned +11.8% while 2 times NVDA's move would have been +17.6%. Figures from Jul 10, 2026 to Oct 9, 2026.
Figures from Jul 10, 2026 to Oct 9, 2026.
A percentile among the 517 leveraged ETFs, long, over three months. All leveraged ETFs ranked by it → How it is computed →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | NVDB | NVDU | NVDB | NVDU | NVDB | NVDU |
| 1 month | +3.5% | +4.1% | +5.3% | +5.3% | −1.7 pts | −1.2 pts |
| 3 months | +11.2% | +11.8% | +17.6% | +17.6% | −6.4 pts | −5.8 pts |
| 6 months | +29.7% | +31.6% | +43.7% | +43.7% | −13.9 pts | −12.1 pts |
| 1 year | +9.0% | +11.6% | +38.7% | +38.7% | −29.7 pts | −27.1 pts |
| 3 years | not published | +621.9% | not published | not meaningful | not published | not meaningful |
| Since launch NVDB Sep 2025 · NVDU Sep 2023 | +26.3% | +624.1% | +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.
NVDU in plain words
Three months to Oct 9, 2026: NVDU returned +11.8% where its own daily promise gave +14.4%, 2.6 points short. Read the multiple against the whole window instead and 2 times NVDA's 8.8% implies +17.6%, which makes NVDU look 5.8 points short. That 5.8 is two pieces: daily compounding, −3.2 points, which happens to any 2 times fund over the same path, and the fund itself, −2.6 points against its own daily promise. NVDU aims to return +2 times NVDA's move each day, then resets.
Questions people ask
- Which came closer to its stated multiple, NVDB or NVDU?
- Over the window to Oct 9, 2026, NVDB finished 6.4 points from what its multiple implies and NVDU finished 5.8 points from its own, so NVDU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are NVDB and NVDU levered on the same thing?
- Yes. Both are levered on NVIDIA, NVDB at +2 times and NVDU at +2 times the daily move.
- Which one decays faster, NVDB or NVDU?
- Decay follows how much the underlying moves about. Over this window NVDB’s moved at 37% annualized and NVDU’s at 37%, so NVDB has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold NVDB or NVDU 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 NVDU, data as of Oct 9, 2026. https://etfiq.com/compare/leverage/nvdb-vs-nvdu
ETFIQ. (Oct 9, 2026). NVDB against NVDU. Retrieved from https://etfiq.com/compare/leverage/nvdb-vs-nvdu
[NVDB against NVDU (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/leverage/nvdb-vs-nvdu)
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