Which came closer to its stated multiple, NVDD or NVDU?

Over the window to Sep 30, 2026, NVDD finished 0.6 points from what its multiple implies and NVDU finished 5.2 points from its own, so NVDD came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are NVDD and NVDU levered on the same thing?

Yes. Both are levered on NVIDIA, NVDD at -1 times and NVDU at +2 times the daily move.

Which one decays faster, NVDD or NVDU?

Decay follows how much the underlying moves about. Over this window NVDD’s moved at 38% annualized and NVDU’s at 38%, so NVDD has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold NVDD 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.

Which is cheaper, NVDD or NVDU?

NVDD charges 1.01% a year and NVDU charges 0.92%, so NVDU is cheaper. Fees come from each fund's prospectus.

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NVDD vs NVDU: which held to its multiple?

Over three months against its own daily promise, NVDD finished 1.6 points over and NVDU 2.9 points short. Direxion Daily NVDA Bear 1X ETF and Direxion Daily NVDA Bull 2X ETF.

−15.1%

NVDD returned, 3 months

+26.3%

NVDU returned, 3 months

+0.6 pts

NVDD from its stated multiple

−5.2 pts

NVDU from its stated multiple

NVDD · 3 months to Sep 30, 20260.6 pts ahead of its stated multiple

NVDD returned −15.1% while −1 times NVDA's move would have been −15.7%

NVDU · 3 months to Sep 30, 20265.2 pts short of its stated multiple

NVDU returned +26.3% while 2 times NVDA's move would have been +31.4%

ETFIQ Decay Resistance Score · NVDD scores higherDid it keep up with its own daily multiple, compounded day by day?

NVDD among the 125 inverse ETFs over three months

NVDD 52

0.4, the lowest in this set99.6, the highest

NVDU among the 470 leveraged ETFs, long, over three months

NVDU 43.2

0.1, the lowest in this set99.9, the highest

A percentile among the 125 inverse ETFs over three months. NVDU is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. 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	NVDD	NVDU	NVDD	NVDU	NVDD	NVDU
1 month	−3.2%	+5.7%	−3.6%	+7.1%	+0.3 pts	−1.4 pts
3 months	−15.1%	+26.3%	−15.7%	+31.4%	+0.6 pts	−5.2 pts
6 months	−26.0%	+50.1%	−30.2%	+60.5%	+4.2 pts	−10.3 pts
1 year	−23.5%	+17.9%	−22.7%	+45.4%	−0.8 pts	−27.5 pts
3 years	−87.5%	+674.6%	not meaningful	not meaningful	not meaningful	not meaningful
Since launch NVDD Sep 2023 · NVDU Sep 2023	−86.9%	+621.0%	not meaningful	not meaningful	not meaningful	not meaningful

NVDD and NVDU over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

NVDD

Direxion Daily NVDA Bear 1X ETF · Aims to return 1 times the opposite of the daily move of NVIDIA (NVDA)

NVDU

Direxion Daily NVDA Bull 2X ETF · Aims to return twice the daily move of NVIDIA (NVDA)

Issuer Direxion Direxion

Sets out to return -1x +2x

Underlying asset NVDA NVDA

Segment company company

Fund returned, 3 months or since launch −15.1% +26.3%

Underlying returned, over that window +15.7% +15.7%

What the stated multiple implies, over that window −15.7% +31.4%

Difference from stated, over that window +0.6 pts −5.2 pts

Fund returned, 1 year or since launch −23.5% +17.9%

Difference from stated, over that window −0.8 pts −27.5 pts

Underlying volatility 38% 38%

Difference over the days both have traded no shared window −5.2 pts

Expense ratio 1.01% 0.92%

Launched Sep 13, 2023 Sep 13, 2023

Net assets $15m $532m

NVDD and NVDU on the same fields, as of Sep 30, 2026. Source: ETFIQ.

NVDD in plain words

Three months to Sep 30, 2026: NVDD returned −15.1% where its own daily promise gave −16.7%, 1.6 points over. Read the multiple against the whole window instead and −1 times NVDA's 15.7% implies −15.7%, which makes NVDD look 0.6 points over. 1.0 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. NVDD aims to return -1 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 -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. 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.

NVDU in plain words

Three months to Sep 30, 2026: NVDU returned +26.3% where its own daily promise gave +29.2%, 2.9 points short. Read the multiple against the whole window instead and 2 times NVDA's 15.7% implies +31.4%, which makes NVDU look 5.2 points short. 2.2 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. NVDU 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, NVDD or NVDU?: Over the window to Sep 30, 2026, NVDD finished 0.6 points from what its multiple implies and NVDU finished 5.2 points from its own, so NVDD came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are NVDD and NVDU levered on the same thing?: Yes. Both are levered on NVIDIA, NVDD at -1 times and NVDU at +2 times the daily move.
Which one decays faster, NVDD or NVDU?: Decay follows how much the underlying moves about. Over this window NVDD’s moved at 38% annualized and NVDU’s at 38%, so NVDD has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold NVDD 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.
Which is cheaper, NVDD or NVDU?: NVDD charges 1.01% a year and NVDU charges 0.92%, so NVDU is cheaper. Fees come from each fund's prospectus.

Other comparisons

NVDD vs NVDS NVDD vs NVC NVDD vs NVDG NVDD vs NVDL NVDU vs NVDX NVDU vs NVDG NVDU vs NVDL NVDU vs NVDQ

NVDD on its own →NVDU on its own →How every figure is computed →Standards and sources →

Where these figures came from

NVDD and NVDU filings on SEC EDGAR ↗NVDD and NVDU prospectus with the expense ratio (SEC) ↗Direxion website ↗

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.

Cite this page

ETFIQ, NVDD against NVDU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/nvdd-vs-nvdu

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.