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

Over the window to Sep 30, 2026, NVDQ finished 1.6 points from what its multiple implies and NVDU finished 5.2 points from its own, so NVDQ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are NVDQ and NVDU levered on the same thing?

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

Which one decays faster, NVDQ or NVDU?

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

Can I hold NVDQ 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, NVDQ or NVDU?

NVDQ charges 1.05% a year and NVDU charges 0.92%, so NVDU is cheaper. Fees come from each fund's prospectus.

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NVDQ vs NVDU: which held to its multiple?

Over three months against its own daily promise, NVDQ finished 0.2 points over and NVDU 2.9 points short. T-REX 2X INVERSE NVIDIA DAILY TARGET ETF and Direxion Daily NVDA Bull 2X ETF.

−33.0%

NVDQ returned, 3 months

+26.3%

NVDU returned, 3 months

−1.6 pts

NVDQ from its stated multiple

−5.2 pts

NVDU from its stated multiple

NVDQ · 3 months to Sep 30, 20261.6 pts short of its stated multiple

NVDQ returned −33.0% while −2 times NVDA's move would have been −31.4%

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 · NVDU scores higherDid it keep up with its own daily multiple, compounded day by day?

NVDQ among the 125 inverse ETFs over three months

NVDQ 20.4

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	NVDQ	NVDU	NVDQ	NVDU	NVDQ	NVDU
1 month	−8.0%	+5.7%	−7.1%	+7.1%	−0.9 pts	−1.4 pts
3 months	−33.0%	+26.3%	−31.4%	+31.4%	−1.6 pts	−5.2 pts
6 months	−52.7%	+50.1%	−60.5%	+60.5%	+7.8 pts	−10.3 pts
1 year	−55.5%	+17.9%	−45.4%	+45.4%	−10.2 pts	−27.5 pts
3 years	not published	+674.6%	not published	not meaningful	not published	not meaningful
Since launch NVDQ Oct 2023 · NVDU Sep 2023	−99.5%	+621.0%	not meaningful	not meaningful	not meaningful	not meaningful

NVDQ 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

NVDQ

T-REX 2X INVERSE NVIDIA DAILY TARGET ETF · Aims to return twice 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 T-REX Direxion

Sets out to return -2x +2x

Underlying asset NVDA NVDA

Segment company company

Fund returned, 3 months or since launch −33.0% +26.3%

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

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

Difference from stated, over that window −1.6 pts −5.2 pts

Fund returned, 1 year or since launch −55.5% +17.9%

Difference from stated, over that window −10.2 pts −27.5 pts

Underlying volatility 38% 38%

Difference over the days both have traded −1.6 pts −5.2 pts

Expense ratio 1.05% 0.92%

Launched Oct 19, 2023 Sep 13, 2023

Net assets $17m $532m

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

NVDQ in plain words

Three months to Sep 30, 2026: NVDQ returned −33.0% where its own daily promise gave −33.3%, 0.2 points over. Read the multiple against the whole window instead and −2 times NVDA's 15.7% implies −31.4%, which makes NVDQ look 1.6 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. NVDQ 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.

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, NVDQ or NVDU?: Over the window to Sep 30, 2026, NVDQ finished 1.6 points from what its multiple implies and NVDU finished 5.2 points from its own, so NVDQ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are NVDQ and NVDU levered on the same thing?: Yes. Both are levered on NVIDIA, NVDQ at -2 times and NVDU at +2 times the daily move.
Which one decays faster, NVDQ or NVDU?: Decay follows how much the underlying moves about. Over this window NVDQ’s moved at 38% annualized and NVDU’s at 38%, so NVDQ has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold NVDQ 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, NVDQ or NVDU?: NVDQ charges 1.05% a year and NVDU charges 0.92%, so NVDU is cheaper. Fees come from each fund's prospectus.

Other comparisons

NVDQ vs NVDS NVDQ vs NVC NVDQ vs NVD NVDQ vs NVDD NVDU vs NVDX NVDU vs NVC NVDU vs NVD NVDU vs NVDD

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

Where these figures came from

NVDQ filings on SEC EDGAR ↗NVDQ prospectus with the expense ratio (SEC) ↗T-REX page for NVDQ ↗NVDU filings on SEC EDGAR ↗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, NVDQ against NVDU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/nvdq-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.