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NVD GraniteShares 2x Short NVDA Daily ETF

Aims to return twice the opposite of the daily move of NVIDIA (NVDA)GraniteShares1.35% fee$55mSince Aug 22, 2023Fund page at the issuer ↗SEC filings ↗Every GraniteShares fund ETFIQ covers
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Three months to Sep 30, 2026: NVD returned −31.8% where its own daily promise gave −33.3%, 1.4 points over.

+15.7%
What NVDA did
−33.3%
What −2 times a day gives
−31.8%
What the fund returned
+1.4 pts
The fund itself added
What it aimed at, and what it did
On its stated multipleNVD returned −7.4% while −2 times NVDA's move would have been −7.1%NVDA +3.6% ×−2 implies−7.1%NVD returned−7.4%On its stated multipleNVD returned −7.4% while −2 times NVDA's move would have been −7.1%NVDA +3.6% ×−2 implies−7.1%NVD returned−7.4%

Over the 1 month to Sep 30, 2026, NVD returned −7.4%, where −2 times that move implies −7.1%. The difference is −0.3 pts.

On its stated multipleNVD returned −31.8% while −2 times NVDA's move would have been −31.4%NVDA +15.7% ×−2 implies−31.4%NVD returned−31.8%On its stated multipleNVD returned −31.8% while −2 times NVDA's move would have been −31.4%NVDA +15.7% ×−2 implies−31.4%NVD returned−31.8%

Over the 3 months to Sep 30, 2026, NVD returned −31.8%, where −2 times that move implies −31.4%. The difference is −0.4 pts.

9.3 pts ahead of its stated multipleNVD returned −51.1% while −2 times NVDA's move would have been −60.5%NVDA +30.2% ×−2 implies−60.5%NVD returned−51.1%9.3 pts ahead of its stated multipleNVD returned −51.1% while −2 times NVDA's move would have been −60.5%NVDA +30.2% ×−2 implies−60.5%NVD returned−51.1%

Over the 6 months to Sep 30, 2026, NVD returned −51.1%, where −2 times that move implies −60.5%. The difference is +9.3 pts.

7.7 pts short of its stated multipleNVD returned −53.1% while −2 times NVDA's move would have been −45.4%NVDA +22.7% ×−2 implies−45.4%NVD returned−53.1%7.7 pts short of its stated multipleNVD returned −53.1% while −2 times NVDA's move would have been −45.4%NVDA +22.7% ×−2 implies−45.4%NVD returned−53.1%

Over the 1 year to Sep 30, 2026, NVD returned −53.1%, where −2 times that move implies −45.4%. The difference is −7.7 pts.

ETFIQ Decay Resistance Score
41.6joint 73rd of 125

NVD finished 1.4 points ahead of what -2 times NVDA’s daily move would have given, compounded through the same days.

points against its own daily promise, compounded+1.4 pts · 42nd pct
All 125 ranked by this score →How it is computed →

Did it keep up with its own daily multiple, compounded day by day?

Points against its own daily promise, compounded
QBTZ −24.9 ptsRKLZ −21.5 ptsIONZ −14.0 ptsRGTZ −10.3 ptsASTN −9.3 ptsSPCQ −6.0 ptsSMZ −5.6 ptsMUZ −3.1 ptsAPLZ −2.0 ptsSMCZ −1.1 ptsCONI −0.9 ptsSVIX −0.9 ptsSMST −0.8 ptsBMNZ −0.7 ptsSNK −0.5 ptsCORD −0.3 ptsCRCD −0.3 ptsSSPC −0.2 ptsIREZ −0.1 ptsMSTZ −0.1 ptsPLTZ −0.1 ptsSTSM −0.1 ptsNBIZ 0.0 ptsGDXD +0.1 ptsBEZ +0.2 ptsNVDQ +0.2 ptsDAMD +0.3 ptsETHD +0.3 ptsSNDQ +0.3 ptsTSLZ +0.3 ptsBTCZ +0.5 ptsCBRZ +0.5 ptsLITZ +0.5 ptsSBIT +0.8 ptsMSFD +1.0 ptsSETH +1.0 ptsEFZ +1.1 ptsSPCG +1.1 ptsBITI +1.2 ptsDULL +1.2 ptsGGLS +1.2 ptsMETD +1.2 ptsPALD +1.2 ptsAMZD +1.3 ptsBZQ +1.3 ptsYXI +1.3 ptsAAPD +1.4 ptsAMZO +1.4 ptsCSCS +1.4 ptsEUM +1.4 ptsJDST +1.4 ptsNVDS +1.4 ptsORCS +1.4 ptsQCMD +1.4 ptsREK +1.4 ptsEFU +1.5 ptsNFXS +1.5 ptsSCO +1.5 ptsTSDD +1.5 ptsTSMZ +1.5 ptsDOG +1.6 ptsDRIP +1.6 ptsEWV +1.6 ptsMUD +1.6 ptsMYY +1.6 ptsNVDD +1.6 ptsRWM +1.6 ptsSBB +1.6 ptsSKRE +1.6 ptsDUG +1.7 ptsDUST +1.7 ptsPSQ +1.7 ptsSEF +1.7 ptsSH +1.7 ptsSPDN +1.7 ptsTBX +1.7 ptsAVS +1.8 ptsEPV +1.8 ptsERY +1.8 ptsTBF +1.8 ptsEEV +1.9 ptsRXD +2.0 ptsREW +2.1 ptsTSLS +2.1 ptsSMN +2.2 ptsSZK +2.2 ptsPST +2.3 ptsTSLQ +2.4 ptsWEBS +2.4 ptsFNGD +2.5 ptsSDS +2.5 ptsSKF +2.5 ptsSRS +2.5 ptsDXD +2.6 ptsQID +2.6 ptsSDP +2.6 ptsTBT +2.7 ptsFXP +2.8 ptsSIJ +2.8 ptsTECS +2.8 ptsMZZ +2.9 ptsEDZ +3.0 ptsGLL +3.0 ptsLABD +3.0 ptsSCC +3.0 ptsSDD +3.0 ptsTWM +3.0 ptsHIBS +3.2 ptsYANG +3.2 ptsSPXS +3.4 ptsSPXU +3.4 ptsSQQQ +3.4 ptsDRV +3.5 ptsSOXS +3.7 ptsFAZ +4.0 ptsSDOW +4.0 ptsTTT +4.0 ptsZSL +4.1 ptsTZA +4.2 ptsSMDD +4.3 ptsSRTY +4.4 ptsTMV +4.6 ptsTYO +4.7 ptsBIS +5.1 ptsNVD +1.4 ptsNVD +1.4 pts−24.9 pts+5.1 pts
−24.9 pts to +5.1 pts across 125

That is the share of the 125 inverse ETFs over three months sitting at or below NVD.

A position in this set, not a rating: it moves when the set moves, and it is not a figure to average against another desk's.

WindowFundNVDA-2x the moveDifferenceNVDA moved about
1M Aug 31 – Sep 30, 2026−7.4%+3.6%−7.1%−0.3 pts26%
3M Jul 1 – Sep 30, 2026−31.8%+15.7%−31.4%−0.4 pts38%
6M Apr 1 – Sep 30, 2026−51.1%+30.2%−60.5%+9.3 pts39%
1Y Sep 30, 2025 – Sep 30, 2026−53.1%+22.7%−45.4%−7.7 pts38%
3Y Sep 29, 2023 – Sep 30, 2026−99.3%+426.6%not meaningful over this windownot meaningful over this window47%
Since launch Aug 22, 2023 – Sep 30, 2026−99.2%+401.6%not meaningful over this windownot meaningful over this window46%

NVD over each window to Sep 30, 2026. Every figure is an ETFIQ calculation. Source: ETFIQ.

The same trade from 2 issuers · One week

Every fund that sets out to return -2 times NVDA, over the days all of them have been trading. Ranked by how close each came to its own stated multiple.

FundIssuerReturned-2x the moveDifference
NVDGraniteShares−2.1%−2.5%+0.4 pts
NVDQT-REX−2.4%−2.5%+0.1 pts
The same trade from 2 issuers · One month
FundIssuerReturned-2x the moveDifference
NVDGraniteShares−7.4%−7.1%−0.3 pts
NVDQT-REX−8.0%−7.1%−0.9 pts
The same trade from 2 issuers · Three months
FundIssuerReturned-2x the moveDifference
NVDGraniteShares−31.8%−31.4%−0.4 pts
NVDQT-REX−33.0%−31.4%−1.6 pts

NVDA funds at -2x, to Sep 30, 2026. Source: ETFIQ.

Also against NVDQ, NVDS, NVDU, NVDX.

In plain words

Read the multiple against the whole window instead and −2 times NVDA's 15.7% implies −31.4%, which makes NVD look 0.4 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. NVD 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.
Sets out to return-2 times the daily move of NVDA, reset daily
Multiple a holder actually got over the window (ETFIQ)-2.03 times, against -2 stated
UnderlyingNVDA
Segmentsingle stock, company
Net assets (issuer page, as of Sep 30, 2026)$55m
Expense ratio (485BPOS XBRL, Oct 24, 2025)1.35%
LaunchedAug 22, 2023
Underlying volatility over the window (ETFIQ)38% annualized
NVD (GraniteShares 2x Short NVDA Daily ETF), leveraged ETFs fields as of Sep 30, 2026. Source: ETFIQ.
Returns are ETFIQ calculations from Tiingo end-of-day prices, distributions reinvested, measured against the underlying over exactly the same days. How these figures are computed

Questions people ask about NVD

Did NVD return -2 times NVDA?
Over the window to Sep 30, 2026, NVDA moved +15.7% and NVD returned −31.8%. −2 times that move is −31.4%, so the fund came out 0.4 points short of it.
Why does NVD not return -2 times over a year?
Because it resets daily. NVD aims at -2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.
Which -2x NVDA ETF tracked its stated multiple most closely?
2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from −2 times the underlying's move. ETFIQ does not rate funds; the order is the figure itself.
Sources and dates
Prices, NVD and NVDATiingo end-of-day prices ↗
Fee, 1.35%SEC 485BPOS XBRL · Oct 24, 2025
Net assets, $55mIssuer page · Sep 30, 2026
IssuerGraniteShares page for NVD ↗
All fund filingsFund filings on SEC EDGAR ↗
SourceSEC investment company series and class file, which lists every registered fund ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.

How these figures are computed →Standards and sources →Open data →
Cite this page

ETFIQ, NVD, leveraged ETFs, data as of Sep 30, 2026. https://etfiq.com/funds/nvd

Open NVD live on ETFIQ

The label bar for NVD, redrawn every trading night. Free to use with the credit link.

Free to use with attribution; the underlying files are at Open data.

Stated multiple
What the fund sets out to return against its underlying, each day. A fund at 2x aims to return twice the underlying’s daily move, and an inverse fund at -2x aims to return twice it in the opposite direction.
Daily reset
The fund starts each day aiming at the multiple again, from wherever it now stands. It is the mechanism that makes these funds behave as they do, and the reason the stated multiple applies to a day rather than to a holding period.
Compounding
Daily results multiply together rather than adding up. Two days of the multiple is not twice the multiple, and over a run of days the difference between the two grows with how far the underlying moves about.
Decay
What compounding costs a holder when the underlying falls and rises back to where it started. The underlying is level and the fund is down; the more violently it moved, the further down.
Difference against the stated multiple
The fund’s return minus the stated multiple times the underlying’s return, in percentage points. The one figure that says whether a holder got what the fund’s own multiple describes.
Every term used here, defined in full on the leveraged ETFs vocabulary page. →
3rd of 9 leveraged ETFs on NVDA, by where they finished against their stated multiple→GraniteShares: every fund ETFIQ covers→Leveraged ETFs against their own promise, 2026-Q2→Leveraged ETFs against their own promise, August 2026→Every leveraged ETF on NVDA, largest first→