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AAPD vs NVD

Direxion Daily AAPL Bear 1X ETF

AAPDANasdaq

GraniteShares 2x Short NVDA Daily ETF

NVDANasdaq

Overlap

Expense ratio

AAPD −0.34pt a year

AAPD0.96%NVD1.30%

Avg volume · 30D

NVD 9.5×the volume

AAPD8.8MNVD83.8M

3Y return · a year

AAPD +58.3pt

AAPD−21.3%NVD−79.6%

AAPD vs NVD Performance

Oct 31, 2025 – Oct 30, 2026

−21.5%AAPD−30.9%NVD

Oct 31, 2025 to Oct 30, 2026. AAPD −21.5%. NVD −30.9%. Use the arrow keys to read each point.−40%0%20%Oct 2025Apr 2026Oct 2026
Expense ratio
AAPD 0.96%, better
NVD 1.30%
Fund size
AAPD $24M
NVD $60M
1Y total return
AAPD −21.5%, better
NVD −30.9%
Yield (12M)
AAPD 4.51%
NVD 19.09%, better
Holdings
AAPD 4
NVD 1
Avg volume (30D)
AAPD 8.8M sh
NVD 83.8M sh, better
NAV per share
AAPD $9.86
NVD $4.08
52W range

ETF.net Grade

AAPD: Cost 97, Risk 75, Mission 85, Tradability 80, Holdings not scored, Durability 75. NVD: Cost 55, Risk 40, Mission 99, Tradability 84, Holdings not scored, Durability 76.
Pillar letters and Scores for AAPD, NVD, with each pillar’s weight
PillarAAPDNVD
Cost30% weightA97HigherB55
Mission25% weightA85A99Higher
Risk15% weightA75HigherC40
Tradability15% weightA80A84Higher
Holdings10% weightNot scoredNot scored
Durability5% weightA75A76Higher

Rank among Single-Stock Inverse funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. AAPD and NVD are both graded against the same 43 Single-Stock Inverse funds, so their Grades compare head to head.

Single-Stock Inverse⁠

Category · 43 funds
See all 43 ›

AAPD ranks 1st and NVD 14th of 43 funds in the Single-Stock Inverse Category.

  1. Rank 1AAAPDDirexion Daily AAPL Bear 1X ETFScore 86
  2. Rank 2ATSDDGraniteShares 2x Short TSLA Daily ETFScore 84
  3. Rank 13AMETDDirexion Daily META Bear 1X ETFScore 71
  4. Rank 14ANVDGraniteShares 2x Short NVDA Daily ETFScore 70
  5. Rank 15BNVDSTradr 1.5X Short NVDA Daily ETFScore 68

Our read on each fund

ETF.net Research

AAPDADirexion Daily AAPL Bear 1X ETF

NVDAGraniteShares 2x Short NVDA Daily ETF

In short

AAPD The straight-shooting short on Apple. No 2x, no options overlay: AAPD aims to deliver 100% of the inverse of AAPL's daily move, and it charges less than the typical single-stock bear fund to do it.

NVD The original two-for-one bear trade on NVIDIA. NVD aims for -2x NVDA's move each day, then resets at the close, and it changes hands constantly. Built for single sessions, not long holds.

Stated mandate

AAPD The fund seeks daily investment results, before fees and expenses, equal to 100% of the inverse of the performance of Apple Inc.'s common shares.

NVD The fund seeks daily investment results, before fees and expenses, equal to -2 times the daily percentage change in NVIDIA Corp. (NASDAQ: NVDA).

Why people hold it

  • AAPD One-to-one inverse, not amplified. The fund targets 100% of the opposite of Apple's daily move, so a bearish view doesn't come pre-loaded with 2x leverage on top.direxion.com
  • Cheap for the aisle it sits in: 0.96% a year against a 1.29% median for inverse single-stock funds, and under 2x rivals like TSDD (1.13%) and MSTZ (1.05%).
  • An early mover in single-stock ETFs, live since 2022, and one of the more actively traded names in the inverse single-stock group.
  • Hits its stated daily target closely and ranks among the strongest implementations in its peer group of inverse single-stock funds.
  • NVD Out first: NVD listed in August 2023, roughly two months before the rival T-REX 2x inverse NVDA fund (NVDQ) began operations.sec.gov
  • It has stayed close to its stated -2x daily objective, and it sits in the upper half of its inverse single-stock peer group.
  • One of the most actively traded funds in its category, which generally shows up as tight spreads and easy fills intraday.
  • A plain 1940 Act ETF, so the short exposure sits in a normal brokerage account, no margin agreement or share borrow to arrange.sec.gov

Worth knowing

  • AAPD The objective resets every day. Hold longer and compounding takes over, so results over a week or a month can differ from the inverse of Apple's move over that stretch, especially in choppy markets.
  • One company, one story. There is no diversification here: an Apple earnings night or product cycle drives the entire position.
  • A small fund by assets, and any distributions come on a quarterly schedule rather than as a steady income stream.
  • NVD Daily reset math: hold longer than a day and results can drift well away from -2x NVDA's move, with choppy stretches grinding hardest.sec.gov
  • 1.35% a year runs a touch above the typical inverse single-stock fund, a real drag on a position held for more than a few sessions.
  • Single-name risk, doubled and flipped. Every NVIDIA earnings gap or AI headline hits this fund at twice the size, and a rally cuts against it.

Full AAPD profile⁠

Full NVD profile⁠

AAPD vs NVD Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AAPD vs NVD Cost

Overpaying NVD vs AAPD

$5,335

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • AAPD 0.96%

    $18,034

  • NVD 1.30%

    $23,369

$10,000
30 years

Cost over time

  • AAPD 0.96%
  • NVD 1.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530NVD $23,369AAPD $18,034

Year by year

YearAAPDNVDOverpaying
10$1,695$2,263$568
20$6,383$8,393$2,010
30$18,034$23,369$5,335

Expense ratio

  • 0.96%AAPD, cheaper
  • 1.30%NVD
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

AAPD 3rd cheapest of 43 funds

NVD 26th cheapest of 43 funds

AAPD vs NVD Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
AAPD 4.51%
NVD 19.09%, better
Payout (12M)
AAPD $0.45
NVD $0.85
Last payment
AAPD $0.18
NVD $0.85
Ex-dividend
AAPD Sep 22, 2026
NVD Dec 29, 2025
Paid on
AAPD Sep 29, 2026
NVD Dec 31, 2025
Frequency
AAPD Quarterly
NVD Annual

Distribution history

Per share, 2022 to 2026, same scale for both

AAPDQuarterly · 18 paymentsAll AAPD payments⁠
One bar per payment. 18 payments from 2022 to 2026 YTD. Sep 20, 2022 $0.03; Dec 8, 2022 $0.0061; Dec 20, 2022 $0.13; Mar 21, 2023 $0.18; Jun 21, 2023 $0.24; Sep 19, 2023 $0.19; Dec 21, 2023 $0.26; Mar 19, 2024 $0.18; Jun 25, 2024 $0.21; Sep 24, 2024 $0.15; Dec 23, 2024 $0.16; Mar 25, 2025 $0.12; Jun 24, 2025 $0.12; Sep 23, 2025 $0.12; Dec 23, 2025 $0.11; Mar 24, 2026 $0.08; Jun 23, 2026 $0.08; Sep 22, 2026 $0.18. Use the arrow keys to read each point.$0$5020232026YTD
NVDAnnual · 3 paymentsAll NVD payments⁠
One bar per payment. 3 payments from 2022 to 2026 YTD. Dec 27, 2023 $75.13; Dec 27, 2024 $2.61; Dec 29, 2025 $0.85. Use the arrow keys to read each point.$0$5020232026YTD

AAPD vs NVD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
AAPD 19.8%, betterNVD 59.9%
Return per unit of riskSharpe ratio, 3 years
AAPD −1.32, betterNVD −2.23
Worst fallMax drawdown, 5 years
AAPD −63.9%since Aug 2022NVD −99.4%since Aug 2023
Market sensitivityBeta, 5 years
AAPD −0.84NVD −2.90

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