AXS 1.25X NVDA Bear Daily ETF (NVDS) Performance
NVDS total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −29.4% since Dec 31, 2025
- 1 year
- −34.2% total return
- 3 years
- −63.4% a year
- Since first price
- −77.5% a year since 2022
NVDS trailing returns vs SPY, QQQ, AGG
| Period | NVDS total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +9.6% | +9.6% | −1.0% | −5.0% | +0.9% |
| 3 months | −6.6% | −6.6% | +3.2% | +1.9% | −0.4% |
| 6 months | −18.0% | −18.0% | +7.8% | +8.4% | −1.5% |
| YTD | −29.4% | −29.4% | +12.3% | +15.1% | −1.0% |
| 1 year | −34.2% | −42.2% | +14.4% | +15.9% | −1.1% |
| 3 years | −95.1%−63.4%/yr | −96.7% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionJul 14, 2022 | −99.8%−77.5%/yr | −99.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: NVDS vs SPY
From Jul 14, 2022: NVDS grew to $17, SPY to $21,267.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
NVDS returns by calendar year
0 of 3 full years positive. Best 2025 (−58.2%), worst 2023 (−96.6%). 2026 is year to date.
NVDS annual returns table
| Year | NVDS | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −29.4% | −48.9% | +12.3% | +15.1% | −1.0% |
| 2025 | −58.2% | −73.8% | +17.7% | +20.8% | +7.2% |
| 2024 | −80.0% | −83.4% | +24.9% | +25.6% | +1.3% |
| 2023 | −96.6% | −96.8% | +26.2% | +54.9% | +5.7% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
NVDS largest drawdowns
Now 99.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Oct 14, 2022 | −99.9% | Oct 6, 2026 | not yet | 4.0 years | 4.0 years so far |
| Jul 14, 2022 | −26.5% | Aug 15, 2022 | Sep 1, 2022 | 32 days | 49 days |
| Sep 30, 2022 | −11.3% | Oct 5, 2022 | Oct 10, 2022 | 5 days | 10 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
NVDS risk statistics
| Statistic | 3 years | Since 2022 |
|---|---|---|
| Annualized return | −64.6% | −77.7% |
| Volatility (annualized) | 42.8% | 63.7% |
| Sharpe ratio | -2.20 | -1.79 |
| Sortino ratio | -2.00 | -1.71 |
| Best month | +19.9% | +26.9% |
| Worst month | −30.5% | −81.7% |
| Best 12 months | −30.1% | −30.1% |
| Worst 12 months | −83.7% | −97.2% |
| Positive months | 31% | 30% |
| Beta vs S&P 500 | -2.24 | — |
| Correlation with S&P 500 | -0.65 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
NVDS rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 40 | −97.2% | −65.8% | −22.3% | 0% |
| 3-year (a year) | 16 | −87.3% | −82.0% | −62.0% | 0% |
Every holding period starting at a month-end since 2022. Returns for 3 years and longer are annualized.
NVDS performance overview
AXS 1.25X NVDA Bear Daily ETF (NVDS) returned −34.2% over the past year, with distributions reinvested. Since its first recorded price in 2022 it has returned −77.5% a year, turning $10,000 into about $17. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −99.9%, from Oct 14, 2022 to Oct 6, 2026; the fund has not yet regained that high. NVDS finished 0 of its 3 full calendar years with a gain; the best year was 2025 (−58.2%) and the worst 2023 (−96.6%). Volatility has been 63.7% a year.
Related: NVDS chart, NVDS dividends. See the NVDS overview for the latest quote and fund facts.
NVDS performance FAQ
What is the NVDS return over the past year?
NVDS returned −34.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 42.2%.
How much would $10,000 invested in NVDS be worth?
$10,000 invested in NVDS at its first recorded close on July 14, 2022 would be worth about $17 on October 23, 2026 with distributions reinvested.
What was the worst year for NVDS?
The worst calendar year was 2023, with a total return of −96.6%. The best was 2025 at −58.2%.
What is the biggest drawdown of NVDS?
The largest peak-to-trough decline was −99.9% between October 14, 2022 and October 6, 2026. It has not yet recovered to that high; it is 99.9% below its peak.
How volatile is NVDS?
Over the past 3 years NVDS had an annualized volatility of 42.8% and a Sharpe ratio of -2.20 (excess return over 1–3 month T-bills per unit of risk).