Nvidia-Focused NVDX Tops Best ETFs of Q1

Senior ETF Analyst

Apr 02, 2024

Reviewed by: Kent Thune

Edited by: James Rubin

With one quarter in the books, stocks are off to a hot start in 2024. The S&P 500 climbed 10.6% in the year-to-date period through March 31—even better than the 7.5% return it saw in the same period a year ago (a year in which the index ended up 26.3%).

As always, there are some ETFs doing better than the broader markets and some doing worse.

In this article, we’ll take a look at the 10 best performing ETFs of the year.

Of the 10 best performers, nine are leveraged, and three are single-stock ETFs tied to the high-flying A.I. chip company, Nvidia.

The T-Rex 2X Long NVIDIA Daily Target ETF (NVDX) is the No.1 best-performing ETF this year, with a whopping 205% return so far this year.

The only non-leveraged ETF among the top 10 is the Grayscale Bitcoin Trust (GBTC). GBTC’s 82.5% gain beats out the gains for other spot bitcoin ETFs— like the 52% return for the iShares Bitcoin Trust (IBIT)— because it was trading in non-ETF form at the start of the year, while the other funds didn’t launch until Jan. 11.

Bonds, on the other hand, aren’t doing so hot. The iShares Core US Aggregate Bond ETF (AGG) was down 1.5% during the first quarter, giving up some of last year’s 5.7% gain.

Best ETFs of Q1 2024 (Including Leveraged)

Name	Ticker	YTD Return
T-Rex 2X Long NVIDIA Daily Target ETF	NVDX	+205.08%
GraniteShares 2x Long NVDA Daily ETF	NVDL	+177.90%
Direxion Daily NVDA Bull 1.5X Shares	NVDU	+137.11%
2x Bitcoin Strategy ETF	BITX	+133.96%
GraniteShares 2x Long COIN Daily ETF	CONL	+126.52%
Grayscale Bitcoin Trust BTC	GBTC	+82.47%
ProShares Ultra Semiconductors	USD	+82.21%
T-Rex 2X Inverse Tesla Daily Target ETF	TSLZ	+74.56%
AdvisorShares MSOS 2x Daily ETF	MSOX	+73.48%
GraniteShares 2x Long META Daily ETF	FBL	+69.35%

Data as of March 31, 2024.

If you strip out leveraged and inverse funds, GBTC is obviously the top performing ETF of the year so far, and it’s followed by various bitcoin and ether futures ETFs (the other spot bitcoin ETFs aren’t included in the running since they weren’t trading at the start of the year).

The only non-crypto-related ETF among the 10 best-performing nonleveraged ETFs is the YieldMax NVDA Option Income Strategy ETF (NVDY), which is up almost 55%.

NVDY employs a covered call ETF strategy on shares of Nvidia.

Best ETFs of Q1 2024 (Excluding Leveraged)

Name	Ticker	YTD Return
Grayscale Bitcoin Trust BTC	GBTC	+82.47%
ProShares Bitcoin Strategy ETF	BITO	+64.41%
Bitwise Bitcoin Strategy Optimum Roll ETF	BITC	+64.02%
Simplify Bitcoin Strategy PLUS Income ETF	MAXI	+63.95%
Hashdex Bitcoin ETF	DEFI	+60.66%
Proshares Bitcoin & Ether Strategy Etf	BETH	+60.52%
Valkyrie Bitcoin and Ether Strategy ETF	BTF	+58.84%
Proshares Bitcoin & Ether Equal Weight Strategy Etf	BETE	+56.89%
Bitwise Bitcoin And Ether Equal Weight Strategy Etf	BTOP	+54.97%
YieldMax NVDA Option Income Strategy ETF	NVDY	+54.72%

Data as of March 31, 2024

Sumit Roy

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Sumit Roy is the senior ETF analyst for etf.com, where he has worked for 13 years. He creates a variety of content for the platform, including news articles, analysis pieces, videos and podcasts.

Before joining etf.com, Sumit was the managing editor and commodities analyst for Hard Assets Investor. In those roles, he was responsible for most of the operations of HAI, a website dedicated to education about commodities investing.

Though he still closely follows the commodities beat, Sumit covers a much broader assortment of topics for etf.com, with a particular focus on stock and bond exchange-traded funds.

He is the host of etf.com’s Talk ETFs, a popular video series that features weekly interviews with thought leaders in the ETF industry. Sumit is also co-host of Exchange Traded Fridays, etf.com’s weekly podcast series.

He lives in the San Francisco Bay Area, where he enjoys climbing the city’s steep hills, playing chess and snowboarding in Lake Tahoe.

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