AAOX vs. DLLL

Last updated Jun 24, 2026

AAOX (Tradr 2X Long AAOI Daily ETF) and DLLL (GraniteShares 2x Long DELL Daily ETF) are both Leveraged Equities funds - AAOX tracks the Applied Optoelectronics, Inc. (AAOI) while DLLL tracks the Dell Technologies Inc. (DELL). Both are passively managed. At a 0.30 correlation, their price movements are largely independent. AAOX charges 1.49%/yr vs 1.50%/yr for DLLL.

Performance

AAOX vs. DLLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long AAOI Daily ETF (AAOX) and GraniteShares 2x Long DELL Daily ETF (DLLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

AAOX

• 1D: -27.29%
• 1M: -46.09%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DLLL

• 1D: 4.21%
• 1M: 89.37%
• YTD: 762.51%
• 6M: 738.64%
• 1Y: 765.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAOX vs. DLLL - Yearly Performance Comparison

	2026 (YTD)
AAOX Tradr 2X Long AAOI Daily ETF	26.50%
DLLL GraniteShares 2x Long DELL Daily ETF	450.86%

Correlation

The correlation between AAOX and DLLL is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 24, 2026	0.30

Return for Risk

AAOX vs. DLLL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAOX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

DLLL

DLLL Risk / Return Rank: 96
DLLL Sharpe Ratio Rank: 99
DLLL Sortino Ratio Rank: 94
DLLL Omega Ratio Rank: 92
DLLL Calmar Ratio Rank: 98
DLLL Martin Ratio Rank: 95

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AAOX vs. DLLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long AAOI Daily ETF (AAOX) and GraniteShares 2x Long DELL Daily ETF (DLLL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AAOX	DLLL	Difference
Sharpe ratio: Return per unit of total volatility	—	5.91	—
Sortino ratio: Return per unit of downside risk	—	4.55	—
Omega ratio: Gain probability vs. loss probability	—	1.56	—
Calmar ratio: Return relative to maximum drawdown	—	13.52	—
Martin ratio: Return relative to average drawdown	—	27.52	—

Drawdowns

AAOX vs. DLLL - Drawdown Comparison

The maximum AAOX drawdown since its inception was -66.13%, roughly equal to the maximum DLLL drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for AAOX and DLLL.

Drawdown Indicators

	AAOX	DLLL	Difference
Max Drawdown Largest peak-to-trough decline	-66.13%	-68.58%	+2.45%
Max Drawdown (1Y) Largest decline over 1 year	—	-57.19%	—
Current Drawdown Current decline from peak	-66.13%	-18.41%	-47.72%
Average Drawdown Average peak-to-trough decline	-26.70%	-25.86%	-0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	28.05%	—

Volatility

Volatility by Period

	AAOX	DLLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	66.89%	—
Volatility (6M) Calculated over the trailing 6-month period	—	102.56%	—
Volatility (1Y) Calculated over the trailing 1-year period	303.92%	131.00%	+172.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	303.92%	129.67%	+174.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	303.92%	129.67%	+174.25%

AAOX vs. DLLL - Expense Ratio Comparison

AAOX has a 1.49% expense ratio, which is lower than DLLL's 1.50% expense ratio.

Dividends

AAOX vs. DLLL - Dividend Comparison

Neither AAOX nor DLLL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AAOX and DLLL in my portfolio?

AAOX and DLLL have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AAOX or DLLL?

On fees, AAOX is cheaper at 1.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AAOX or DLLL?

AAOX is cheaper with a 1.49% expense ratio, compared with 1.50% for DLLL.

Which ETF pays a higher dividend yield, AAOX or DLLL?

AAOX and DLLL have nearly identical dividend yields, around 0.00%.

What is the main difference between AAOX and DLLL?

AAOX tracks Applied Optoelectronics, Inc. (AAOI), while DLLL tracks Dell Technologies Inc. (DELL). They also come from different issuers: Tradr and GraniteShares. Their fees differ too: 1.49% for AAOX and 1.50% for DLLL.