AMZZ vs. NASDX

Last updated Jun 4, 2026

AMZZ (GraniteShares 2x Long AMZN Daily ETF) and NASDX (Shelton Capital Management Nasdaq-100 Index Fund Direct Shares) are both funds - AMZZ is a Leveraged Equities fund actively managed by GraniteShares, while NASDX is a Large Cap Growth Equities fund tracking the NASDAQ-100 Index. AMZZ is actively managed, while NASDX is passively managed. Over the past year, AMZZ returned 25.28% vs 42.08% for NASDX. A 0.67 correlation means they provide meaningful diversification when combined. AMZZ charges 1.15%/yr vs 0.63%/yr for NASDX.

Performance

AMZZ vs. NASDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long AMZN Daily ETF (AMZZ) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMZZ achieves a 9.44% return, which is significantly lower than NASDX's 21.38% return.

AMZZ

• 1D: -5.02%
• 1M: -16.12%
• YTD: 9.44%
• 6M: 7.26%
• 1Y: 25.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NASDX

• 1D: 0.47%
• 1M: 10.94%
• YTD: 21.38%
• 6M: 19.90%
• 1Y: 42.08%
• 3Y*: 32.65%
• 5Y*: 20.44%
• 10Y*: 22.58%

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

AMZZ vs. NASDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AMZZ GraniteShares 2x Long AMZN Daily ETF	9.44%	-8.94%	38.36%
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	21.38%	21.00%	27.94%

Correlation

The correlation between AMZZ and NASDX is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (All Time) Calculated using the full available price history since Mar 19, 2024	0.67

The correlation between AMZZ and NASDX has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.

Return for Risk

AMZZ vs. NASDX — Risk / Return Rank

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

AMZZ

AMZZ Risk / Return Rank: 17
AMZZ Sharpe Ratio Rank: 15
AMZZ Sortino Ratio Rank: 19
AMZZ Omega Ratio Rank: 19
AMZZ Calmar Ratio Rank: 16
AMZZ Martin Ratio Rank: 15

NASDX

NASDX Risk / Return Rank: 75
NASDX Sharpe Ratio Rank: 84
NASDX Sortino Ratio Rank: 71
NASDX Omega Ratio Rank: 67
NASDX Calmar Ratio Rank: 80
NASDX Martin Ratio Rank: 75

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.

AMZZ vs. NASDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long AMZN Daily ETF (AMZZ) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). 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.

	AMZZ	NASDX	Difference
Sharpe ratio: Return per unit of total volatility	0.43	2.70	-2.27
Sortino ratio: Return per unit of downside risk	0.99	3.51	-2.51
Omega ratio: Gain probability vs. loss probability	1.12	1.46	-0.34
Calmar ratio: Return relative to maximum drawdown	0.61	3.65	-3.04
Martin ratio: Return relative to average drawdown	1.37	14.16	-12.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMZZ vs. NASDX - Sharpe Ratio Comparison

The current AMZZ Sharpe Ratio is 0.43, which is lower than the NASDX Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of AMZZ and NASDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AMZZ	NASDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.43	2.70	-2.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.89	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.33	-0.08

Drawdowns

AMZZ vs. NASDX - Drawdown Comparison

The maximum AMZZ drawdown since its inception was -55.28%, smaller than the maximum NASDX drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for AMZZ and NASDX.

Drawdown Indicators

	AMZZ	NASDX	Difference
Max Drawdown Largest peak-to-trough decline	-55.28%	-83.16%	+27.88%
Max Drawdown (1Y) Largest decline over 1 year	-41.97%	-11.90%	-30.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.33%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.33%	—
Current Drawdown Current decline from peak	-18.02%	0.00%	-18.02%
Average Drawdown Average peak-to-trough decline	-20.21%	-34.37%	+14.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.49%	3.06%	+15.43%

Volatility

AMZZ vs. NASDX - Volatility Comparison

GraniteShares 2x Long AMZN Daily ETF (AMZZ) has a higher volatility of 14.66% compared to Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX) at 4.51%. This indicates that AMZZ's price experiences larger fluctuations and is considered to be riskier than NASDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMZZ	NASDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.66%	4.51%	+10.15%
Volatility (6M) Calculated over the trailing 6-month period	40.44%	12.19%	+28.25%
Volatility (1Y) Calculated over the trailing 1-year period	59.66%	16.10%	+43.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.82%	23.06%	+39.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.82%	22.68%	+40.14%

AMZZ vs. NASDX - Expense Ratio Comparison

AMZZ has a 1.15% expense ratio, which is higher than NASDX's 0.63% expense ratio.

Dividends

AMZZ vs. NASDX - Dividend Comparison

AMZZ has not paid dividends to shareholders, while NASDX's dividend yield for the trailing twelve months is around 2.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMZZ GraniteShares 2x Long AMZN Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	2.98%	3.76%	16.95%	7.61%	3.75%	2.59%	1.28%	7.09%	2.47%	1.65%	0.75%	0.85%

Frequently Asked Questions

Can I hold both AMZZ and NASDX in my portfolio?

AMZZ and NASDX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMZZ or NASDX?

AMZZ has higher volatility (14.66%) compared to NASDX (4.51%). In terms of maximum drawdown, AMZZ dropped -55.28% vs NASDX's -83.16%.

Which has better risk-adjusted returns?

NASDX currently has the higher Sharpe Ratio (2.70 vs 0.43), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.