AMZZ vs. NVDL

Last updated Jun 24, 2026

AMZZ (GraniteShares 2x Long AMZN Daily ETF) and NVDL (GraniteShares 2x Long NVDA Daily ETF) are both Leveraged Equities funds from GraniteShares. Both are actively managed. Over the past year, AMZZ returned 6.71% vs 52.74% for NVDL. At a 0.45 correlation, their price movements are largely independent. AMZZ charges 1.15%/yr vs 1.05%/yr for NVDL.

Performance

AMZZ vs. NVDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long AMZN Daily ETF (AMZZ) and GraniteShares 2x Long NVDA Daily ETF (NVDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMZZ achieves a -4.99% return, which is significantly lower than NVDL's 2.41% return.

AMZZ

• 1D: 1.08%
• 1M: -24.11%
• YTD: -4.99%
• 6M: -5.95%
• 1Y: 6.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDL

• 1D: -8.23%
• 1M: -15.60%
• YTD: 2.41%
• 6M: -0.74%
• 1Y: 52.74%
• 3Y*: 92.63%
• 5Y*: —
• 10Y*: —

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

AMZZ vs. NVDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AMZZ GraniteShares 2x Long AMZN Daily ETF	-4.99%	-8.94%	34.95%
NVDL GraniteShares 2x Long NVDA Daily ETF	2.41%	32.57%	67.36%

Correlation

The correlation between AMZZ and NVDL is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Mar 18, 2024	0.45

AMZZ vs. NVDL - Sectors Allocation Comparison

Sectors	AMZZ	NVDL
Consumer Cyclical	66.7%	0.0%
Basic Materials	-	0.0%
Communication Services	-	0.0%
Consumer Defensive	-	0.0%
Energy	-	0.0%
Financial Services	-	100.0%
Healthcare	-	0.0%
Industrials	-	0.0%
Real Estate	-	0.0%
Technology	-	100.0%
Utilities	-	0.0%

Return for Risk

AMZZ vs. NVDL — Risk / Return Rank

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

AMZZ

AMZZ Risk / Return Rank: 11
AMZZ Sharpe Ratio Rank: 10
AMZZ Sortino Ratio Rank: 13
AMZZ Omega Ratio Rank: 13
AMZZ Calmar Ratio Rank: 10
AMZZ Martin Ratio Rank: 10

NVDL

NVDL Risk / Return Rank: 24
NVDL Sharpe Ratio Rank: 22
NVDL Sortino Ratio Rank: 26
NVDL Omega Ratio Rank: 25
NVDL Calmar Ratio Rank: 26
NVDL Martin Ratio Rank: 23

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. NVDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long AMZN Daily ETF (AMZZ) and GraniteShares 2x Long NVDA Daily ETF (NVDL). 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.

	AMZZ	NVDL	Difference
Sharpe ratio: Return per unit of total volatility	0.11	0.75	-0.64
Sortino ratio: Return per unit of downside risk	0.59	1.41	-0.82
Omega ratio: Gain probability vs. loss probability	1.07	1.17	-0.10
Calmar ratio: Return relative to maximum drawdown	0.16	1.25	-1.09
Martin ratio: Return relative to average drawdown	0.35	2.75	-2.40

AMZZ vs. NVDL - Sharpe Ratio Comparison

The current AMZZ Sharpe Ratio is 0.11, which is lower than the NVDL Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of AMZZ and NVDL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AMZZ vs. NVDL - Drawdown Comparison

The maximum AMZZ drawdown since its inception was -55.28%, smaller than the maximum NVDL drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for AMZZ and NVDL.

Drawdown Indicators

	AMZZ	NVDL	Difference
Max Drawdown Largest peak-to-trough decline	-55.28%	-67.55%	+12.27%
Max Drawdown (1Y) Largest decline over 1 year	-41.97%	-42.23%	+0.26%
Max Drawdown (3Y) Largest decline over 3 years	—	-67.55%	—
Current Drawdown Current decline from peak	-28.83%	-30.16%	+1.33%
Average Drawdown Average peak-to-trough decline	-20.25%	-17.07%	-3.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.23%	19.22%	+0.01%

Volatility

AMZZ vs. NVDL - Volatility Comparison

The current volatility for GraniteShares 2x Long AMZN Daily ETF (AMZZ) is 20.12%, while GraniteShares 2x Long NVDA Daily ETF (NVDL) has a volatility of 26.32%. This indicates that AMZZ experiences smaller price fluctuations and is considered to be less risky than NVDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMZZ	NVDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.12%	26.32%	-6.20%
Volatility (6M) Calculated over the trailing 6-month period	43.07%	53.60%	-10.53%
Volatility (1Y) Calculated over the trailing 1-year period	61.33%	70.66%	-9.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.09%	90.42%	-27.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.09%	90.42%	-27.33%

AMZZ vs. NVDL - Expense Ratio Comparison

AMZZ has a 1.15% expense ratio, which is higher than NVDL's 1.05% expense ratio.

Dividends

AMZZ vs. NVDL - Dividend Comparison

Neither AMZZ nor NVDL has paid dividends to shareholders.

Position	TTM	2025	2024	2023
AMZZ GraniteShares 2x Long AMZN Daily ETF	0.00%	0.00%	0.00%	0.00%
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%

Frequently Asked Questions

Can I hold both AMZZ and NVDL in my portfolio?

AMZZ and NVDL have a correlation of 0.36, 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 NVDL?

NVDL has higher volatility (26.32%) compared to AMZZ (20.12%). In terms of maximum drawdown, AMZZ dropped -55.28% vs NVDL's -67.55%.

Which ETF is better, AMZZ or NVDL?

On 1-year performance, NVDL leads with 52.74% vs 6.71% for AMZZ. On fees, NVDL is cheaper at 1.05% per year. On volatility, AMZZ has been the lower-risk option at 20.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMZZ or NVDL?

Over the 1-year period, NVDL has performed better with a 52.74% return vs 6.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMZZ or NVDL?

NVDL is cheaper with a 1.05% expense ratio, compared with 1.15% for AMZZ.

Which ETF pays a higher dividend yield, AMZZ or NVDL?

AMZZ and NVDL have nearly identical dividend yields, around 0.00%.

What is the main difference between AMZZ and NVDL?

Their fees differ too: 1.15% for AMZZ and 1.05% for NVDL.

Which has better risk-adjusted returns?

NVDL currently has the higher Sharpe Ratio (0.75 vs 0.11), 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.