ARMG vs. NVDL

Last updated Aug 2, 2026

ARMG (Leverage Shares 2X Long ARM Daily ETF) and NVDL (GraniteShares 2x Long NVDA Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, ARMG returned 59.59% vs 5.55% for NVDL. Their 0.46 correlation means their historical movements had little consistent relationship. ARMG charges 0.75%/yr vs 1.05%/yr for NVDL.

Performance

ARMG vs. NVDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long ARM Daily ETF (ARMG) 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, ARMG achieves a 190.00% return, which is significantly higher than NVDL's 0.28% return.

ARMG

• 1D: -1.25%
• 1M: -46.26%
• 6M: 220.35%
• YTD: 190.00%
• 1Y: 59.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.32%

NVDL

• 1D: 5.83%
• 1M: 4.25%
• 6M: -3.44%
• YTD: 0.28%
• 1Y: 5.55%
• 3Y*: 83.01%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 135.53%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ARMG Leverage Shares 2X Long ARM Daily ETF	$14.17M	$20.37M	$65.80M
NVDL GraniteShares 2x Long NVDA Daily ETF	$342.72M	$394.98M	$692.33M

ARMG vs. NVDL - Yearly Performance Comparison

	2026 (YTD)	2025
ARMG Leverage Shares 2X Long ARM Daily ETF	190.00%	-62.65%
NVDL GraniteShares 2x Long NVDA Daily ETF	0.28%	36.41%

Correlation

The correlation between ARMG and NVDL is 0.35, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.35
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	0.46

The correlation between ARMG and NVDL shifts across timeframes, from 0.35 (1 year) to 0.46 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ARMG vs. NVDL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ARMG

ARMG Risk / Return Rank: 29
ARMG Sharpe Ratio Rank: 19
ARMG Sortino Ratio Rank: 45
ARMG Omega Ratio Rank: 41
ARMG Calmar Ratio Rank: 23
ARMG Martin Ratio Rank: 20

NVDL

NVDL Risk / Return Rank: 13
NVDL Sharpe Ratio Rank: 11
NVDL Sortino Ratio Rank: 17
NVDL Omega Ratio Rank: 16
NVDL Calmar Ratio Rank: 11
NVDL Martin Ratio Rank: 11

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ARMG vs. NVDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long ARM Daily ETF (ARMG) 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.

	ARMG	NVDL	Difference
Sharpe ratio: Return per unit of total volatility	0.35	0.00	+0.34
Sortino ratio: Return per unit of downside risk	1.63	0.53	+1.10
Omega ratio: Gain probability vs. loss probability	1.19	1.06	+0.13
Calmar ratio: Return relative to maximum drawdown	0.66	0.01	+0.66
Martin ratio: Return relative to average drawdown	1.23	0.02	+1.22

ARMG vs. NVDL - Sharpe Ratio Comparison

The current ARMG Sharpe Ratio is 0.35, which is higher than the NVDL Sharpe Ratio of 0.00. The chart below compares the historical Sharpe Ratios of ARMG 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

ARMG vs. NVDL - Drawdown Comparison

The maximum ARMG drawdown since its inception was -80.28%, which is greater than NVDL's maximum drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for ARMG and NVDL.

Drawdown Indicators

	ARMG	NVDL	Difference
Max Drawdown Largest peak-to-trough decline	-80.28%	-67.55%	-12.73%
Max Drawdown (1Y) Largest decline over 1 year	-76.64%	-42.23%	-34.41%
Max Drawdown (3Y) Largest decline over 3 years	—	-67.55%	—
Current Drawdown Current decline from peak	-73.55%	-31.61%	-41.94%
Average Drawdown Average peak-to-trough decline	-52.13%	-17.45%	-34.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.08%	21.63%	+19.45%

Volatility

ARMG vs. NVDL - Volatility Comparison

Leverage Shares 2X Long ARM Daily ETF (ARMG) has a higher volatility of 50.86% compared to GraniteShares 2x Long NVDA Daily ETF (NVDL) at 24.04%. This indicates that ARMG's price experiences larger fluctuations and is considered to be riskier than NVDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARMG	NVDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	50.86%	24.04%	+26.82%
Volatility (6M) Calculated over the trailing 6-month period	128.29%	56.33%	+71.96%
Volatility (1Y) Calculated over the trailing 1-year period	149.49%	72.50%	+76.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	145.42%	90.02%	+55.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	145.42%	90.02%	+55.40%

ARMG vs. NVDL - Expense Ratio Comparison

ARMG has a 0.75% expense ratio, which is lower than NVDL's 1.05% expense ratio.

Dividends

ARMG vs. NVDL - Dividend Comparison

ARMG's dividend yield for the trailing twelve months is around 1.68%, while NVDL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
ARMG Leverage Shares 2X Long ARM Daily ETF	1.68%	4.86%	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 ARMG and NVDL in my portfolio?

ARMG and NVDL have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARMG or NVDL?

ARMG has higher volatility (50.86%) compared to NVDL (24.04%). In terms of maximum drawdown, ARMG dropped -80.28% vs NVDL's -67.55%.

Which ETF is better, ARMG or NVDL?

On 1-year performance, ARMG leads with 59.59% vs 5.55% for NVDL. On fees, ARMG is cheaper at 0.75% per year. On volatility, NVDL has been the lower-risk option at 24.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ARMG or NVDL?

Over the 1-year period, ARMG has performed better with a 59.59% return vs 5.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ARMG or NVDL?

ARMG is cheaper with a 0.75% expense ratio, compared with 1.05% for NVDL.

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

ARMG has the higher dividend yield at 1.68%, compared with 0.00% for NVDL.

What is the main difference between ARMG and NVDL?

They also come from different issuers: Leverage Shares and GraniteShares. Their fees differ too: 0.75% for ARMG and 1.05% for NVDL.

Which has better risk-adjusted returns?

ARMG currently has the higher Sharpe Ratio (0.35 vs 0.00), 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.