AVGX vs. DLLL

Last updated Jun 4, 2026

AVGX (Defiance Daily Target 2X Long AVGO ETF) and DLLL (GraniteShares 2x Long DELL Daily ETF) are both Leveraged Equities funds. AVGX is actively managed, while DLLL is passively managed. Over the past year, AVGX returned 156.34% vs 850.63% for DLLL. At a 0.41 correlation, their price movements are largely independent. AVGX charges 1.29%/yr vs 1.50%/yr for DLLL.

Performance

AVGX vs. DLLL - Performance Comparison

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

Returns By Period

In the year-to-date period, AVGX achieves a 69.89% return, which is significantly lower than DLLL's 757.76% return.

AVGX

• 1D: -0.83%
• 1M: 29.49%
• YTD: 69.89%
• 6M: 35.83%
• 1Y: 156.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DLLL

• 1D: -6.45%
• 1M: 245.92%
• YTD: 757.76%
• 6M: 648.38%
• 1Y: 850.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AVGX vs. DLLL - Yearly Performance Comparison

	2026 (YTD)	2025
AVGX Defiance Daily Target 2X Long AVGO ETF	69.89%	53.27%
DLLL GraniteShares 2x Long DELL Daily ETF	757.76%	-3.72%

Correlation

The correlation between AVGX and DLLL is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	0.41

Return for Risk

AVGX vs. DLLL — Risk / Return Rank

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

AVGX

AVGX Risk / Return Rank: 50
AVGX Sharpe Ratio Rank: 53
AVGX Sortino Ratio Rank: 50
AVGX Omega Ratio Rank: 48
AVGX Calmar Ratio Rank: 59
AVGX Martin Ratio Rank: 40

DLLL

DLLL Risk / Return Rank: 95
DLLL Sharpe Ratio Rank: 99
DLLL Sortino Ratio Rank: 94
DLLL Omega Ratio Rank: 91
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.

AVGX vs. DLLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long AVGO ETF (AVGX) 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.

	AVGX	DLLL	Difference
Sharpe ratio: Return per unit of total volatility	1.83	6.65	-4.82
Sortino ratio: Return per unit of downside risk	2.45	4.81	-2.36
Omega ratio: Gain probability vs. loss probability	1.31	1.60	-0.29
Calmar ratio: Return relative to maximum drawdown	2.91	15.02	-12.12
Martin ratio: Return relative to average drawdown	6.49	31.34	-24.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVGX vs. DLLL - Sharpe Ratio Comparison

The current AVGX Sharpe Ratio is 1.83, which is lower than the DLLL Sharpe Ratio of 6.65. The chart below compares the historical Sharpe Ratios of AVGX and DLLL, 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

	AVGX	DLLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	6.65	-4.82
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	3.16	-1.94

Drawdowns

AVGX vs. DLLL - Drawdown Comparison

The maximum AVGX drawdown since its inception was -70.97%, roughly equal to the maximum DLLL drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for AVGX and DLLL.

Drawdown Indicators

	AVGX	DLLL	Difference
Max Drawdown Largest peak-to-trough decline	-70.97%	-68.58%	-2.39%
Max Drawdown (1Y) Largest decline over 1 year	-54.09%	-57.19%	+3.10%
Current Drawdown Current decline from peak	-0.83%	-18.86%	+18.03%
Average Drawdown Average peak-to-trough decline	-22.71%	-25.91%	+3.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.20%	27.36%	-3.16%

Volatility

AVGX vs. DLLL - Volatility Comparison

The current volatility for Defiance Daily Target 2X Long AVGO ETF (AVGX) is 23.50%, while GraniteShares 2x Long DELL Daily ETF (DLLL) has a volatility of 69.39%. This indicates that AVGX experiences smaller price fluctuations and is considered to be less risky than DLLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVGX	DLLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.50%	69.39%	-45.89%
Volatility (6M) Calculated over the trailing 6-month period	61.90%	102.08%	-40.18%
Volatility (1Y) Calculated over the trailing 1-year period	85.97%	129.28%	-43.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	104.65%	130.55%	-25.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	104.65%	130.55%	-25.90%

AVGX vs. DLLL - Expense Ratio Comparison

AVGX has a 1.29% expense ratio, which is lower than DLLL's 1.50% expense ratio.

Dividends

AVGX vs. DLLL - Dividend Comparison

AVGX's dividend yield for the trailing twelve months is around 0.97%, while DLLL has not paid dividends to shareholders.

Position	TTM	2025	2024
AVGX Defiance Daily Target 2X Long AVGO ETF	0.97%	1.65%	0.81%
DLLL GraniteShares 2x Long DELL Daily ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVGX and DLLL in my portfolio?

AVGX and DLLL have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVGX or DLLL?

DLLL has higher volatility (69.39%) compared to AVGX (23.50%). In terms of maximum drawdown, AVGX dropped -70.97% vs DLLL's -68.58%.

Which ETF is better, AVGX or DLLL?

On 1-year performance, DLLL leads with 850.63% vs 156.34% for AVGX. On fees, AVGX is cheaper at 1.29% per year. On volatility, AVGX has been the lower-risk option at 23.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVGX or DLLL?

Over the 1-year period, DLLL has performed better with a 850.63% return vs 156.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVGX or DLLL?

AVGX is cheaper with a 1.29% expense ratio, compared with 1.50% for DLLL.

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

AVGX has the higher dividend yield at 0.97%, compared with 0.00% for DLLL.

What is the main difference between AVGX and DLLL?

They also come from different issuers: Defiance and GraniteShares. Their fees differ too: 1.29% for AVGX and 1.50% for DLLL.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (6.65 vs 1.83), 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.