DLLL vs. ARMG

Last updated Jul 14, 2026

DLLL (GraniteShares 2x Long DELL Daily ETF) and ARMG (Leverage Shares 2X Long ARM Daily ETF) are both Leveraged Equities funds. DLLL is passively managed, while ARMG is actively managed. Over the past year, DLLL returned 636.01% vs 123.28% for ARMG. A 0.51 correlation means they provide meaningful diversification when combined. DLLL charges 1.50%/yr vs 0.75%/yr for ARMG.

Performance

DLLL vs. ARMG - Performance Comparison

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

Returns By Period

In the year-to-date period, DLLL achieves a 738.32% return, which is significantly higher than ARMG's 374.91% return.

DLLL

• 1D: -3.72%
• 1M: 12.43%
• 6M: 819.94%
• YTD: 738.32%
• 1Y: 636.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ARMG

• 1D: -15.27%
• 1M: -43.03%
• 6M: 363.53%
• YTD: 374.91%
• 1Y: 123.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DLLL vs. ARMG - Yearly Performance Comparison

	2026 (YTD)	2025
DLLL GraniteShares 2x Long DELL Daily ETF	738.32%	-3.72%
ARMG Leverage Shares 2X Long ARM Daily ETF	374.91%	-66.92%

Correlation

The correlation between DLLL and ARMG is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	0.51

The correlation between DLLL and ARMG has been stable across timeframes, ranging from 0.48 to 0.51 - a consistent structural relationship.

Return for Risk

DLLL vs. ARMG — Risk / Return Rank

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

DLLL

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

ARMG

ARMG Risk / Return Rank: 41
ARMG Sharpe Ratio Rank: 29
ARMG Sortino Ratio Rank: 54
ARMG Omega Ratio Rank: 51
ARMG Calmar Ratio Rank: 45
ARMG Martin Ratio Rank: 28

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.

DLLL vs. ARMG - Risk-Adjusted Trends Comparison

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

	DLLL	ARMG	Difference
Sharpe ratio: Return per unit of total volatility	4.80	0.86	+3.94
Sortino ratio: Return per unit of downside risk	4.13	2.09	+2.04
Omega ratio: Gain probability vs. loss probability	1.50	1.26	+0.24
Calmar ratio: Return relative to maximum drawdown	11.22	1.82	+9.40
Martin ratio: Return relative to average drawdown	22.48	3.11	+19.37

DLLL vs. ARMG - Sharpe Ratio Comparison

The current DLLL Sharpe Ratio is 4.80, which is higher than the ARMG Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of DLLL and ARMG, 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

DLLL vs. ARMG - Drawdown Comparison

The maximum DLLL drawdown since its inception was -68.58%, smaller than the maximum ARMG drawdown of -80.28%. Use the drawdown chart below to compare losses from any high point for DLLL and ARMG.

Drawdown Indicators

	DLLL	ARMG	Difference
Max Drawdown Largest peak-to-trough decline	-68.58%	-80.28%	+11.70%
Max Drawdown (1Y) Largest decline over 1 year	-57.19%	-68.13%	+10.94%
Current Drawdown Current decline from peak	-20.70%	-56.68%	+35.98%
Average Drawdown Average peak-to-trough decline	-25.71%	-51.58%	+25.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.50%	39.80%	-11.30%

Volatility

DLLL vs. ARMG - Volatility Comparison

The current volatility for GraniteShares 2x Long DELL Daily ETF (DLLL) is 35.23%, while Leverage Shares 2X Long ARM Daily ETF (ARMG) has a volatility of 59.73%. This indicates that DLLL experiences smaller price fluctuations and is considered to be less risky than ARMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DLLL	ARMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.23%	59.73%	-24.50%
Volatility (6M) Calculated over the trailing 6-month period	106.21%	122.78%	-16.57%
Volatility (1Y) Calculated over the trailing 1-year period	134.10%	144.88%	-10.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	129.72%	144.35%	-14.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	129.72%	144.35%	-14.63%

DLLL vs. ARMG - Expense Ratio Comparison

DLLL has a 1.50% expense ratio, which is higher than ARMG's 0.75% expense ratio.

Dividends

DLLL vs. ARMG - Dividend Comparison

DLLL has not paid dividends to shareholders, while ARMG's dividend yield for the trailing twelve months is around 1.02%.

Position	TTM	2025
ARMG Leverage Shares 2X Long ARM Daily ETF	1.02%	4.86%
DLLL GraniteShares 2x Long DELL Daily ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both DLLL and ARMG in my portfolio?

DLLL and ARMG have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DLLL or ARMG?

ARMG has higher volatility (59.73%) compared to DLLL (35.23%). In terms of maximum drawdown, DLLL dropped -68.58% vs ARMG's -80.28%.

Which ETF is better, DLLL or ARMG?

On 1-year performance, DLLL leads with 636.01% vs 123.28% for ARMG. On fees, ARMG is cheaper at 0.75% per year. On volatility, DLLL has been the lower-risk option at 35.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DLLL or ARMG?

Over the 1-year period, DLLL has performed better with a 636.01% return vs 123.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DLLL or ARMG?

ARMG is cheaper with a 0.75% expense ratio, compared with 1.50% for DLLL.

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

ARMG has the higher dividend yield at 1.02%, compared with 0.00% for DLLL.

What is the main difference between DLLL and ARMG?

They also come from different issuers: GraniteShares and Leverage Shares. Their fees differ too: 1.50% for DLLL and 0.75% for ARMG.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (4.80 vs 0.86), 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.