ISUL vs. NVD

Last updated Jul 17, 2026

ISUL (GraniteShares 2X Long ISRG Daily ETF) and NVD (GraniteShares 2x Short NVDA Daily ETF) are both exchange-traded funds - ISUL is a Leveraged Equities fund actively managed by GraniteShares, while NVD is a Inverse Equities fund actively managed by GraniteShares. Both are actively managed. At a correlation of -0.15, they often move in opposite directions. Both charge a 1.50% expense ratio.

Performance

ISUL vs. NVD - Performance Comparison

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

Returns By Period

In the year-to-date period, ISUL achieves a -54.46% return, which is significantly lower than NVD's -33.57% return.

ISUL

• 1D: 7.11%
• 1M: -8.67%
• 6M: -49.59%
• YTD: -54.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVD

• 1D: 4.40%
• 1M: -2.86%
• 6M: -33.00%
• YTD: -33.57%
• 1Y: -49.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ISUL vs. NVD - Yearly Performance Comparison

	2026 (YTD)	2025
ISUL GraniteShares 2X Long ISRG Daily ETF	-54.46%	55.46%
NVD GraniteShares 2x Short NVDA Daily ETF	-33.57%	-8.71%

Correlation

The correlation between ISUL and NVD is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	-0.15

Return for Risk

ISUL vs. NVD — Risk / Return Rank

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

ISUL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

NVD

NVD Risk / Return Rank: 3
NVD Sharpe Ratio Rank: 4
NVD Sortino Ratio Rank: 4
NVD Omega Ratio Rank: 4
NVD Calmar Ratio Rank: 2
NVD Martin Ratio Rank: 1

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.

ISUL vs. NVD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2X Long ISRG Daily ETF (ISUL) and GraniteShares 2x Short NVDA Daily ETF (NVD). 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.

	ISUL	NVD	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.70	—
Sortino ratio: Return per unit of downside risk	—	-0.82	—
Omega ratio: Gain probability vs. loss probability	—	0.91	—
Calmar ratio: Return relative to maximum drawdown	—	-0.83	—
Martin ratio: Return relative to average drawdown	—	-1.53	—

Drawdowns

ISUL vs. NVD - Drawdown Comparison

The maximum ISUL drawdown since its inception was -62.78%, smaller than the maximum NVD drawdown of -99.26%. Use the drawdown chart below to compare losses from any high point for ISUL and NVD.

Drawdown Indicators

	ISUL	NVD	Difference
Max Drawdown Largest peak-to-trough decline	-62.78%	-99.26%	+36.48%
Max Drawdown (1Y) Largest decline over 1 year	—	-60.41%	—
Current Drawdown Current decline from peak	-58.26%	-99.11%	+40.85%
Average Drawdown Average peak-to-trough decline	-28.76%	-82.23%	+53.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	32.69%	—

Volatility

Volatility by Period

	ISUL	NVD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	22.59%	—
Volatility (6M) Calculated over the trailing 6-month period	—	56.39%	—
Volatility (1Y) Calculated over the trailing 1-year period	67.90%	71.85%	-3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.90%	92.20%	-24.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.90%	92.20%	-24.30%

ISUL vs. NVD - Expense Ratio Comparison

Both ISUL and NVD have an expense ratio of 1.50%.

Dividends

ISUL vs. NVD - Dividend Comparison

ISUL has not paid dividends to shareholders, while NVD's dividend yield for the trailing twelve months is around 17.80%.

Position	TTM	2025	2024	2023
ISUL GraniteShares 2X Long ISRG Daily ETF	0.00%	0.00%	0.00%	0.00%
NVD GraniteShares 2x Short NVDA Daily ETF	17.80%	11.83%	8.68%	15.78%

Frequently Asked Questions

Can I hold both ISUL and NVD in my portfolio?

ISUL and NVD have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ISUL or NVD?

Both ETFs have the same 1.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ISUL or NVD?

ISUL and NVD have the same expense ratio: 1.50% per year.

Which ETF pays a higher dividend yield, ISUL or NVD?

NVD has the higher dividend yield at 17.80%, compared with 0.00% for ISUL.

What is the main difference between ISUL and NVD?

ISUL is categorized as Leveraged Equities, while NVD is Inverse Equities.