MRAL vs. NVDL

Last updated Jun 4, 2026

MRAL (GraniteShares 2x Long MARA Daily ETF) and NVDL (GraniteShares 2x Long NVDA Daily ETF) are both Leveraged Equities funds from GraniteShares. MRAL is passively managed, while NVDL is actively managed. Over the past year, MRAL returned -60.79% vs 84.82% for NVDL. At a 0.32 correlation, their price movements are largely independent. MRAL charges 1.50%/yr vs 1.15%/yr for NVDL.

Performance

MRAL vs. NVDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MARA Daily ETF (MRAL) 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, MRAL achieves a 65.74% return, which is significantly higher than NVDL's 19.95% return.

MRAL

• 1D: -4.00%
• 1M: 33.63%
• YTD: 65.74%
• 6M: -16.49%
• 1Y: -60.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDL

• 1D: -7.15%
• 1M: 14.24%
• YTD: 19.95%
• 6M: 27.27%
• 1Y: 84.82%
• 3Y*: 109.72%
• 5Y*: —
• 10Y*: —

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

MRAL vs. NVDL - Yearly Performance Comparison

	2026 (YTD)	2025
MRAL GraniteShares 2x Long MARA Daily ETF	65.74%	-83.75%
NVDL GraniteShares 2x Long NVDA Daily ETF	19.95%	113.72%

Correlation

The correlation between MRAL and NVDL is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Mar 10, 2025	0.32

MRAL vs. NVDL - Sectors Allocation Comparison

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

Return for Risk

MRAL vs. NVDL — Risk / Return Rank

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

MRAL

MRAL Risk / Return Rank: 7
MRAL Sharpe Ratio Rank: 5
MRAL Sortino Ratio Rank: 10
MRAL Omega Ratio Rank: 10
MRAL Calmar Ratio Rank: 4
MRAL Martin Ratio Rank: 5

NVDL

NVDL Risk / Return Rank: 34
NVDL Sharpe Ratio Rank: 34
NVDL Sortino Ratio Rank: 35
NVDL Omega Ratio Rank: 33
NVDL Calmar Ratio Rank: 40
NVDL Martin Ratio Rank: 31

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.

MRAL vs. NVDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MARA Daily ETF (MRAL) 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.

	MRAL	NVDL	Difference
Sharpe ratio: Return per unit of total volatility	-0.40	1.25	-1.65
Sortino ratio: Return per unit of downside risk	0.22	1.89	-1.67
Omega ratio: Gain probability vs. loss probability	1.03	1.23	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.65	2.02	-2.67
Martin ratio: Return relative to average drawdown	-0.92	4.63	-5.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MRAL vs. NVDL - Sharpe Ratio Comparison

The current MRAL Sharpe Ratio is -0.40, which is lower than the NVDL Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of MRAL 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.

Sharpe Ratios by Period

	MRAL	NVDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.40	1.25	-1.65
Sharpe Ratio (All Time) Calculated using the full available price history	-0.40	1.77	-2.17

Drawdowns

MRAL vs. NVDL - Drawdown Comparison

The maximum MRAL drawdown since its inception was -93.46%, which is greater than NVDL's maximum drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for MRAL and NVDL.

Drawdown Indicators

	MRAL	NVDL	Difference
Max Drawdown Largest peak-to-trough decline	-93.46%	-67.55%	-25.91%
Max Drawdown (1Y) Largest decline over 1 year	-93.46%	-42.23%	-51.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-67.55%	—
Current Drawdown Current decline from peak	-78.17%	-18.19%	-59.98%
Average Drawdown Average peak-to-trough decline	-56.03%	-16.96%	-39.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	66.02%	18.39%	+47.63%

Volatility

MRAL vs. NVDL - Volatility Comparison

GraniteShares 2x Long MARA Daily ETF (MRAL) has a higher volatility of 33.29% compared to GraniteShares 2x Long NVDA Daily ETF (NVDL) at 24.77%. This indicates that MRAL'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

	MRAL	NVDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.29%	24.77%	+8.52%
Volatility (6M) Calculated over the trailing 6-month period	115.01%	50.80%	+64.21%
Volatility (1Y) Calculated over the trailing 1-year period	153.49%	68.20%	+85.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	164.22%	90.43%	+73.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	164.22%	90.43%	+73.79%

MRAL vs. NVDL - Expense Ratio Comparison

MRAL has a 1.50% expense ratio, which is higher than NVDL's 1.15% expense ratio.

Dividends

MRAL vs. NVDL - Dividend Comparison

Neither MRAL nor NVDL has paid dividends to shareholders.

Position	TTM	2025	2024	2023
MRAL GraniteShares 2x Long MARA 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 MRAL and NVDL in my portfolio?

MRAL and NVDL have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MRAL or NVDL?

MRAL has higher volatility (33.29%) compared to NVDL (24.77%). In terms of maximum drawdown, MRAL dropped -93.46% vs NVDL's -67.55%.

Which ETF is better, MRAL or NVDL?

On 1-year performance, NVDL leads with 84.82% vs -60.79% for MRAL. On fees, NVDL is cheaper at 1.15% per year. On volatility, NVDL has been the lower-risk option at 24.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MRAL or NVDL?

Over the 1-year period, NVDL has performed better with a 84.82% return vs -60.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRAL or NVDL?

NVDL is cheaper with a 1.15% expense ratio, compared with 1.50% for MRAL.

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

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

What is the main difference between MRAL and NVDL?

Their fees differ too: 1.50% for MRAL and 1.15% for NVDL.

Which has better risk-adjusted returns?

NVDL currently has the higher Sharpe Ratio (1.25 vs -0.40), 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.