MSFL vs. NVD

Last updated Jul 17, 2026

MSFL (GraniteShares 2x Long MSFT Daily ETF) and NVD (GraniteShares 2x Short NVDA Daily ETF) are both exchange-traded funds - MSFL is a Leveraged Equities fund actively managed by GraniteShares, while NVD is a Inverse Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, MSFL returned -45.54% vs -49.89% for NVD. At a correlation of -0.46, they often move in opposite directions. MSFL charges 1.15%/yr vs 1.50%/yr for NVD.

Performance

MSFL vs. NVD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MSFT Daily ETF (MSFL) 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, MSFL achieves a -37.88% return, which is significantly lower than NVD's -33.57% return.

MSFL

• 1D: 2.74%
• 1M: 1.75%
• 6M: -30.12%
• YTD: -37.88%
• 1Y: -45.54%
• 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)

MSFL vs. NVD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSFL GraniteShares 2x Long MSFT Daily ETF	-37.88%	16.99%	-8.21%
NVD GraniteShares 2x Short NVDA Daily ETF	-33.57%	-73.27%	-75.64%

Correlation

The correlation between MSFL and NVD is -0.33, 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 (1Y) Calculated over the trailing 1-year period	-0.33
Correlation (All Time) Calculated using the full available price history since Mar 18, 2024	-0.46

The correlation between MSFL and NVD shifts across timeframes, from -0.46 (all time) to -0.33 (1 year), reflecting how their relationship changes across market environments.

MSFL vs. NVD - Sectors Allocation Comparison

Sectors	MSFL	NVD
Technology	66.7%	199.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

MSFL vs. NVD — Risk / Return Rank

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

MSFL

MSFL Risk / Return Rank: 3
MSFL Sharpe Ratio Rank: 3
MSFL Sortino Ratio Rank: 3
MSFL Omega Ratio Rank: 3
MSFL Calmar Ratio Rank: 3
MSFL Martin Ratio Rank: 3

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.

MSFL vs. NVD - Risk-Adjusted Trends Comparison

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

	MSFL	NVD	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	-0.70	-0.14
Sortino ratio: Return per unit of downside risk	-1.10	-0.82	-0.28
Omega ratio: Gain probability vs. loss probability	0.86	0.91	-0.04
Calmar ratio: Return relative to maximum drawdown	-0.74	-0.83	+0.09
Martin ratio: Return relative to average drawdown	-1.28	-1.53	+0.25

MSFL vs. NVD - Sharpe Ratio Comparison

The current MSFL Sharpe Ratio is -0.84, which is comparable to the NVD Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of MSFL and NVD, 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

MSFL vs. NVD - Drawdown Comparison

The maximum MSFL drawdown since its inception was -62.08%, smaller than the maximum NVD drawdown of -99.26%. Use the drawdown chart below to compare losses from any high point for MSFL and NVD.

Drawdown Indicators

	MSFL	NVD	Difference
Max Drawdown Largest peak-to-trough decline	-62.08%	-99.26%	+37.18%
Max Drawdown (1Y) Largest decline over 1 year	-62.08%	-60.41%	-1.67%
Current Drawdown Current decline from peak	-51.59%	-99.11%	+47.52%
Average Drawdown Average peak-to-trough decline	-23.16%	-82.23%	+59.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.73%	32.69%	+3.04%

Volatility

MSFL vs. NVD - Volatility Comparison

The current volatility for GraniteShares 2x Long MSFT Daily ETF (MSFL) is 21.11%, while GraniteShares 2x Short NVDA Daily ETF (NVD) has a volatility of 22.59%. This indicates that MSFL experiences smaller price fluctuations and is considered to be less risky than NVD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFL	NVD	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.11%	22.59%	-1.48%
Volatility (6M) Calculated over the trailing 6-month period	49.31%	56.39%	-7.08%
Volatility (1Y) Calculated over the trailing 1-year period	54.50%	71.85%	-17.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.61%	92.20%	-41.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.61%	92.20%	-41.59%

MSFL vs. NVD - Expense Ratio Comparison

MSFL has a 1.15% expense ratio, which is lower than NVD's 1.50% expense ratio.

Dividends

MSFL vs. NVD - Dividend Comparison

MSFL 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
MSFL GraniteShares 2x Long MSFT 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 MSFL and NVD in my portfolio?

MSFL and NVD have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSFL or NVD?

NVD has higher volatility (22.59%) compared to MSFL (21.11%). In terms of maximum drawdown, MSFL dropped -62.08% vs NVD's -99.26%.

Which ETF is better, MSFL or NVD?

On 1-year performance, MSFL leads with -45.54% vs -49.89% for NVD. On fees, MSFL is cheaper at 1.15% per year. On volatility, MSFL has been the lower-risk option at 21.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFL or NVD?

Over the 1-year period, MSFL has performed better with a -45.54% return vs -49.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFL or NVD?

MSFL is cheaper with a 1.15% expense ratio, compared with 1.50% for NVD.

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

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

What is the main difference between MSFL and NVD?

MSFL is categorized as Leveraged Equities, while NVD is Inverse Equities. Their fees differ too: 1.15% for MSFL and 1.50% for NVD.

Which has better risk-adjusted returns?

NVD currently has the higher Sharpe Ratio (-0.70 vs -0.84), 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.