MSFX vs. NVDL

Last updated Jul 12, 2026

MSFX (T-Rex 2X Long Microsoft Daily Target ETF) and NVDL (GraniteShares 2x Long NVDA Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, MSFX returned -51.76% vs 29.82% for NVDL. At a 0.47 correlation, their price movements are largely independent. Both charge a 1.05% expense ratio.

Performance

MSFX vs. NVDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Long Microsoft Daily Target ETF (MSFX) 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, MSFX achieves a -43.14% return, which is significantly lower than NVDL's 12.59% return.

MSFX

• 1D: 0.58%
• 1M: -4.72%
• 6M: -41.78%
• YTD: -43.14%
• 1Y: -51.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDL

• 1D: 8.08%
• 1M: 3.77%
• 6M: 14.99%
• YTD: 12.59%
• 1Y: 29.82%
• 3Y*: 98.62%
• 5Y*: —
• 10Y*: —

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

MSFX vs. NVDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSFX T-Rex 2X Long Microsoft Daily Target ETF	-43.14%	9.84%	3.03%
NVDL GraniteShares 2x Long NVDA Daily ETF	12.59%	32.57%	288.78%

Correlation

The correlation between MSFX and NVDL is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.47

The correlation between MSFX and NVDL shifts across timeframes, from 0.37 (1 year) to 0.47 (all time), reflecting how their relationship changes across market environments.

MSFX vs. NVDL - Sectors Allocation Comparison

Sectors	MSFX	NVDL
Technology	100.0%	100.0%
Basic Materials	-	0.0%
Communication Services	-	0.0%
Consumer Cyclical	-	0.0%
Consumer Defensive	-	0.0%
Energy	-	0.0%
Financial Services	-	100.0%
Healthcare	-	0.0%
Industrials	-	0.0%
Real Estate	-	0.0%
Utilities	-	0.0%

Return for Risk

MSFX vs. NVDL — Risk / Return Rank

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

MSFX

MSFX Risk / Return Rank: 2
MSFX Sharpe Ratio Rank: 2
MSFX Sortino Ratio Rank: 2
MSFX Omega Ratio Rank: 2
MSFX Calmar Ratio Rank: 2
MSFX Martin Ratio Rank: 1

NVDL

NVDL Risk / Return Rank: 20
NVDL Sharpe Ratio Rank: 18
NVDL Sortino Ratio Rank: 23
NVDL Omega Ratio Rank: 22
NVDL Calmar Ratio Rank: 20
NVDL Martin Ratio Rank: 18

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.

MSFX vs. NVDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Long Microsoft Daily Target ETF (MSFX) 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.

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.

	MSFX	NVDL	Difference
Sharpe ratio: Return per unit of total volatility	-0.95	0.44	-1.39
Sortino ratio: Return per unit of downside risk	-1.38	1.09	-2.46
Omega ratio: Gain probability vs. loss probability	0.83	1.13	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.81	0.74	-1.55
Martin ratio: Return relative to average drawdown	-1.41	1.52	-2.94

MSFX vs. NVDL - Sharpe Ratio Comparison

The current MSFX Sharpe Ratio is -0.95, which is lower than the NVDL Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of MSFX 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.

Drawdowns

MSFX vs. NVDL - Drawdown Comparison

The maximum MSFX drawdown since its inception was -63.56%, smaller than the maximum NVDL drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for MSFX and NVDL.

Drawdown Indicators

	MSFX	NVDL	Difference
Max Drawdown Largest peak-to-trough decline	-63.56%	-67.55%	+3.99%
Max Drawdown (1Y) Largest decline over 1 year	-63.56%	-42.23%	-21.33%
Max Drawdown (3Y) Largest decline over 3 years	—	-67.55%	—
Current Drawdown Current decline from peak	-56.96%	-23.22%	-33.74%
Average Drawdown Average peak-to-trough decline	-22.60%	-17.26%	-5.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.39%	20.42%	+15.97%

Volatility

MSFX vs. NVDL - Volatility Comparison

T-Rex 2X Long Microsoft Daily Target ETF (MSFX) and GraniteShares 2x Long NVDA Daily ETF (NVDL) have volatilities of 20.72% and 21.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFX	NVDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.72%	21.65%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	48.74%	54.23%	-5.49%
Volatility (1Y) Calculated over the trailing 1-year period	54.17%	70.71%	-16.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.22%	90.11%	-39.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.22%	90.11%	-39.89%

MSFX vs. NVDL - Expense Ratio Comparison

Both MSFX and NVDL have an expense ratio of 1.05%.

Dividends

MSFX vs. NVDL - Dividend Comparison

MSFX's dividend yield for the trailing twelve months is around 9.40%, while NVDL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
MSFX T-Rex 2X Long Microsoft Daily Target ETF	9.40%	5.34%	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 MSFX and NVDL in my portfolio?

MSFX and NVDL have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSFX or NVDL?

NVDL has higher volatility (21.65%) compared to MSFX (20.72%). In terms of maximum drawdown, MSFX dropped -63.56% vs NVDL's -67.55%.

Which ETF is better, MSFX or NVDL?

On 1-year performance, NVDL leads with 29.82% vs -51.76% for MSFX. Both ETFs have the same 1.05% expense ratio. On volatility, MSFX has been the lower-risk option at 20.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFX or NVDL?

Over the 1-year period, NVDL has performed better with a 29.82% return vs -51.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFX or NVDL?

MSFX and NVDL have the same expense ratio: 1.05% per year.

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

MSFX has the higher dividend yield at 9.40%, compared with 0.00% for NVDL.

What is the main difference between MSFX and NVDL?

They also come from different issuers: T-Rex and GraniteShares.

Which has better risk-adjusted returns?

NVDL currently has the higher Sharpe Ratio (0.44 vs -0.95), 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.