MSTP vs. NVD

Last updated Aug 4, 2026

MSTP (GraniteShares 2x Long MSTR Daily ETF) and NVD (GraniteShares 2x Short NVDA Daily ETF) are both exchange-traded funds - MSTP 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, MSTP returned -96.89% vs -48.83% for NVD. Their -0.34 correlation means they have often moved in opposite directions in the past. Both charge a 1.50% expense ratio.

Performance

MSTP vs. NVD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MSTR Daily ETF (MSTP) 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, MSTP achieves a -76.87% return, which is significantly lower than NVD's -34.27% return.

MSTP

• 1D: 2.80%
• 1M: -14.92%
• 6M: -71.19%
• YTD: -76.87%
• 1Y: -96.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -95.95%

NVD

• 1D: -5.81%
• 1M: -14.55%
• 6M: -34.17%
• YTD: -34.27%
• 1Y: -48.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -78.82%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSTP GraniteShares 2x Long MSTR Daily ETF	$732.01K	$891.77K	$1.11M
NVD GraniteShares 2x Short NVDA Daily ETF	$439.12M	$390.53M	$343.34M

MSTP vs. NVD - Yearly Performance Comparison

	2026 (YTD)	2025
MSTP GraniteShares 2x Long MSTR Daily ETF	-76.87%	-89.07%
NVD GraniteShares 2x Short NVDA Daily ETF	-34.27%	-48.60%

Correlation

The correlation between MSTP and NVD is -0.34, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.34
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025	-0.34

Return for Risk

MSTP vs. NVD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSTP

MSTP Risk / Return Rank: 2
MSTP Sharpe Ratio Rank: 4
MSTP Sortino Ratio Rank: 0
MSTP Omega Ratio Rank: 1
MSTP Calmar Ratio Rank: 0
MSTP 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: 3
NVD Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSTP vs. NVD - Risk-Adjusted Trends Comparison

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

	MSTP	NVD	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	-0.67	+0.02
Sortino ratio: Return per unit of downside risk	-2.21	-0.76	-1.45
Omega ratio: Gain probability vs. loss probability	0.77	0.92	-0.14
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.82	-0.17
Martin ratio: Return relative to average drawdown	-1.21	-1.46	+0.26

MSTP vs. NVD - Sharpe Ratio Comparison

The current MSTP Sharpe Ratio is -0.65, which is comparable to the NVD Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of MSTP 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

MSTP vs. NVD - Drawdown Comparison

The maximum MSTP drawdown since its inception was -98.40%, roughly equal to the maximum NVD drawdown of -99.26%. Use the drawdown chart below to compare losses from any high point for MSTP and NVD.

Drawdown Indicators

	MSTP	NVD	Difference
Max Drawdown Largest peak-to-trough decline	-98.40%	-99.26%	+0.86%
Max Drawdown (1Y) Largest decline over 1 year	-97.87%	-59.80%	-38.07%
Current Drawdown Current decline from peak	-98.03%	-99.11%	+1.08%
Average Drawdown Average peak-to-trough decline	-72.47%	-82.51%	+10.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	79.99%	33.42%	+46.57%

Volatility

MSTP vs. NVD - Volatility Comparison

GraniteShares 2x Long MSTR Daily ETF (MSTP) has a higher volatility of 32.76% compared to GraniteShares 2x Short NVDA Daily ETF (NVD) at 24.57%. This indicates that MSTP's price experiences larger fluctuations and is considered to be riskier than NVD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTP	NVD	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.76%	24.57%	+8.19%
Volatility (6M) Calculated over the trailing 6-month period	120.67%	57.71%	+62.96%
Volatility (1Y) Calculated over the trailing 1-year period	149.50%	73.34%	+76.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	144.26%	92.04%	+52.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	144.26%	92.04%	+52.22%

MSTP vs. NVD - Expense Ratio Comparison

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

Dividends

MSTP vs. NVD - Dividend Comparison

MSTP has not paid dividends to shareholders, while NVD's dividend yield for the trailing twelve months is around 17.99%.

Position	TTM	2025	2024	2023
MSTP GraniteShares 2x Long MSTR Daily ETF	0.00%	0.00%	0.00%	0.00%
NVD GraniteShares 2x Short NVDA Daily ETF	17.99%	11.83%	8.68%	15.78%

Frequently Asked Questions

Can I hold both MSTP and NVD in my portfolio?

MSTP and NVD have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTP or NVD?

MSTP has higher volatility (32.76%) compared to NVD (24.57%). In terms of maximum drawdown, MSTP dropped -98.40% vs NVD's -99.26%.

Which ETF is better, MSTP or NVD?

On 1-year performance, NVD leads with -48.83% vs -96.89% for MSTP. Both ETFs have the same 1.50% expense ratio. On volatility, NVD has been the lower-risk option at 24.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTP or NVD?

Over the 1-year period, NVD has performed better with a -48.83% return vs -96.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTP or NVD?

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

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

NVD has the higher dividend yield at 17.99%, compared with 0.00% for MSTP.

What is the main difference between MSTP and NVD?

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

Which has better risk-adjusted returns?

MSTP currently has the higher Sharpe Ratio (-0.65 vs -0.67), 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.