MSTP vs. NVDL

Last updated Jun 24, 2026

MSTP (GraniteShares 2x Long MSTR Daily ETF) and NVDL (GraniteShares 2x Long NVDA Daily ETF) are both Leveraged Equities funds from GraniteShares. Both are actively managed. Over the past year, MSTP returned -96.14% vs 52.74% for NVDL. At a 0.37 correlation, their price movements are largely independent. MSTP charges 1.50%/yr vs 1.05%/yr for NVDL.

Performance

MSTP vs. NVDL - 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 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, MSTP achieves a -69.31% return, which is significantly lower than NVDL's 2.41% return.

MSTP

• 1D: -9.68%
• 1M: -60.57%
• YTD: -69.31%
• 6M: -71.78%
• 1Y: -96.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDL

• 1D: -8.23%
• 1M: -15.60%
• YTD: 2.41%
• 6M: -0.74%
• 1Y: 52.74%
• 3Y*: 92.63%
• 5Y*: —
• 10Y*: —

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

MSTP vs. NVDL - Yearly Performance Comparison

	2026 (YTD)	2025
MSTP GraniteShares 2x Long MSTR Daily ETF	-69.31%	-89.07%
NVDL GraniteShares 2x Long NVDA Daily ETF	2.41%	51.58%

Correlation

The correlation between MSTP 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 Jun 10, 2025	0.37

Return for Risk

MSTP vs. NVDL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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

NVDL

NVDL Risk / Return Rank: 24
NVDL Sharpe Ratio Rank: 22
NVDL Sortino Ratio Rank: 26
NVDL Omega Ratio Rank: 25
NVDL Calmar Ratio Rank: 26
NVDL Martin Ratio Rank: 23

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.

MSTP vs. NVDL - 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 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.

	MSTP	NVDL	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	0.75	-1.42
Sortino ratio: Return per unit of downside risk	-2.13	1.41	-3.54
Omega ratio: Gain probability vs. loss probability	0.78	1.17	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.99	1.25	-2.24
Martin ratio: Return relative to average drawdown	-1.24	2.75	-3.99

MSTP vs. NVDL - Sharpe Ratio Comparison

The current MSTP Sharpe Ratio is -0.67, which is lower than the NVDL Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of MSTP 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

MSTP vs. NVDL - Drawdown Comparison

The maximum MSTP drawdown since its inception was -97.39%, which is greater than NVDL's maximum drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for MSTP and NVDL.

Drawdown Indicators

	MSTP	NVDL	Difference
Max Drawdown Largest peak-to-trough decline	-97.39%	-67.55%	-29.84%
Max Drawdown (1Y) Largest decline over 1 year	-97.39%	-42.23%	-55.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-67.55%	—
Current Drawdown Current decline from peak	-97.39%	-30.16%	-67.23%
Average Drawdown Average peak-to-trough decline	-69.72%	-17.07%	-52.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	77.44%	19.22%	+58.22%

Volatility

MSTP vs. NVDL - Volatility Comparison

GraniteShares 2x Long MSTR Daily ETF (MSTP) has a higher volatility of 44.19% compared to GraniteShares 2x Long NVDA Daily ETF (NVDL) at 26.32%. This indicates that MSTP'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

	MSTP	NVDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	44.19%	26.32%	+17.87%
Volatility (6M) Calculated over the trailing 6-month period	115.53%	53.60%	+61.93%
Volatility (1Y) Calculated over the trailing 1-year period	143.94%	70.66%	+73.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	141.80%	90.42%	+51.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	141.80%	90.42%	+51.38%

MSTP vs. NVDL - Expense Ratio Comparison

MSTP has a 1.50% expense ratio, which is higher than NVDL's 1.05% expense ratio.

Dividends

MSTP vs. NVDL - Dividend Comparison

Neither MSTP nor NVDL has paid dividends to shareholders.

Position	TTM	2025	2024	2023
MSTP GraniteShares 2x Long MSTR 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 MSTP and NVDL in my portfolio?

MSTP 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, MSTP or NVDL?

MSTP has higher volatility (44.19%) compared to NVDL (26.32%). In terms of maximum drawdown, MSTP dropped -97.39% vs NVDL's -67.55%.

Which ETF is better, MSTP or NVDL?

On 1-year performance, NVDL leads with 52.74% vs -96.14% for MSTP. On fees, NVDL is cheaper at 1.05% per year. On volatility, NVDL has been the lower-risk option at 26.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTP or NVDL?

Over the 1-year period, NVDL has performed better with a 52.74% return vs -96.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTP or NVDL?

NVDL is cheaper with a 1.05% expense ratio, compared with 1.50% for MSTP.

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

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

What is the main difference between MSTP and NVDL?

Their fees differ too: 1.50% for MSTP and 1.05% for NVDL.

Which has better risk-adjusted returns?

NVDL currently has the higher Sharpe Ratio (0.75 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.