MSTU vs. NVDL

Last updated Jul 14, 2026

MSTU (T-Rex 2X Long MSTR Daily Target ETF) and NVDL (GraniteShares 2x Long NVDA Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, MSTU returned -98.18% vs 20.66% for NVDL. At a 0.36 correlation, their price movements are largely independent. Both charge a 1.05% expense ratio.

Performance

MSTU vs. NVDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Long MSTR Daily Target ETF (MSTU) 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, MSTU achieves a -78.58% return, which is significantly lower than NVDL's 4.65% return.

MSTU

• 1D: -5.07%
• 1M: -49.43%
• 6M: -80.82%
• YTD: -78.58%
• 1Y: -98.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDL

• 1D: -7.05%
• 1M: -3.55%
• 6M: 6.87%
• YTD: 4.65%
• 1Y: 20.66%
• 3Y*: 87.43%
• 5Y*: —
• 10Y*: —

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

MSTU vs. NVDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTU T-Rex 2X Long MSTR Daily Target ETF	-78.58%	-89.07%	205.47%
NVDL GraniteShares 2x Long NVDA Daily ETF	4.65%	32.57%	24.70%

Correlation

The correlation between MSTU and NVDL is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	0.36

MSTU vs. NVDL - Sectors Allocation Comparison

Sectors	MSTU	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

MSTU vs. NVDL — Risk / Return Rank

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

MSTU

MSTU Risk / Return Rank: 1
MSTU Sharpe Ratio Rank: 4
MSTU Sortino Ratio Rank: 0
MSTU Omega Ratio Rank: 0
MSTU Calmar Ratio Rank: 0
MSTU Martin Ratio Rank: 3

NVDL

NVDL Risk / Return Rank: 17
NVDL Sharpe Ratio Rank: 14
NVDL Sortino Ratio Rank: 20
NVDL Omega Ratio Rank: 19
NVDL Calmar Ratio Rank: 16
NVDL Martin Ratio Rank: 15

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.

MSTU vs. NVDL - Risk-Adjusted Trends Comparison

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

	MSTU	NVDL	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	0.29	-0.96
Sortino ratio: Return per unit of downside risk	-2.72	0.91	-3.63
Omega ratio: Gain probability vs. loss probability	0.72	1.11	-0.38
Calmar ratio: Return relative to maximum drawdown	-1.00	0.49	-1.49
Martin ratio: Return relative to average drawdown	-1.20	1.01	-2.21

MSTU vs. NVDL - Sharpe Ratio Comparison

The current MSTU Sharpe Ratio is -0.67, which is lower than the NVDL Sharpe Ratio of 0.29. The chart below compares the historical Sharpe Ratios of MSTU 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

MSTU vs. NVDL - Drawdown Comparison

The maximum MSTU drawdown since its inception was -99.43%, which is greater than NVDL's maximum drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for MSTU and NVDL.

Drawdown Indicators

	MSTU	NVDL	Difference
Max Drawdown Largest peak-to-trough decline	-99.43%	-67.55%	-31.88%
Max Drawdown (1Y) Largest decline over 1 year	-98.62%	-42.23%	-56.39%
Max Drawdown (3Y) Largest decline over 3 years	—	-67.55%	—
Current Drawdown Current decline from peak	-99.31%	-28.63%	-70.68%
Average Drawdown Average peak-to-trough decline	-73.33%	-17.27%	-56.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	81.41%	20.50%	+60.91%

Volatility

MSTU vs. NVDL - Volatility Comparison

T-Rex 2X Long MSTR Daily Target ETF (MSTU) has a higher volatility of 53.18% compared to GraniteShares 2x Long NVDA Daily ETF (NVDL) at 21.48%. This indicates that MSTU'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

	MSTU	NVDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	53.18%	21.48%	+31.70%
Volatility (6M) Calculated over the trailing 6-month period	120.98%	54.54%	+66.44%
Volatility (1Y) Calculated over the trailing 1-year period	146.68%	71.21%	+75.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	169.63%	90.15%	+79.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	169.63%	90.15%	+79.48%

MSTU vs. NVDL - Expense Ratio Comparison

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

Dividends

MSTU vs. NVDL - Dividend Comparison

Neither MSTU nor NVDL has paid dividends to shareholders.

Position	TTM	2025	2024	2023
MSTU T-Rex 2X Long MSTR Daily Target 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 MSTU and NVDL in my portfolio?

MSTU and NVDL 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, MSTU or NVDL?

MSTU has higher volatility (53.18%) compared to NVDL (21.48%). In terms of maximum drawdown, MSTU dropped -99.43% vs NVDL's -67.55%.

Which ETF is better, MSTU or NVDL?

On 1-year performance, NVDL leads with 20.66% vs -98.18% for MSTU. Both ETFs have the same 1.05% expense ratio. On volatility, NVDL has been the lower-risk option at 21.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTU or NVDL?

Over the 1-year period, NVDL has performed better with a 20.66% return vs -98.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTU or NVDL?

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

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

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

What is the main difference between MSTU 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 (0.29 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.