MSTY vs. NVDL

Last updated Jun 24, 2026

MSTY (YieldMax™ MSTR Option Income Strategy ETF) and NVDL (GraniteShares 2x Long NVDA Daily ETF) are both exchange-traded funds - MSTY is a Derivative Income fund actively managed by YieldMax, while NVDL is a Leveraged Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, MSTY returned -66.58% vs 52.74% for NVDL. At a 0.36 correlation, their price movements are largely independent. MSTY charges 0.99%/yr vs 1.05%/yr for NVDL.

Performance

MSTY vs. NVDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax™ MSTR Option Income Strategy ETF (MSTY) 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, MSTY achieves a -27.80% return, which is significantly lower than NVDL's 2.41% return.

MSTY

• 1D: -4.55%
• 1M: -31.74%
• YTD: -27.80%
• 6M: -29.80%
• 1Y: -66.58%
• 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)

MSTY vs. NVDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTY YieldMax™ MSTR Option Income Strategy ETF	-27.80%	-42.71%	212.16%
NVDL GraniteShares 2x Long NVDA Daily ETF	2.41%	32.57%	170.91%

Correlation

The correlation between MSTY and NVDL is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Feb 22, 2024	0.36

Return for Risk

MSTY vs. NVDL — Risk / Return Rank

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

MSTY

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

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.

MSTY vs. NVDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax™ MSTR Option Income Strategy ETF (MSTY) 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.

	MSTY	NVDL	Difference
Sharpe ratio: Return per unit of total volatility	-1.08	0.75	-1.83
Sortino ratio: Return per unit of downside risk	-1.96	1.41	-3.37
Omega ratio: Gain probability vs. loss probability	0.79	1.17	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.93	1.25	-2.18
Martin ratio: Return relative to average drawdown	-1.35	2.75	-4.10

MSTY vs. NVDL - Sharpe Ratio Comparison

The current MSTY Sharpe Ratio is -1.08, which is lower than the NVDL Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of MSTY 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

MSTY vs. NVDL - Drawdown Comparison

The maximum MSTY drawdown since its inception was -71.79%, which is greater than NVDL's maximum drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for MSTY and NVDL.

Drawdown Indicators

	MSTY	NVDL	Difference
Max Drawdown Largest peak-to-trough decline	-71.79%	-67.55%	-4.24%
Max Drawdown (1Y) Largest decline over 1 year	-71.79%	-42.23%	-29.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-67.55%	—
Current Drawdown Current decline from peak	-71.62%	-30.16%	-41.46%
Average Drawdown Average peak-to-trough decline	-26.97%	-17.07%	-9.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.36%	19.22%	+30.14%

Volatility

MSTY vs. NVDL - Volatility Comparison

The current volatility for YieldMax™ MSTR Option Income Strategy ETF (MSTY) is 19.32%, while GraniteShares 2x Long NVDA Daily ETF (NVDL) has a volatility of 26.32%. This indicates that MSTY experiences smaller price fluctuations and is considered to be less risky than NVDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTY	NVDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.32%	26.32%	-7.00%
Volatility (6M) Calculated over the trailing 6-month period	49.66%	53.60%	-3.94%
Volatility (1Y) Calculated over the trailing 1-year period	62.02%	70.66%	-8.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.82%	90.42%	-18.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.82%	90.42%	-18.60%

MSTY vs. NVDL - Expense Ratio Comparison

MSTY has a 0.99% expense ratio, which is lower than NVDL's 1.05% expense ratio.

Dividends

MSTY vs. NVDL - Dividend Comparison

MSTY's dividend yield for the trailing twelve months is around 286.06%, while NVDL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
MSTY YieldMax™ MSTR Option Income Strategy ETF	286.06%	294.61%	104.56%	0.00%
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%

Frequently Asked Questions

Can I hold both MSTY and NVDL in my portfolio?

MSTY and NVDL have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTY or NVDL?

NVDL has higher volatility (26.32%) compared to MSTY (19.32%). In terms of maximum drawdown, MSTY dropped -71.79% vs NVDL's -67.55%.

Which ETF is better, MSTY or NVDL?

On 1-year performance, NVDL leads with 52.74% vs -66.58% for MSTY. On fees, MSTY is cheaper at 0.99% per year. On volatility, MSTY has been the lower-risk option at 19.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTY or NVDL?

Over the 1-year period, NVDL has performed better with a 52.74% return vs -66.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTY or NVDL?

MSTY is cheaper with a 0.99% expense ratio, compared with 1.05% for NVDL.

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

MSTY has the higher dividend yield at 286.06%, compared with 0.00% for NVDL.

What is the main difference between MSTY and NVDL?

MSTY is categorized as Derivative Income, while NVDL is Leveraged Equities. They also come from different issuers: YieldMax and GraniteShares. Their fees differ too: 0.99% for MSTY and 1.05% for NVDL.

Which has better risk-adjusted returns?

NVDL currently has the higher Sharpe Ratio (0.75 vs -1.08), 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.