MVLL vs. EDZ

Last updated Jun 24, 2026

MVLL (GraniteShares 2x Long MRVL Daily ETF) and EDZ (Direxion Daily Emerging Markets Bear 3X Shares) are both Leveraged Equities funds - MVLL tracks the Marvell Technology Inc. (MRVL) while EDZ tracks the MSCI Emerging Markets Index (-300%). Both are passively managed. Over the past year, MVLL returned 686.37% vs -73.55% for EDZ. At a correlation of -0.51, they often move in opposite directions. MVLL charges 1.50%/yr vs 1.08%/yr for EDZ.

Performance

MVLL vs. EDZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MRVL Daily ETF (MVLL) and Direxion Daily Emerging Markets Bear 3X Shares (EDZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MVLL achieves a 610.13% return, which is significantly higher than EDZ's -56.62% return.

MVLL

• 1D: -18.97%
• 1M: 63.90%
• YTD: 610.13%
• 6M: 563.50%
• 1Y: 686.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EDZ

• 1D: 15.00%
• 1M: -15.02%
• YTD: -56.62%
• 6M: -57.41%
• 1Y: -73.55%
• 3Y*: -48.31%
• 5Y*: -25.46%
• 10Y*: -36.99%

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

MVLL vs. EDZ - Yearly Performance Comparison

	2026 (YTD)	2025
MVLL GraniteShares 2x Long MRVL Daily ETF	610.13%	-8.44%
EDZ Direxion Daily Emerging Markets Bear 3X Shares	-56.62%	-52.30%

Correlation

The correlation between MVLL and EDZ is -0.50, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.50
Correlation (All Time) Calculated using the full available price history since Mar 7, 2025	-0.51

The correlation between MVLL and EDZ has been stable across timeframes, ranging from -0.51 to -0.50 - a consistent structural relationship.

MVLL vs. EDZ - Sectors Allocation Comparison

Sectors	MVLL	EDZ
Technology	66.6%	14.6%
Basic Materials	-	3.7%
Communication Services	-	3.4%
Consumer Cyclical	-	8.0%
Consumer Defensive	-	6.0%
Energy	-	3.9%
Financial Services	-	26.2%
Healthcare	-	5.9%
Industrials	-	19.7%
Real Estate	-	1.4%
Utilities	-	7.2%

Return for Risk

MVLL vs. EDZ — Risk / Return Rank

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

MVLL

MVLL Risk / Return Rank: 93
MVLL Sharpe Ratio Rank: 98
MVLL Sortino Ratio Rank: 87
MVLL Omega Ratio Rank: 87
MVLL Calmar Ratio Rank: 98
MVLL Martin Ratio Rank: 95

EDZ

EDZ Risk / Return Rank: 0
EDZ Sharpe Ratio Rank: 1
EDZ Sortino Ratio Rank: 0
EDZ Omega Ratio Rank: 0
EDZ Calmar Ratio Rank: 1
EDZ Martin Ratio Rank: 0

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.

MVLL vs. EDZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MRVL Daily ETF (MVLL) and Direxion Daily Emerging Markets Bear 3X Shares (EDZ). 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.

	MVLL	EDZ	Difference
Sharpe ratio: Return per unit of total volatility	4.78	-1.09	+5.87
Sortino ratio: Return per unit of downside risk	3.64	-2.23	+5.87
Omega ratio: Gain probability vs. loss probability	1.50	0.74	+0.76
Calmar ratio: Return relative to maximum drawdown	14.16	-0.98	+15.14
Martin ratio: Return relative to average drawdown	28.61	-1.75	+30.36

MVLL vs. EDZ - Sharpe Ratio Comparison

The current MVLL Sharpe Ratio is 4.78, which is higher than the EDZ Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of MVLL and EDZ, 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

MVLL vs. EDZ - Drawdown Comparison

The maximum MVLL drawdown since its inception was -59.02%, smaller than the maximum EDZ drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for MVLL and EDZ.

Drawdown Indicators

	MVLL	EDZ	Difference
Max Drawdown Largest peak-to-trough decline	-59.02%	-99.99%	+40.97%
Max Drawdown (1Y) Largest decline over 1 year	-48.93%	-74.99%	+26.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-90.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-92.91%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.17%	—
Current Drawdown Current decline from peak	-31.21%	-99.99%	+68.78%
Average Drawdown Average peak-to-trough decline	-22.40%	-97.73%	+75.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.17%	45.83%	-21.66%

Volatility

MVLL vs. EDZ - Volatility Comparison

GraniteShares 2x Long MRVL Daily ETF (MVLL) has a higher volatility of 87.05% compared to Direxion Daily Emerging Markets Bear 3X Shares (EDZ) at 36.28%. This indicates that MVLL's price experiences larger fluctuations and is considered to be riskier than EDZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVLL	EDZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	87.05%	36.28%	+50.77%
Volatility (6M) Calculated over the trailing 6-month period	113.21%	60.77%	+52.44%
Volatility (1Y) Calculated over the trailing 1-year period	145.20%	67.52%	+77.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	147.26%	58.82%	+88.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	147.26%	61.46%	+85.80%

MVLL vs. EDZ - Expense Ratio Comparison

MVLL has a 1.50% expense ratio, which is higher than EDZ's 1.08% expense ratio.

Dividends

MVLL vs. EDZ - Dividend Comparison

MVLL has not paid dividends to shareholders, while EDZ's dividend yield for the trailing twelve months is around 10.18%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EDZ Direxion Daily Emerging Markets Bear 3X Shares	10.18%	6.58%	4.87%	4.34%	0.00%	0.00%	0.82%	1.67%	0.68%
MVLL GraniteShares 2x Long MRVL Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MVLL and EDZ in my portfolio?

MVLL and EDZ have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MVLL or EDZ?

MVLL has higher volatility (87.05%) compared to EDZ (36.28%). In terms of maximum drawdown, MVLL dropped -59.02% vs EDZ's -99.99%.

Which ETF is better, MVLL or EDZ?

On 1-year performance, MVLL leads with 686.37% vs -73.55% for EDZ. On fees, EDZ is cheaper at 1.08% per year. On volatility, EDZ has been the lower-risk option at 36.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MVLL or EDZ?

Over the 1-year period, MVLL has performed better with a 686.37% return vs -73.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MVLL or EDZ?

EDZ is cheaper with a 1.08% expense ratio, compared with 1.50% for MVLL.

Which ETF pays a higher dividend yield, MVLL or EDZ?

EDZ has the higher dividend yield at 10.18%, compared with 0.00% for MVLL.

What is the main difference between MVLL and EDZ?

MVLL tracks Marvell Technology Inc. (MRVL), while EDZ tracks MSCI Emerging Markets Index (-300%). They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for MVLL and 1.08% for EDZ.

Which has better risk-adjusted returns?

MVLL currently has the higher Sharpe Ratio (4.78 vs -1.09), 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.