MVLL vs. NVDL

Last updated Jun 24, 2026

MVLL (GraniteShares 2x Long MRVL Daily ETF) and NVDL (GraniteShares 2x Long NVDA Daily ETF) are both Leveraged Equities funds from GraniteShares. MVLL is passively managed, while NVDL is actively managed. Over the past year, MVLL returned 686.37% vs 52.74% for NVDL. At a 0.49 correlation, their price movements are largely independent. MVLL charges 1.50%/yr vs 1.05%/yr for NVDL.

Performance

MVLL vs. NVDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MRVL Daily ETF (MVLL) 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, MVLL achieves a 610.13% return, which is significantly higher than NVDL's 2.41% return.

MVLL

• 1D: -18.97%
• 1M: 63.90%
• YTD: 610.13%
• 6M: 563.50%
• 1Y: 686.37%
• 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)

MVLL vs. NVDL - Yearly Performance Comparison

	2026 (YTD)	2025
MVLL GraniteShares 2x Long MRVL Daily ETF	610.13%	-8.44%
NVDL GraniteShares 2x Long NVDA Daily ETF	2.41%	121.69%

Correlation

The correlation between MVLL and NVDL is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Mar 7, 2025	0.49

MVLL vs. NVDL - Sectors Allocation Comparison

Sectors	MVLL	NVDL
Technology	66.6%	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

MVLL vs. NVDL — 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

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.

MVLL vs. NVDL - Risk-Adjusted Trends Comparison

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

	MVLL	NVDL	Difference
Sharpe ratio: Return per unit of total volatility	4.78	0.75	+4.03
Sortino ratio: Return per unit of downside risk	3.64	1.41	+2.23
Omega ratio: Gain probability vs. loss probability	1.50	1.17	+0.33
Calmar ratio: Return relative to maximum drawdown	14.16	1.25	+12.91
Martin ratio: Return relative to average drawdown	28.61	2.75	+25.86

MVLL vs. NVDL - Sharpe Ratio Comparison

The current MVLL Sharpe Ratio is 4.78, which is higher than the NVDL Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of MVLL 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

MVLL vs. NVDL - Drawdown Comparison

The maximum MVLL drawdown since its inception was -59.02%, smaller than the maximum NVDL drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for MVLL and NVDL.

Drawdown Indicators

	MVLL	NVDL	Difference
Max Drawdown Largest peak-to-trough decline	-59.02%	-67.55%	+8.53%
Max Drawdown (1Y) Largest decline over 1 year	-48.93%	-42.23%	-6.70%
Max Drawdown (3Y) Largest decline over 3 years	—	-67.55%	—
Current Drawdown Current decline from peak	-31.21%	-30.16%	-1.05%
Average Drawdown Average peak-to-trough decline	-22.40%	-17.07%	-5.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.17%	19.22%	+4.95%

Volatility

MVLL vs. NVDL - Volatility Comparison

GraniteShares 2x Long MRVL Daily ETF (MVLL) has a higher volatility of 87.05% compared to GraniteShares 2x Long NVDA Daily ETF (NVDL) at 26.32%. This indicates that MVLL'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

	MVLL	NVDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	87.05%	26.32%	+60.73%
Volatility (6M) Calculated over the trailing 6-month period	113.21%	53.60%	+59.61%
Volatility (1Y) Calculated over the trailing 1-year period	145.20%	70.66%	+74.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	147.26%	90.42%	+56.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	147.26%	90.42%	+56.84%

MVLL vs. NVDL - Expense Ratio Comparison

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

Dividends

MVLL vs. NVDL - Dividend Comparison

Neither MVLL nor NVDL has paid dividends to shareholders.

Position	TTM	2025	2024	2023
MVLL GraniteShares 2x Long MRVL 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 MVLL and NVDL in my portfolio?

MVLL and NVDL have a correlation of 0.41, 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 NVDL?

MVLL has higher volatility (87.05%) compared to NVDL (26.32%). In terms of maximum drawdown, MVLL dropped -59.02% vs NVDL's -67.55%.

Which ETF is better, MVLL or NVDL?

On 1-year performance, MVLL leads with 686.37% vs 52.74% for NVDL. 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, MVLL or NVDL?

Over the 1-year period, MVLL has performed better with a 686.37% return vs 52.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MVLL or NVDL?

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

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

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

What is the main difference between MVLL and NVDL?

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

Which has better risk-adjusted returns?

MVLL currently has the higher Sharpe Ratio (4.78 vs 0.75), 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.