NIOG vs. MVLL

Last updated Jun 4, 2026

NIOG (Leverage Shares 2X Long NIO Daily ETF) and MVLL (GraniteShares 2x Long MRVL Daily ETF) are both Leveraged Equities funds - NIOG tracks the NIO Inc. (NIO) while MVLL tracks the Marvell Technology Inc. (MRVL). Both are passively managed. At a 0.14 correlation, their price movements are largely independent. NIOG charges 0.75%/yr vs 1.50%/yr for MVLL.

Performance

NIOG vs. MVLL - Performance Comparison

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

Returns By Period

In the year-to-date period, NIOG achieves a 5.09% return, which is significantly lower than MVLL's 842.68% return.

NIOG

• 1D: -8.37%
• 1M: -14.00%
• YTD: 5.09%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MVLL

• 1D: 7.14%
• 1M: 201.84%
• YTD: 842.68%
• 6M: 558.01%
• 1Y: 1,215.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NIOG vs. MVLL - Yearly Performance Comparison

	2026 (YTD)	2025
NIOG Leverage Shares 2X Long NIO Daily ETF	5.09%	5.33%
MVLL GraniteShares 2x Long MRVL Daily ETF	842.68%	0.55%

Correlation

The correlation between NIOG and MVLL is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 19, 2025	0.14

Return for Risk

NIOG vs. MVLL — Risk / Return Rank

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

MVLL

MVLL Risk / Return Rank: 96
MVLL Sharpe Ratio Rank: 99
MVLL Sortino Ratio Rank: 94
MVLL Omega Ratio Rank: 92
MVLL Calmar Ratio Rank: 99
MVLL Martin Ratio Rank: 97

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.

NIOG vs. MVLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long NIO Daily ETF (NIOG) and GraniteShares 2x Long MRVL Daily ETF (MVLL). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	NIOG	MVLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	9.23	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	3.33	-3.12

Drawdowns

NIOG vs. MVLL - Drawdown Comparison

The maximum NIOG drawdown since its inception was -45.19%, smaller than the maximum MVLL drawdown of -59.02%. Use the drawdown chart below to compare losses from any high point for NIOG and MVLL.

Drawdown Indicators

	NIOG	MVLL	Difference
Max Drawdown Largest peak-to-trough decline	-45.19%	-59.02%	+13.83%
Max Drawdown (1Y) Largest decline over 1 year	—	-48.93%	—
Current Drawdown Current decline from peak	-34.15%	0.00%	-34.15%
Average Drawdown Average peak-to-trough decline	-19.65%	-22.42%	+2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	23.46%	—

Volatility

Volatility by Period

	NIOG	MVLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	60.78%	—
Volatility (6M) Calculated over the trailing 6-month period	—	96.08%	—
Volatility (1Y) Calculated over the trailing 1-year period	120.05%	133.11%	-13.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	120.05%	139.63%	-19.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	120.05%	139.63%	-19.58%

NIOG vs. MVLL - Expense Ratio Comparison

NIOG has a 0.75% expense ratio, which is lower than MVLL's 1.50% expense ratio.

Dividends

NIOG vs. MVLL - Dividend Comparison

Neither NIOG nor MVLL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NIOG and MVLL in my portfolio?

NIOG and MVLL have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NIOG or MVLL?

On fees, NIOG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NIOG or MVLL?

NIOG is cheaper with a 0.75% expense ratio, compared with 1.50% for MVLL.

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

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

What is the main difference between NIOG and MVLL?

NIOG tracks NIO Inc. (NIO), while MVLL tracks Marvell Technology Inc. (MRVL). They also come from different issuers: Leverage Shares and GraniteShares. Their fees differ too: 0.75% for NIOG and 1.50% for MVLL.