NOWL vs. GEMG

Last updated Jun 24, 2026

NOWL (GraniteShares 2x Long NOW Daily ETF) and GEMG (Leverage Shares 2X Long GEMI Daily ETF) are both Leveraged Equities funds. Both are actively managed. At a 0.29 correlation, their price movements are largely independent. NOWL charges 1.50%/yr vs 0.75%/yr for GEMG.

Performance

NOWL vs. GEMG - Performance Comparison

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

Returns By Period

In the year-to-date period, NOWL achieves a -71.09% return, which is significantly higher than GEMG's -89.02% return.

NOWL

• 1D: 6.15%
• 1M: -17.53%
• YTD: -71.09%
• 6M: -71.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GEMG

• 1D: -6.14%
• 1M: -33.52%
• YTD: -89.02%
• 6M: -91.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NOWL vs. GEMG - Yearly Performance Comparison

	2026 (YTD)	2025
NOWL GraniteShares 2x Long NOW Daily ETF	-71.09%	-29.46%
GEMG Leverage Shares 2X Long GEMI Daily ETF	-89.02%	-71.91%

Correlation

The correlation between NOWL and GEMG is 0.29, 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 Nov 5, 2025	0.29

Return for Risk

NOWL vs. GEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NOW Daily ETF (NOWL) and Leverage Shares 2X Long GEMI Daily ETF (GEMG). 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.

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

Drawdowns

NOWL vs. GEMG - Drawdown Comparison

The maximum NOWL drawdown since its inception was -86.57%, smaller than the maximum GEMG drawdown of -97.26%. Use the drawdown chart below to compare losses from any high point for NOWL and GEMG.

Drawdown Indicators

	NOWL	GEMG	Difference
Max Drawdown Largest peak-to-trough decline	-86.57%	-97.26%	+10.69%
Current Drawdown Current decline from peak	-84.59%	-97.10%	+12.51%
Average Drawdown Average peak-to-trough decline	-49.22%	-81.17%	+31.95%

Volatility

Volatility by Period

	NOWL	GEMG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	103.16%	219.33%	-116.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.16%	219.33%	-116.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	103.16%	219.33%	-116.17%

NOWL vs. GEMG - Expense Ratio Comparison

NOWL has a 1.50% expense ratio, which is higher than GEMG's 0.75% expense ratio.

Dividends

NOWL vs. GEMG - Dividend Comparison

Neither NOWL nor GEMG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NOWL and GEMG in my portfolio?

NOWL and GEMG have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NOWL or GEMG?

On fees, GEMG 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, NOWL or GEMG?

GEMG is cheaper with a 0.75% expense ratio, compared with 1.50% for NOWL.

Which ETF pays a higher dividend yield, NOWL or GEMG?

NOWL and GEMG have nearly identical dividend yields, around 0.00%.

What is the main difference between NOWL and GEMG?

They also come from different issuers: GraniteShares and Leverage Shares. Their fees differ too: 1.50% for NOWL and 0.75% for GEMG.