NOWL vs. GEVG
NOWL (GraniteShares 2x Long NOW Daily ETF) and GEVG (Leverage Shares 2X Long GEV Daily ETF) are both Leveraged Equities funds. Both are actively managed. At a correlation of -0.34, they often move in opposite directions. NOWL charges 1.50%/yr vs 0.75%/yr for GEVG.
Performance
NOWL vs. GEVG - Performance Comparison
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Returns By Period
In the year-to-date period, NOWL achieves a -67.11% return, which is significantly lower than GEVG's 106.82% return.
NOWL
- 1D
- -1.46%
- 1M
- 0.86%
- 6M
- -54.71%
- YTD
- -67.11%
- 1Y
- -81.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GEVG
- 1D
- -4.06%
- 1M
- 5.90%
- 6M
- 117.21%
- YTD
- 106.82%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NOWL vs. GEVG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NOWL GraniteShares 2x Long NOW Daily ETF | -67.11% | -0.82% |
GEVG Leverage Shares 2X Long GEV Daily ETF | 106.82% | -11.27% |
Correlation
The correlation between NOWL and GEVG is -0.34, 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 (All Time) Calculated using the full available price history since Dec 16, 2025 | -0.34 |
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Return for Risk
NOWL vs. GEVG — Risk / Return Rank
NOWL
GEVG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
NOWL vs. GEVG - 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 GEV Daily ETF (GEVG). 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.
| NOWL | GEVG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.82 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | — | — |
| Martin ratioReturn relative to average drawdown | -1.38 | — | — |
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Drawdowns
NOWL vs. GEVG - Drawdown Comparison
The maximum NOWL drawdown since its inception was -86.64%, which is greater than GEVG's maximum drawdown of -45.50%. Use the drawdown chart below to compare losses from any high point for NOWL and GEVG.
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Drawdown Indicators
| NOWL | GEVG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.64% | -45.50% | -41.14% |
Max Drawdown (1Y)Largest decline over 1 year | -86.64% | — | — |
Current DrawdownCurrent decline from peak | -82.47% | -25.95% | -56.52% |
Average DrawdownAverage peak-to-trough decline | -51.31% | -12.01% | -39.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 58.84% | — | — |
Volatility
NOWL vs. GEVG - Volatility Comparison
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Volatility by Period
| NOWL | GEVG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.13% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 97.95% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 104.70% | 102.65% | +2.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 104.50% | 102.65% | +1.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 104.50% | 102.65% | +1.85% |
NOWL vs. GEVG - Expense Ratio Comparison
NOWL has a 1.50% expense ratio, which is higher than GEVG's 0.75% expense ratio.
Dividends
NOWL vs. GEVG - Dividend Comparison
Neither NOWL nor GEVG has paid dividends to shareholders.
Frequently Asked Questions
NOWL and GEVG have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GEVG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GEVG is cheaper with a 0.75% expense ratio, compared with 1.50% for NOWL.
NOWL and GEVG have nearly identical dividend yields, around 0.00%.
They also come from different issuers: GraniteShares and Leverage Shares. Their fees differ too: 1.50% for NOWL and 0.75% for GEVG.
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