NOWL vs. LABU

Last updated Jul 17, 2026

NOWL (GraniteShares 2x Long NOW Daily ETF) and LABU (Direxion Daily S&P Biotech Bull 3x Shares) are both Leveraged Equities funds. NOWL is actively managed, while LABU is passively managed. Over the past year, NOWL returned -81.35% vs 286.59% for LABU. At a 0.04 correlation, their price movements are largely independent. NOWL charges 1.50%/yr vs 0.96%/yr for LABU.

Performance

NOWL vs. LABU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long NOW Daily ETF (NOWL) and Direxion Daily S&P Biotech Bull 3x Shares (LABU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOWL achieves a -67.11% return, which is significantly lower than LABU's 59.86% return.

NOWL

• 1D: -1.46%
• 1M: 0.86%
• 6M: -54.71%
• YTD: -67.11%
• 1Y: -81.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

LABU

• 1D: -8.20%
• 1M: 38.01%
• 6M: 52.81%
• YTD: 59.86%
• 1Y: 286.59%
• 3Y*: 26.50%
• 5Y*: -26.07%
• 10Y*: -9.00%

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

NOWL vs. LABU - Yearly Performance Comparison

	2026 (YTD)	2025
NOWL GraniteShares 2x Long NOW Daily ETF	-67.11%	-43.64%
LABU Direxion Daily S&P Biotech Bull 3x Shares	59.86%	137.14%

Correlation

The correlation between NOWL and LABU is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.04

Return for Risk

NOWL vs. LABU — Risk / Return Rank

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

NOWL

NOWL Risk / Return Rank: 2
NOWL Sharpe Ratio Rank: 3
NOWL Sortino Ratio Rank: 2
NOWL Omega Ratio Rank: 2
NOWL Calmar Ratio Rank: 1
NOWL Martin Ratio Rank: 2

LABU

LABU Risk / Return Rank: 93
LABU Sharpe Ratio Rank: 97
LABU Sortino Ratio Rank: 90
LABU Omega Ratio Rank: 85
LABU Calmar Ratio Rank: 97
LABU Martin Ratio Rank: 96

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.

NOWL vs. LABU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NOW Daily ETF (NOWL) and Direxion Daily S&P Biotech Bull 3x Shares (LABU). 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	LABU	Difference
Sharpe ratio: Return per unit of total volatility	-0.78	3.64	-4.42
Sortino ratio: Return per unit of downside risk	-1.41	3.41	-4.81
Omega ratio: Gain probability vs. loss probability	0.82	1.41	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.94	9.40	-10.34
Martin ratio: Return relative to average drawdown	-1.38	26.08	-27.46

NOWL vs. LABU - Sharpe Ratio Comparison

The current NOWL Sharpe Ratio is -0.78, which is lower than the LABU Sharpe Ratio of 3.64. The chart below compares the historical Sharpe Ratios of NOWL and LABU, 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

NOWL vs. LABU - Drawdown Comparison

The maximum NOWL drawdown since its inception was -86.64%, smaller than the maximum LABU drawdown of -99.18%. Use the drawdown chart below to compare losses from any high point for NOWL and LABU.

Drawdown Indicators

	NOWL	LABU	Difference
Max Drawdown Largest peak-to-trough decline	-86.64%	-99.18%	+12.54%
Max Drawdown (1Y) Largest decline over 1 year	-86.64%	-30.70%	-55.94%
Max Drawdown (3Y) Largest decline over 3 years	—	-78.30%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-97.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-98.96%	—
Current Drawdown Current decline from peak	-82.47%	-94.37%	+11.90%
Average Drawdown Average peak-to-trough decline	-51.31%	-81.78%	+30.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	58.84%	11.05%	+47.79%

Volatility

NOWL vs. LABU - Volatility Comparison

GraniteShares 2x Long NOW Daily ETF (NOWL) has a higher volatility of 34.13% compared to Direxion Daily S&P Biotech Bull 3x Shares (LABU) at 25.26%. This indicates that NOWL's price experiences larger fluctuations and is considered to be riskier than LABU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOWL	LABU	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.13%	25.26%	+8.87%
Volatility (6M) Calculated over the trailing 6-month period	97.95%	63.83%	+34.12%
Volatility (1Y) Calculated over the trailing 1-year period	104.70%	79.41%	+25.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	104.50%	96.05%	+8.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	104.50%	95.22%	+9.28%

NOWL vs. LABU - Expense Ratio Comparison

NOWL has a 1.50% expense ratio, which is higher than LABU's 0.96% expense ratio.

Dividends

NOWL vs. LABU - Dividend Comparison

NOWL has not paid dividends to shareholders, while LABU's dividend yield for the trailing twelve months is around 0.40%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
LABU Direxion Daily S&P Biotech Bull 3x Shares	0.40%	0.84%	0.35%	0.35%	0.00%	0.00%	0.00%	0.28%	0.64%	0.17%
NOWL GraniteShares 2x Long NOW Daily ETF	0.00%	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 NOWL and LABU in my portfolio?

NOWL and LABU have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOWL or LABU?

NOWL has higher volatility (34.13%) compared to LABU (25.26%). In terms of maximum drawdown, NOWL dropped -86.64% vs LABU's -99.18%.

Which ETF is better, NOWL or LABU?

On 1-year performance, LABU leads with 286.59% vs -81.35% for NOWL. On fees, LABU is cheaper at 0.96% per year. On volatility, LABU has been the lower-risk option at 25.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOWL or LABU?

Over the 1-year period, LABU has performed better with a 286.59% return vs -81.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOWL or LABU?

LABU is cheaper with a 0.96% expense ratio, compared with 1.50% for NOWL.

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

LABU has the higher dividend yield at 0.40%, compared with 0.00% for NOWL.

What is the main difference between NOWL and LABU?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for NOWL and 0.96% for LABU.

Which has better risk-adjusted returns?

LABU currently has the higher Sharpe Ratio (3.64 vs -0.78), 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.