NOWL vs. MVLL

Last updated Jun 3, 2026

NOWL (GraniteShares 2x Long NOW Daily ETF) and MVLL (GraniteShares 2x Long MRVL Daily ETF) are both Leveraged Equities funds from GraniteShares. NOWL is actively managed, while MVLL is passively managed. At a correlation of -0.04, they often move in opposite directions. Both charge a 1.50% expense ratio.

Performance

NOWL vs. MVLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long NOW Daily ETF (NOWL) 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, NOWL achieves a -47.14% return, which is significantly lower than MVLL's 842.68% return.

NOWL

• 1D: -12.28%
• 1M: 84.18%
• YTD: -47.14%
• 6M: -55.89%
• 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)

NOWL vs. MVLL - Yearly Performance Comparison

	2026 (YTD)	2025
NOWL GraniteShares 2x Long NOW Daily ETF	-47.14%	-42.58%
MVLL GraniteShares 2x Long MRVL Daily ETF	842.68%	7.80%

Correlation

The correlation between NOWL and MVLL 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 (All Time) Calculated using the full available price history since Jul 16, 2025	-0.04

Return for Risk

NOWL 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.

NOWL vs. MVLL - Risk-Adjusted Trends Comparison

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

	NOWL	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	-0.73	3.33	-4.06

Drawdowns

NOWL vs. MVLL - Drawdown Comparison

The maximum NOWL drawdown since its inception was -86.57%, which is greater than MVLL's maximum drawdown of -59.02%. Use the drawdown chart below to compare losses from any high point for NOWL and MVLL.

Drawdown Indicators

	NOWL	MVLL	Difference
Max Drawdown Largest peak-to-trough decline	-86.57%	-59.02%	-27.55%
Max Drawdown (1Y) Largest decline over 1 year	—	-48.93%	—
Current Drawdown Current decline from peak	-71.83%	0.00%	-71.83%
Average Drawdown Average peak-to-trough decline	-47.40%	-22.42%	-24.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	23.46%	—

Volatility

Volatility by Period

	NOWL	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	102.34%	133.11%	-30.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	102.34%	139.63%	-37.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	102.34%	139.63%	-37.29%

NOWL vs. MVLL - Expense Ratio Comparison

Both NOWL and MVLL have an expense ratio of 1.50%.

Dividends

NOWL vs. MVLL - Dividend Comparison

Neither NOWL nor MVLL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NOWL and MVLL in my portfolio?

NOWL and MVLL 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 ETF is better, NOWL or MVLL?

Both ETFs have the same 1.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NOWL or MVLL?

NOWL and MVLL have the same expense ratio: 1.50% per year.

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

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