NOWL vs. NVD

Last updated Jun 24, 2026

NOWL (GraniteShares 2x Long NOW Daily ETF) and NVD (GraniteShares 2x Short NVDA Daily ETF) are both exchange-traded funds - NOWL is a Leveraged Equities fund actively managed by GraniteShares, while NVD is a Inverse Equities fund actively managed by GraniteShares. Both are actively managed. At a correlation of -0.05, they often move in opposite directions. Both charge a 1.50% expense ratio.

Performance

NOWL vs. NVD - 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 Short NVDA Daily ETF (NVD). 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 lower than NVD's -26.99% return.

NOWL

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

NVD

• 1D: 8.30%
• 1M: 10.83%
• YTD: -26.99%
• 6M: -24.81%
• 1Y: -61.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NOWL vs. NVD - Yearly Performance Comparison

	2026 (YTD)	2025
NOWL GraniteShares 2x Long NOW Daily ETF	-71.09%	-43.64%
NVD GraniteShares 2x Short NVDA Daily ETF	-26.99%	-31.16%

Correlation

The correlation between NOWL and NVD is -0.05, 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 15, 2025	-0.05

Return for Risk

NOWL vs. NVD — Risk / Return Rank

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

NOWL

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

NVD

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

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. NVD - 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 Short NVDA Daily ETF (NVD). 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	NVD	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.87	—
Sortino ratio: Return per unit of downside risk	—	-1.34	—
Omega ratio: Gain probability vs. loss probability	—	0.85	—
Calmar ratio: Return relative to maximum drawdown	—	-0.89	—
Martin ratio: Return relative to average drawdown	—	-1.39	—

Drawdowns

NOWL vs. NVD - Drawdown Comparison

The maximum NOWL drawdown since its inception was -86.57%, smaller than the maximum NVD drawdown of -99.26%. Use the drawdown chart below to compare losses from any high point for NOWL and NVD.

Drawdown Indicators

	NOWL	NVD	Difference
Max Drawdown Largest peak-to-trough decline	-86.57%	-99.26%	+12.69%
Max Drawdown (1Y) Largest decline over 1 year	—	-69.44%	—
Current Drawdown Current decline from peak	-84.59%	-99.02%	+14.43%
Average Drawdown Average peak-to-trough decline	-49.22%	-81.86%	+32.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	47.02%	—

Volatility

Volatility by Period

	NOWL	NVD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	26.72%	—
Volatility (6M) Calculated over the trailing 6-month period	—	54.57%	—
Volatility (1Y) Calculated over the trailing 1-year period	103.16%	71.22%	+31.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.16%	92.58%	+10.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	103.16%	92.58%	+10.58%

NOWL vs. NVD - Expense Ratio Comparison

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

Dividends

NOWL vs. NVD - Dividend Comparison

NOWL has not paid dividends to shareholders, while NVD's dividend yield for the trailing twelve months is around 16.20%.

Position	TTM	2025	2024	2023
NOWL GraniteShares 2x Long NOW Daily ETF	0.00%	0.00%	0.00%	0.00%
NVD GraniteShares 2x Short NVDA Daily ETF	16.20%	11.83%	8.68%	15.78%

Frequently Asked Questions

Can I hold both NOWL and NVD in my portfolio?

NOWL and NVD have a correlation of -0.05, 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 NVD?

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 NVD?

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

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

NVD has the higher dividend yield at 16.20%, compared with 0.00% for NOWL.

What is the main difference between NOWL and NVD?

NOWL is categorized as Leveraged Equities, while NVD is Inverse Equities.