NOWL vs. TSDD

Last updated Jul 17, 2026

NOWL (GraniteShares 2x Long NOW Daily ETF) and TSDD (GraniteShares 2x Short TSLA Daily ETF) are both exchange-traded funds - NOWL is a Leveraged Equities fund actively managed by GraniteShares, while TSDD is a Inverse Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, NOWL returned -81.35% vs -60.33% for TSDD. At a correlation of -0.12, they often move in opposite directions. NOWL charges 1.50%/yr vs 0.95%/yr for TSDD.

Performance

NOWL vs. TSDD - 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 TSLA Daily ETF (TSDD). 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 TSDD's 0.65% return.

NOWL

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

TSDD

• 1D: 1.70%
• 1M: -0.64%
• 6M: -3.23%
• YTD: 0.65%
• 1Y: -60.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NOWL vs. TSDD - Yearly Performance Comparison

	2026 (YTD)	2025
NOWL GraniteShares 2x Long NOW Daily ETF	-67.11%	-43.64%
TSDD GraniteShares 2x Short TSLA Daily ETF	0.65%	-61.93%

Correlation

The correlation between NOWL and TSDD is -0.12, 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 (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	-0.12

Return for Risk

NOWL vs. TSDD — 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

TSDD

TSDD Risk / Return Rank: 4
TSDD Sharpe Ratio Rank: 4
TSDD Sortino Ratio Rank: 4
TSDD Omega Ratio Rank: 4
TSDD Calmar Ratio Rank: 2
TSDD Martin Ratio Rank: 4

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. TSDD - 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 TSLA Daily ETF (TSDD). 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	TSDD	Difference
Sharpe ratio: Return per unit of total volatility	-0.78	-0.68	-0.10
Sortino ratio: Return per unit of downside risk	-1.41	-0.81	-0.60
Omega ratio: Gain probability vs. loss probability	0.82	0.91	-0.09
Calmar ratio: Return relative to maximum drawdown	-0.94	-0.87	-0.07
Martin ratio: Return relative to average drawdown	-1.38	-1.10	-0.29

NOWL vs. TSDD - Sharpe Ratio Comparison

The current NOWL Sharpe Ratio is -0.78, which is comparable to the TSDD Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of NOWL and TSDD, 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. TSDD - Drawdown Comparison

The maximum NOWL drawdown since its inception was -86.64%, smaller than the maximum TSDD drawdown of -99.03%. Use the drawdown chart below to compare losses from any high point for NOWL and TSDD.

Drawdown Indicators

	NOWL	TSDD	Difference
Max Drawdown Largest peak-to-trough decline	-86.64%	-99.03%	+12.39%
Max Drawdown (1Y) Largest decline over 1 year	-86.64%	-69.48%	-17.16%
Current Drawdown Current decline from peak	-82.47%	-98.85%	+16.38%
Average Drawdown Average peak-to-trough decline	-51.31%	-72.22%	+20.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	58.84%	55.05%	+3.79%

Volatility

NOWL vs. TSDD - Volatility Comparison

GraniteShares 2x Long NOW Daily ETF (NOWL) and GraniteShares 2x Short TSLA Daily ETF (TSDD) have volatilities of 34.13% and 34.22%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOWL	TSDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.13%	34.22%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	97.95%	62.91%	+35.04%
Volatility (1Y) Calculated over the trailing 1-year period	104.70%	89.36%	+15.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	104.50%	114.44%	-9.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	104.50%	114.44%	-9.94%

NOWL vs. TSDD - Expense Ratio Comparison

NOWL has a 1.50% expense ratio, which is higher than TSDD's 0.95% expense ratio.

Dividends

NOWL vs. TSDD - Dividend Comparison

NOWL has not paid dividends to shareholders, while TSDD's dividend yield for the trailing twelve months is around 8.37%.

Position	TTM	2025	2024	2023
NOWL GraniteShares 2x Long NOW Daily ETF	0.00%	0.00%	0.00%	0.00%
TSDD GraniteShares 2x Short TSLA Daily ETF	8.37%	8.42%	0.00%	24.84%

Frequently Asked Questions

Can I hold both NOWL and TSDD in my portfolio?

NOWL and TSDD have a correlation of -0.12, 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 TSDD?

TSDD has higher volatility (34.22%) compared to NOWL (34.13%). In terms of maximum drawdown, NOWL dropped -86.64% vs TSDD's -99.03%.

Which ETF is better, NOWL or TSDD?

On 1-year performance, TSDD leads with -60.33% vs -81.35% for NOWL. On fees, TSDD is cheaper at 0.95% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOWL or TSDD?

Over the 1-year period, TSDD has performed better with a -60.33% 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 TSDD?

TSDD is cheaper with a 0.95% expense ratio, compared with 1.50% for NOWL.

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

TSDD has the higher dividend yield at 8.37%, compared with 0.00% for NOWL.

What is the main difference between NOWL and TSDD?

NOWL is categorized as Leveraged Equities, while TSDD is Inverse Equities. Their fees differ too: 1.50% for NOWL and 0.95% for TSDD.

Which has better risk-adjusted returns?

TSDD currently has the higher Sharpe Ratio (-0.68 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.