NVD vs. MSFL

Last updated Jun 5, 2026

NVD (GraniteShares 2x Short NVDA Daily ETF) and MSFL (GraniteShares 2x Long MSFT Daily ETF) are both exchange-traded funds - NVD is a Inverse Equities fund actively managed by GraniteShares, while MSFL is a Leveraged Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, NVD returned -68.07% vs -25.09% for MSFL. At a correlation of -0.49, they often move in opposite directions. NVD charges 1.50%/yr vs 1.15%/yr for MSFL.

Performance

NVD vs. MSFL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short NVDA Daily ETF (NVD) and GraniteShares 2x Long MSFT Daily ETF (MSFL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVD achieves a -37.20% return, which is significantly lower than MSFL's -27.39% return.

NVD

• 1D: -3.65%
• 1M: -22.72%
• YTD: -37.20%
• 6M: -40.09%
• 1Y: -68.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSFL

• 1D: 0.41%
• 1M: 6.90%
• YTD: -27.39%
• 6M: -26.98%
• 1Y: -25.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVD vs. MSFL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVD GraniteShares 2x Short NVDA Daily ETF	-37.20%	-73.27%	-75.32%
MSFL GraniteShares 2x Long MSFT Daily ETF	-27.39%	16.99%	-9.07%

Correlation

The correlation between NVD and MSFL is -0.40, 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	-0.40
Correlation (All Time) Calculated using the full available price history since Mar 19, 2024	-0.49

NVD vs. MSFL - Sectors Allocation Comparison

Sectors	NVD	MSFL
Technology	199.7%	66.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

NVD vs. MSFL — Risk / Return Rank

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

NVD

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

MSFL

MSFL Risk / Return Rank: 5
MSFL Sharpe Ratio Rank: 5
MSFL Sortino Ratio Rank: 5
MSFL Omega Ratio Rank: 5
MSFL Calmar Ratio Rank: 5
MSFL Martin Ratio Rank: 5

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.

NVD vs. MSFL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short NVDA Daily ETF (NVD) and GraniteShares 2x Long MSFT Daily ETF (MSFL). 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.

	NVD	MSFL	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	-0.50	-0.49
Sortino ratio: Return per unit of downside risk	-1.75	-0.42	-1.33
Omega ratio: Gain probability vs. loss probability	0.81	0.94	-0.14
Calmar ratio: Return relative to maximum drawdown	-0.94	-0.42	-0.52
Martin ratio: Return relative to average drawdown	-1.42	-0.82	-0.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVD vs. MSFL - Sharpe Ratio Comparison

The current NVD Sharpe Ratio is -1.00, which is lower than the MSFL Sharpe Ratio of -0.50. The chart below compares the historical Sharpe Ratios of NVD and MSFL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NVD	MSFL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.00	-0.50	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	-0.88	-0.22	-0.65

Drawdowns

NVD vs. MSFL - Drawdown Comparison

The maximum NVD drawdown since its inception was -99.26%, which is greater than MSFL's maximum drawdown of -59.39%. Use the drawdown chart below to compare losses from any high point for NVD and MSFL.

Drawdown Indicators

	NVD	MSFL	Difference
Max Drawdown Largest peak-to-trough decline	-99.26%	-59.39%	-39.87%
Max Drawdown (1Y) Largest decline over 1 year	-72.64%	-59.39%	-13.25%
Current Drawdown Current decline from peak	-99.15%	-43.42%	-55.73%
Average Drawdown Average peak-to-trough decline	-81.68%	-21.62%	-60.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.83%	30.73%	+17.10%

Volatility

NVD vs. MSFL - Volatility Comparison

GraniteShares 2x Short NVDA Daily ETF (NVD) has a higher volatility of 25.96% compared to GraniteShares 2x Long MSFT Daily ETF (MSFL) at 19.76%. This indicates that NVD's price experiences larger fluctuations and is considered to be riskier than MSFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVD	MSFL	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.96%	19.76%	+6.20%
Volatility (6M) Calculated over the trailing 6-month period	52.11%	45.21%	+6.90%
Volatility (1Y) Calculated over the trailing 1-year period	68.48%	50.18%	+18.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.55%	49.55%	+43.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.55%	49.55%	+43.00%

NVD vs. MSFL - Expense Ratio Comparison

NVD has a 1.50% expense ratio, which is higher than MSFL's 1.15% expense ratio.

Dividends

NVD vs. MSFL - Dividend Comparison

NVD's dividend yield for the trailing twelve months is around 18.83%, while MSFL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
MSFL GraniteShares 2x Long MSFT Daily ETF	0.00%	0.00%	0.00%	0.00%
NVD GraniteShares 2x Short NVDA Daily ETF	18.83%	11.83%	8.68%	15.78%

Frequently Asked Questions

Can I hold both NVD and MSFL in my portfolio?

NVD and MSFL have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVD or MSFL?

NVD has higher volatility (25.96%) compared to MSFL (19.76%). In terms of maximum drawdown, NVD dropped -99.26% vs MSFL's -59.39%.

Which ETF is better, NVD or MSFL?

On 1-year performance, MSFL leads with -25.09% vs -68.07% for NVD. On fees, MSFL is cheaper at 1.15% per year. On volatility, MSFL has been the lower-risk option at 19.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVD or MSFL?

Over the 1-year period, MSFL has performed better with a -25.09% return vs -68.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVD or MSFL?

MSFL is cheaper with a 1.15% expense ratio, compared with 1.50% for NVD.

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

NVD has the higher dividend yield at 18.83%, compared with 0.00% for MSFL.

What is the main difference between NVD and MSFL?

NVD is categorized as Inverse Equities, while MSFL is Leveraged Equities. Their fees differ too: 1.50% for NVD and 1.15% for MSFL.

Which has better risk-adjusted returns?

MSFL currently has the higher Sharpe Ratio (-0.50 vs -1.00), 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.