NVDG vs. NVDL

Last updated Jun 23, 2026

NVDG (Leverage Shares 2X Long NVDA Daily ETF) and NVDL (GraniteShares 2x Long NVDA Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, NVDG returned 65.95% vs 67.28% for NVDL. With a 1.00 correlation, they move nearly in lockstep. NVDG charges 0.75%/yr vs 1.05%/yr for NVDL.

Performance

NVDG vs. NVDL - Performance Comparison

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

Returns By Period

In the year-to-date period, NVDG achieves a 10.86% return, which is significantly lower than NVDL's 11.59% return.

NVDG

• 1D: -1.48%
• 1M: -8.07%
• YTD: 10.86%
• 6M: 13.71%
• 1Y: 65.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDL

• 1D: -1.52%
• 1M: -8.03%
• YTD: 11.59%
• 6M: 14.62%
• 1Y: 67.28%
• 3Y*: 98.22%
• 5Y*: —
• 10Y*: —

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

NVDG vs. NVDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVDG Leverage Shares 2X Long NVDA Daily ETF	10.86%	32.45%	-0.52%
NVDL GraniteShares 2x Long NVDA Daily ETF	11.59%	32.57%	-5.55%

Correlation

The correlation between NVDG and NVDL is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Dec 13, 2024	1.00

The correlation between NVDG and NVDL has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

NVDG vs. NVDL — Risk / Return Rank

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

NVDG

NVDG Risk / Return Rank: 29
NVDG Sharpe Ratio Rank: 27
NVDG Sortino Ratio Rank: 31
NVDG Omega Ratio Rank: 29
NVDG Calmar Ratio Rank: 32
NVDG Martin Ratio Rank: 26

NVDL

NVDL Risk / Return Rank: 30
NVDL Sharpe Ratio Rank: 28
NVDL Sortino Ratio Rank: 31
NVDL Omega Ratio Rank: 29
NVDL Calmar Ratio Rank: 33
NVDL Martin Ratio Rank: 27

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.

NVDG vs. NVDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long NVDA Daily ETF (NVDG) and GraniteShares 2x Long NVDA Daily ETF (NVDL). 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.

	NVDG	NVDL	Difference
Sharpe ratio: Return per unit of total volatility	0.95	0.96	-0.01
Sortino ratio: Return per unit of downside risk	1.60	1.62	-0.02
Omega ratio: Gain probability vs. loss probability	1.19	1.19	0.00
Calmar ratio: Return relative to maximum drawdown	1.55	1.60	-0.05
Martin ratio: Return relative to average drawdown	3.39	3.53	-0.13

NVDG vs. NVDL - Sharpe Ratio Comparison

The current NVDG Sharpe Ratio is 0.95, which is comparable to the NVDL Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of NVDG and NVDL, 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

NVDG vs. NVDL - Drawdown Comparison

The maximum NVDG drawdown since its inception was -66.19%, roughly equal to the maximum NVDL drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for NVDG and NVDL.

Drawdown Indicators

	NVDG	NVDL	Difference
Max Drawdown Largest peak-to-trough decline	-66.19%	-67.55%	+1.36%
Max Drawdown (1Y) Largest decline over 1 year	-42.72%	-42.23%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	—	-67.55%	—
Current Drawdown Current decline from peak	-23.88%	-23.90%	+0.02%
Average Drawdown Average peak-to-trough decline	-23.03%	-17.05%	-5.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.49%	19.13%	+0.36%

Volatility

NVDG vs. NVDL - Volatility Comparison

Leverage Shares 2X Long NVDA Daily ETF (NVDG) and GraniteShares 2x Long NVDA Daily ETF (NVDL) have volatilities of 25.02% and 25.27%, 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

	NVDG	NVDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.02%	25.27%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	52.21%	52.98%	-0.77%
Volatility (1Y) Calculated over the trailing 1-year period	69.81%	70.28%	-0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.44%	90.35%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.44%	90.35%	+0.09%

NVDG vs. NVDL - Expense Ratio Comparison

NVDG has a 0.75% expense ratio, which is lower than NVDL's 1.05% expense ratio.

Dividends

NVDG vs. NVDL - Dividend Comparison

NVDG's dividend yield for the trailing twelve months is around 10.66%, while NVDL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
NVDG Leverage Shares 2X Long NVDA Daily ETF	10.66%	11.81%	0.00%	0.00%
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%

Frequently Asked Questions

Can I hold both NVDG and NVDL in my portfolio?

With a correlation of 1.00, NVDG and NVDL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NVDG or NVDL?

NVDL has higher volatility (25.27%) compared to NVDG (25.02%). In terms of maximum drawdown, NVDG dropped -66.19% vs NVDL's -67.55%.

Which ETF is better, NVDG or NVDL?

On 1-year performance, NVDL leads with 67.28% vs 65.95% for NVDG. On fees, NVDG is cheaper at 0.75% per year. On volatility, NVDG has been the lower-risk option at 25.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDG or NVDL?

Over the 1-year period, NVDL has performed better with a 67.28% return vs 65.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDG or NVDL?

NVDG is cheaper with a 0.75% expense ratio, compared with 1.05% for NVDL.

Which ETF pays a higher dividend yield, NVDG or NVDL?

NVDG has the higher dividend yield at 10.66%, compared with 0.00% for NVDL.

What is the main difference between NVDG and NVDL?

They also come from different issuers: Leverage Shares and GraniteShares. Their fees differ too: 0.75% for NVDG and 1.05% for NVDL.

Which has better risk-adjusted returns?

NVDL currently has the higher Sharpe Ratio (0.96 vs 0.95), 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.