NVDL vs. ARMG

Last updated Aug 6, 2026

NVDL (GraniteShares 2x Long NVDA Daily ETF) and ARMG (Leverage Shares 2X Long ARM Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, NVDL returned 19.05% vs 103.90% for ARMG. Their 0.46 correlation means their historical movements had little consistent relationship. NVDL charges 1.05%/yr vs 0.75%/yr for ARMG.

Performance

NVDL vs. ARMG - Performance Comparison

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

Returns By Period

In the year-to-date period, NVDL achieves a 19.13% return, which is significantly lower than ARMG's 269.82% return.

NVDL

• 1D: 6.85%
• 1M: 22.50%
• 6M: 38.93%
• YTD: 19.13%
• 1Y: 19.05%
• 3Y*: 97.81%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 146.14%

ARMG

• 1D: -4.87%
• 1M: -34.49%
• 6M: 310.12%
• YTD: 269.82%
• 1Y: 103.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.09%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ARMG Leverage Shares 2X Long ARM Daily ETF	$16.28M	$19.76M	$60.76M
NVDL GraniteShares 2x Long NVDA Daily ETF	$380.97M	$415.87M	$666.11M

NVDL vs. ARMG - Yearly Performance Comparison

	2026 (YTD)	2025
NVDL GraniteShares 2x Long NVDA Daily ETF	19.13%	36.41%
ARMG Leverage Shares 2X Long ARM Daily ETF	269.82%	-62.65%

Correlation

The correlation between NVDL and ARMG is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.34
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	0.46

The correlation between NVDL and ARMG shifts across timeframes, from 0.34 (1 year) to 0.46 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NVDL vs. ARMG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NVDL

NVDL Risk / Return Rank: 18
NVDL Sharpe Ratio Rank: 15
NVDL Sortino Ratio Rank: 22
NVDL Omega Ratio Rank: 21
NVDL Calmar Ratio Rank: 17
NVDL Martin Ratio Rank: 16

ARMG

ARMG Risk / Return Rank: 36
ARMG Sharpe Ratio Rank: 26
ARMG Sortino Ratio Rank: 50
ARMG Omega Ratio Rank: 46
ARMG Calmar Ratio Rank: 34
ARMG Martin Ratio Rank: 27

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NVDL vs. ARMG - Risk-Adjusted Trends Comparison

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

	NVDL	ARMG	Difference
Sharpe ratio: Return per unit of total volatility	0.26	0.69	-0.43
Sortino ratio: Return per unit of downside risk	0.88	2.03	-1.15
Omega ratio: Gain probability vs. loss probability	1.10	1.24	-0.14
Calmar ratio: Return relative to maximum drawdown	0.45	1.36	-0.91
Martin ratio: Return relative to average drawdown	0.88	2.50	-1.62

NVDL vs. ARMG - Sharpe Ratio Comparison

The current NVDL Sharpe Ratio is 0.26, which is lower than the ARMG Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of NVDL and ARMG, 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

NVDL vs. ARMG - Drawdown Comparison

The maximum NVDL drawdown since its inception was -67.55%, smaller than the maximum ARMG drawdown of -80.28%. Use the drawdown chart below to compare losses from any high point for NVDL and ARMG.

Drawdown Indicators

	NVDL	ARMG	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-80.28%	+12.73%
Max Drawdown (1Y) Largest decline over 1 year	-42.23%	-76.64%	+34.41%
Max Drawdown (3Y) Largest decline over 3 years	-67.55%	—	—
Current Drawdown Current decline from peak	-18.75%	-66.27%	+47.52%
Average Drawdown Average peak-to-trough decline	-17.47%	-52.26%	+34.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.78%	41.74%	-19.96%

Volatility

NVDL vs. ARMG - Volatility Comparison

The current volatility for GraniteShares 2x Long NVDA Daily ETF (NVDL) is 25.53%, while Leverage Shares 2X Long ARM Daily ETF (ARMG) has a volatility of 57.69%. This indicates that NVDL experiences smaller price fluctuations and is considered to be less risky than ARMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDL	ARMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.53%	57.69%	-32.16%
Volatility (6M) Calculated over the trailing 6-month period	56.52%	131.33%	-74.81%
Volatility (1Y) Calculated over the trailing 1-year period	72.65%	150.83%	-78.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.01%	147.51%	-57.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.01%	147.51%	-57.50%

NVDL vs. ARMG - Expense Ratio Comparison

NVDL has a 1.05% expense ratio, which is higher than ARMG's 0.75% expense ratio.

Dividends

NVDL vs. ARMG - Dividend Comparison

NVDL has not paid dividends to shareholders, while ARMG's dividend yield for the trailing twelve months is around 1.32%.

Position	TTM	2025	2024	2023
ARMG Leverage Shares 2X Long ARM Daily ETF	1.32%	4.86%	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 NVDL and ARMG in my portfolio?

NVDL and ARMG have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDL or ARMG?

ARMG has higher volatility (57.69%) compared to NVDL (25.53%). In terms of maximum drawdown, NVDL dropped -67.55% vs ARMG's -80.28%.

Which ETF is better, NVDL or ARMG?

On 1-year performance, ARMG leads with 103.90% vs 19.05% for NVDL. On fees, ARMG is cheaper at 0.75% per year. On volatility, NVDL has been the lower-risk option at 25.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDL or ARMG?

Over the 1-year period, ARMG has performed better with a 103.90% return vs 19.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDL or ARMG?

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

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

ARMG has the higher dividend yield at 1.32%, compared with 0.00% for NVDL.

What is the main difference between NVDL and ARMG?

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

Which has better risk-adjusted returns?

ARMG currently has the higher Sharpe Ratio (0.69 vs 0.26), 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.