NVDL vs. BITO

Last updated Jun 16, 2026

NVDL (GraniteShares 2x Long NVDA Daily ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - NVDL is a Leveraged Equities fund actively managed by GraniteShares, while BITO is a Cryptocurrency fund actively managed by ProShares. Both are actively managed. Over the past 3 years, NVDL returned 99.48%/yr vs 27.40%/yr for BITO. At a 0.27 correlation, their price movements are largely independent. NVDL charges 1.05%/yr vs 0.95%/yr for BITO.

Performance

NVDL vs. BITO - Performance Comparison

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

Returns By Period

In the year-to-date period, NVDL achieves a 16.15% return, which is significantly higher than BITO's -25.13% return.

NVDL

• 1D: 7.05%
• 1M: -12.95%
• YTD: 16.15%
• 6M: 28.66%
• 1Y: 78.08%
• 3Y*: 99.48%
• 5Y*: —
• 10Y*: —

BITO

• 1D: 4.62%
• 1M: -16.16%
• YTD: -25.13%
• 6M: -23.76%
• 1Y: -39.30%
• 3Y*: 27.40%
• 5Y*: —
• 10Y*: —

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

NVDL vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NVDL GraniteShares 2x Long NVDA Daily ETF	16.15%	32.57%	344.58%	432.18%	-28.71%
BITO ProShares Bitcoin Strategy ETF	-25.13%	-11.19%	104.45%	137.33%	-2.71%

Correlation

The correlation between NVDL and BITO is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (All Time) Calculated using the full available price history since Dec 13, 2022	0.27

Return for Risk

NVDL vs. BITO — Risk / Return Rank

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

NVDL

NVDL Risk / Return Rank: 35
NVDL Sharpe Ratio Rank: 34
NVDL Sortino Ratio Rank: 36
NVDL Omega Ratio Rank: 34
NVDL Calmar Ratio Rank: 41
NVDL Martin Ratio Rank: 32

BITO

BITO Risk / Return Rank: 3
BITO Sharpe Ratio Rank: 2
BITO Sortino Ratio Rank: 3
BITO Omega Ratio Rank: 3
BITO Calmar Ratio Rank: 3
BITO Martin Ratio Rank: 3

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.

NVDL vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NVDA Daily ETF (NVDL) and ProShares Bitcoin Strategy ETF (BITO). 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	BITO	Difference
Sharpe ratio: Return per unit of total volatility	1.12	-0.89	+2.02
Sortino ratio: Return per unit of downside risk	1.76	-1.24	+3.00
Omega ratio: Gain probability vs. loss probability	1.21	0.86	+0.35
Calmar ratio: Return relative to maximum drawdown	1.86	-0.74	+2.60
Martin ratio: Return relative to average drawdown	4.15	-1.29	+5.44

NVDL vs. BITO - Sharpe Ratio Comparison

The current NVDL Sharpe Ratio is 1.12, which is higher than the BITO Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of NVDL and BITO, 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. BITO - Drawdown Comparison

The maximum NVDL drawdown since its inception was -67.55%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for NVDL and BITO.

Drawdown Indicators

	NVDL	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-77.86%	+10.31%
Max Drawdown (1Y) Largest decline over 1 year	-42.23%	-53.10%	+10.87%
Max Drawdown (3Y) Largest decline over 3 years	-67.55%	-53.10%	-14.45%
Current Drawdown Current decline from peak	-20.79%	-48.36%	+27.57%
Average Drawdown Average peak-to-trough decline	-17.02%	-36.80%	+19.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.88%	30.47%	-11.59%

Volatility

NVDL vs. BITO - Volatility Comparison

GraniteShares 2x Long NVDA Daily ETF (NVDL) has a higher volatility of 25.91% compared to ProShares Bitcoin Strategy ETF (BITO) at 12.59%. This indicates that NVDL's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDL	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.91%	12.59%	+13.32%
Volatility (6M) Calculated over the trailing 6-month period	53.48%	34.54%	+18.94%
Volatility (1Y) Calculated over the trailing 1-year period	70.01%	44.17%	+25.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.45%	55.08%	+35.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.45%	55.08%	+35.37%

NVDL vs. BITO - Expense Ratio Comparison

NVDL has a 1.05% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

NVDL vs. BITO - Dividend Comparison

NVDL has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 66.51%.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	66.51%	78.29%	61.59%	15.14%
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%

Frequently Asked Questions

Can I hold both NVDL and BITO in my portfolio?

NVDL and BITO have a correlation of 0.35, 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 BITO?

NVDL has higher volatility (25.91%) compared to BITO (12.59%). In terms of maximum drawdown, NVDL dropped -67.55% vs BITO's -77.86%.

Which ETF is better, NVDL or BITO?

On 3-year performance, NVDL leads with 99.48% vs 27.40% for BITO. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 12.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDL or BITO?

Over the 3-year period, NVDL has performed better with a 99.48% return vs 27.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDL or BITO?

BITO is cheaper with a 0.95% expense ratio, compared with 1.05% for NVDL.

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

BITO has the higher dividend yield at 66.51%, compared with 0.00% for NVDL.

What is the main difference between NVDL and BITO?

NVDL is categorized as Leveraged Equities, while BITO is Cryptocurrency. They also come from different issuers: GraniteShares and ProShares. Their fees differ too: 1.05% for NVDL and 0.95% for BITO.

Which has better risk-adjusted returns?

NVDL currently has the higher Sharpe Ratio (1.12 vs -0.89), 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.