NVDL vs. FDL

Last updated Jun 4, 2026

NVDL (GraniteShares 2x Long NVDA Daily ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - NVDL is a Leveraged Equities fund actively managed by GraniteShares, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. NVDL is actively managed, while FDL is passively managed. Over the past 3 years, NVDL returned 109.72%/yr vs 18.97%/yr for FDL. At a 0.01 correlation, their price movements are largely independent. NVDL charges 1.15%/yr vs 0.45%/yr for FDL.

Performance

NVDL vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long NVDA Daily ETF (NVDL) and First Trust Morningstar Dividend Leaders Index Fund (FDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDL achieves a 19.95% return, which is significantly higher than FDL's 13.33% return.

NVDL

• 1D: -7.15%
• 1M: 14.24%
• YTD: 19.95%
• 6M: 27.27%
• 1Y: 84.82%
• 3Y*: 109.72%
• 5Y*: —
• 10Y*: —

FDL

• 1D: -0.26%
• 1M: -0.26%
• YTD: 13.33%
• 6M: 14.76%
• 1Y: 23.67%
• 3Y*: 18.97%
• 5Y*: 12.51%
• 10Y*: 11.24%

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

NVDL vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NVDL GraniteShares 2x Long NVDA Daily ETF	19.95%	32.57%	344.58%	432.18%	-28.32%
FDL First Trust Morningstar Dividend Leaders Index Fund	13.33%	14.79%	17.98%	2.94%	-1.32%

Correlation

The correlation between NVDL and FDL is -0.20, 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	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Dec 14, 2022	0.01

The correlation between NVDL and FDL shifts across timeframes, from -0.20 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

NVDL vs. FDL - Sectors Allocation Comparison

Sectors	NVDL	FDL
Financial Services	100.0%	15.1%
Basic Materials	-	0.3%
Communication Services	-	10.6%
Consumer Cyclical	-	3.8%
Consumer Defensive	-	14.7%
Energy	-	27.3%
Healthcare	-	16.8%
Industrials	-	3.8%
Real Estate	-	-
Technology	-	1.1%
Utilities	-	6.5%

Return for Risk

NVDL vs. FDL — Risk / Return Rank

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

NVDL

NVDL Risk / Return Rank: 34
NVDL Sharpe Ratio Rank: 34
NVDL Sortino Ratio Rank: 35
NVDL Omega Ratio Rank: 33
NVDL Calmar Ratio Rank: 40
NVDL Martin Ratio Rank: 31

FDL

FDL Risk / Return Rank: 70
FDL Sharpe Ratio Rank: 61
FDL Sortino Ratio Rank: 70
FDL Omega Ratio Rank: 59
FDL Calmar Ratio Rank: 90
FDL Martin Ratio Rank: 71

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. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NVDA Daily ETF (NVDL) and First Trust Morningstar Dividend Leaders Index Fund (FDL). 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.

	NVDL	FDL	Difference
Sharpe ratio: Return per unit of total volatility	1.25	2.11	-0.85
Sortino ratio: Return per unit of downside risk	1.89	3.25	-1.36
Omega ratio: Gain probability vs. loss probability	1.23	1.37	-0.14
Calmar ratio: Return relative to maximum drawdown	2.02	5.56	-3.54
Martin ratio: Return relative to average drawdown	4.63	13.56	-8.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVDL vs. FDL - Sharpe Ratio Comparison

The current NVDL Sharpe Ratio is 1.25, which is lower than the FDL Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of NVDL and FDL, 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

	NVDL	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	2.11	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.88	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.77	0.45	+1.32

Drawdowns

NVDL vs. FDL - Drawdown Comparison

The maximum NVDL drawdown since its inception was -67.55%, roughly equal to the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for NVDL and FDL.

Drawdown Indicators

	NVDL	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-65.93%	-1.62%
Max Drawdown (1Y) Largest decline over 1 year	-42.23%	-4.27%	-37.96%
Max Drawdown (3Y) Largest decline over 3 years	-67.55%	-12.24%	-55.31%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.40%	—
Current Drawdown Current decline from peak	-18.19%	-2.18%	-16.01%
Average Drawdown Average peak-to-trough decline	-16.96%	-9.66%	-7.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.39%	1.75%	+16.64%

Volatility

NVDL vs. FDL - Volatility Comparison

GraniteShares 2x Long NVDA Daily ETF (NVDL) has a higher volatility of 24.77% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 2.85%. This indicates that NVDL's price experiences larger fluctuations and is considered to be riskier than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDL	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.77%	2.85%	+21.92%
Volatility (6M) Calculated over the trailing 6-month period	50.80%	7.87%	+42.93%
Volatility (1Y) Calculated over the trailing 1-year period	68.20%	11.28%	+56.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.43%	14.31%	+76.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.43%	17.11%	+73.32%

NVDL vs. FDL - Expense Ratio Comparison

NVDL has a 1.15% expense ratio, which is higher than FDL's 0.45% expense ratio.

Dividends

NVDL vs. FDL - Dividend Comparison

NVDL has not paid dividends to shareholders, while FDL's dividend yield for the trailing twelve months is around 3.68%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.68%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NVDL and FDL in my portfolio?

NVDL and FDL have a correlation of -0.20, 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 FDL?

NVDL has higher volatility (24.77%) compared to FDL (2.85%). In terms of maximum drawdown, NVDL dropped -67.55% vs FDL's -65.93%.

Which ETF is better, NVDL or FDL?

On 3-year performance, NVDL leads with 109.72% vs 18.97% for FDL. On fees, FDL is cheaper at 0.45% per year. On volatility, FDL has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDL or FDL?

Over the 3-year period, NVDL has performed better with a 109.72% return vs 18.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDL or FDL?

FDL is cheaper with a 0.45% expense ratio, compared with 1.15% for NVDL.

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

FDL has the higher dividend yield at 3.68%, compared with 0.00% for NVDL.

What is the main difference between NVDL and FDL?

NVDL is categorized as Leveraged Equities, while FDL is Large Cap Value Equities. They also come from different issuers: GraniteShares and First Trust. Their fees differ too: 1.15% for NVDL and 0.45% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.11 vs 1.25), 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.