NVDL vs. FNGU

Last updated Aug 2, 2026

NVDL (GraniteShares 2x Long NVDA Daily ETF) and FNGU (MicroSectors FANG+ 3X Leveraged ETNs) are both Leveraged Equities funds. NVDL is actively managed, while FNGU is passively managed. Over the past year, NVDL returned 5.55% vs 13.50% for FNGU. Their 0.70 correlation means they have sometimes moved together and sometimes differently. NVDL charges 1.05%/yr vs 2.60%/yr for FNGU.

Performance

NVDL vs. FNGU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long NVDA Daily ETF (NVDL) and MicroSectors FANG+ 3X Leveraged ETNs (FNGU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDL achieves a 0.28% return, which is significantly lower than FNGU's 5.54% return.

NVDL

• 1D: 5.83%
• 1M: 4.25%
• 6M: -3.44%
• YTD: 0.28%
• 1Y: 5.55%
• 3Y*: 83.01%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 135.53%

FNGU

• 1D: 5.13%
• 1M: 0.64%
• 6M: 18.28%
• YTD: 5.54%
• 1Y: 13.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.98%

*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)
FNGU MicroSectors FANG+ 3X Leveraged ETNs	$92.08M	$119.18M	$153.90M
NVDL GraniteShares 2x Long NVDA Daily ETF	$342.72M	$394.98M	$692.33M

NVDL vs. FNGU - Yearly Performance Comparison

	2026 (YTD)	2025
NVDL GraniteShares 2x Long NVDA Daily ETF	0.28%	35.23%
FNGU MicroSectors FANG+ 3X Leveraged ETNs	5.54%	3.02%

Correlation

The correlation between NVDL and FNGU is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.64
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.70

The correlation between NVDL and FNGU has been stable across timeframes, ranging from 0.64 to 0.70 - a consistent structural relationship.

NVDL vs. FNGU - Sectors Allocation Comparison

Sectors	NVDL	FNGU
Financial Services	100.0%	-
Technology	100.0%	60.6%
Basic Materials	0.0%	-
Communication Services	0.0%	29.8%
Consumer Cyclical	0.0%	9.6%
Consumer Defensive	0.0%	-
Energy	0.0%	-
Healthcare	0.0%	-
Industrials	0.0%	-
Real Estate	0.0%	-
Utilities	0.0%	-

Return for Risk

NVDL vs. FNGU — Risk / Return Rank

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

NVDL

NVDL Risk / Return Rank: 13
NVDL Sharpe Ratio Rank: 11
NVDL Sortino Ratio Rank: 17
NVDL Omega Ratio Rank: 16
NVDL Calmar Ratio Rank: 11
NVDL Martin Ratio Rank: 11

FNGU

FNGU Risk / Return Rank: 14
FNGU Sharpe Ratio Rank: 12
FNGU Sortino Ratio Rank: 17
FNGU Omega Ratio Rank: 17
FNGU Calmar Ratio Rank: 12
FNGU Martin Ratio Rank: 12

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. FNGU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NVDA Daily ETF (NVDL) and MicroSectors FANG+ 3X Leveraged ETNs (FNGU). 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	FNGU	Difference
Sharpe ratio: Return per unit of total volatility	0.00	0.07	-0.06
Sortino ratio: Return per unit of downside risk	0.53	0.56	-0.03
Omega ratio: Gain probability vs. loss probability	1.06	1.07	-0.01
Calmar ratio: Return relative to maximum drawdown	0.01	0.07	-0.06
Martin ratio: Return relative to average drawdown	0.02	0.16	-0.14

NVDL vs. FNGU - Sharpe Ratio Comparison

The current NVDL Sharpe Ratio is 0.00, which is lower than the FNGU Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of NVDL and FNGU, 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. FNGU - Drawdown Comparison

The maximum NVDL drawdown since its inception was -67.55%, which is greater than FNGU's maximum drawdown of -61.30%. Use the drawdown chart below to compare losses from any high point for NVDL and FNGU.

Drawdown Indicators

	NVDL	FNGU	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-61.30%	-6.25%
Max Drawdown (1Y) Largest decline over 1 year	-42.23%	-59.55%	+17.32%
Max Drawdown (3Y) Largest decline over 3 years	-67.55%	—	—
Current Drawdown Current decline from peak	-31.61%	-26.25%	-5.36%
Average Drawdown Average peak-to-trough decline	-17.45%	-22.61%	+5.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.63%	26.68%	-5.05%

Volatility

NVDL vs. FNGU - Volatility Comparison

GraniteShares 2x Long NVDA Daily ETF (NVDL) has a higher volatility of 24.04% compared to MicroSectors FANG+ 3X Leveraged ETNs (FNGU) at 17.87%. This indicates that NVDL's price experiences larger fluctuations and is considered to be riskier than FNGU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDL	FNGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.04%	17.87%	+6.17%
Volatility (6M) Calculated over the trailing 6-month period	56.33%	53.81%	+2.52%
Volatility (1Y) Calculated over the trailing 1-year period	72.50%	65.86%	+6.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.02%	79.67%	+10.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.02%	79.67%	+10.35%

NVDL vs. FNGU - Expense Ratio Comparison

NVDL has a 1.05% expense ratio, which is lower than FNGU's 2.60% expense ratio.

Dividends

NVDL vs. FNGU - Dividend Comparison

Neither NVDL nor FNGU has paid dividends to shareholders.

Position	TTM	2025	2024	2023
FNGU MicroSectors FANG+ 3X Leveraged ETNs	0.00%	0.00%	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 FNGU in my portfolio?

NVDL and FNGU have a correlation of 0.64, 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 FNGU?

NVDL has higher volatility (24.04%) compared to FNGU (17.87%). In terms of maximum drawdown, NVDL dropped -67.55% vs FNGU's -61.30%.

Which ETF is better, NVDL or FNGU?

On 1-year performance, FNGU leads with 13.50% vs 5.55% for NVDL. On fees, NVDL is cheaper at 1.05% per year. On volatility, FNGU has been the lower-risk option at 17.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDL or FNGU?

Over the 1-year period, FNGU has performed better with a 13.50% return vs 5.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDL or FNGU?

NVDL is cheaper with a 1.05% expense ratio, compared with 2.60% for FNGU.

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

NVDL and FNGU have nearly identical dividend yields, around 0.00%.

What is the main difference between NVDL and FNGU?

They also come from different issuers: GraniteShares and BMO. Their fees differ too: 1.05% for NVDL and 2.60% for FNGU.

Which has better risk-adjusted returns?

FNGU currently has the higher Sharpe Ratio (0.07 vs 0.00), 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.