NVDL vs. MSTR
NVDL (GraniteShares 2x Long NVDA Daily ETF) is Leveraged Equities fund actively managed by GraniteShares, while MSTR (Strategy Inc) is a stock. Over the past 3 years, NVDL returned 99.48%/yr vs 64.73%/yr for MSTR. At a 0.35 correlation, their price movements are largely independent.
Performance
NVDL vs. MSTR - Performance Comparison
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Returns By Period
In the year-to-date period, NVDL achieves a 16.15% return, which is significantly higher than MSTR's -13.70% return.
NVDL
- 1D
- 7.05%
- 1M
- -12.95%
- YTD
- 16.15%
- 6M
- 28.66%
- 1Y
- 78.08%
- 3Y*
- 99.48%
- 5Y*
- —
- 10Y*
- —
MSTR
- 1D
- 5.78%
- 1M
- -26.08%
- YTD
- -13.70%
- 6M
- -19.09%
- 1Y
- -65.75%
- 3Y*
- 64.73%
- 5Y*
- 16.17%
- 10Y*
- 22.02%
NVDL vs. MSTR - 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% |
MSTR Strategy Inc | -13.70% | -47.53% | 358.54% | 346.15% | -27.83% |
Correlation
The correlation between NVDL and MSTR is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2022 | 0.35 |
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Return for Risk
NVDL vs. MSTR — Risk / Return Rank
NVDL
MSTR
NVDL vs. MSTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NVDA Daily ETF (NVDL) and Strategy Inc (MSTR). 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 | MSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.05 | ||
| Sortino ratioReturn per unit of downside risk | +3.37 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.83 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.86 | -0.86 | +2.72 |
| Martin ratioReturn relative to average drawdown | 4.15 | -1.24 | +5.39 |
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Drawdowns
NVDL vs. MSTR - Drawdown Comparison
The maximum NVDL drawdown since its inception was -67.55%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for NVDL and MSTR.
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Drawdown Indicators
| NVDL | MSTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.55% | -99.86% | +32.31% |
Max Drawdown (1Y)Largest decline over 1 year | -42.23% | -76.53% | +34.30% |
Max Drawdown (3Y)Largest decline over 3 years | -67.55% | -77.42% | +9.87% |
Max Drawdown (5Y)Largest decline over 5 years | — | -84.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.27% | — |
Current DrawdownCurrent decline from peak | -20.79% | -72.32% | +51.53% |
Average DrawdownAverage peak-to-trough decline | -17.02% | -86.45% | +69.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.88% | 53.20% | -34.32% |
Volatility
NVDL vs. MSTR - Volatility Comparison
GraniteShares 2x Long NVDA Daily ETF (NVDL) has a higher volatility of 25.91% compared to Strategy Inc (MSTR) at 21.84%. This indicates that NVDL's price experiences larger fluctuations and is considered to be riskier than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NVDL | MSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.91% | 21.84% | +4.07% |
Volatility (6M)Calculated over the trailing 6-month period | 53.48% | 57.65% | -4.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.01% | 71.53% | -1.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 90.45% | 90.56% | -0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 90.45% | 73.85% | +16.60% |
Dividends
NVDL vs. MSTR - Dividend Comparison
Neither NVDL nor MSTR has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
MSTR Strategy Inc | 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
NVDL and MSTR have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVDL has higher volatility (25.91%) compared to MSTR (21.84%). In terms of maximum drawdown, NVDL dropped -67.55% vs MSTR's -99.86%.
NVDL currently has the higher Sharpe Ratio (1.12 vs -0.92), 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.
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