NVDL vs. MSTU

Last updated Jun 14, 2026

NVDL (GraniteShares 2x Long NVDA Daily ETF) and MSTU (T-Rex 2X Long MSTR Daily Target ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, NVDL returned 66.36% vs -95.55% for MSTU. At a 0.36 correlation, their price movements are largely independent. Both charge a 1.05% expense ratio.

Performance

NVDL vs. MSTU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long NVDA Daily ETF (NVDL) and T-Rex 2X Long MSTR Daily Target ETF (MSTU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDL achieves a 8.50% return, which is significantly higher than MSTU's -57.64% return.

NVDL

• 1D: 0.37%
• 1M: -26.01%
• YTD: 8.50%
• 6M: 21.95%
• 1Y: 66.36%
• 3Y*: 98.91%
• 5Y*: —
• 10Y*: —

MSTU

• 1D: 6.02%
• 1M: -59.35%
• YTD: -57.64%
• 6M: -69.76%
• 1Y: -95.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDL vs. MSTU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVDL GraniteShares 2x Long NVDA Daily ETF	8.50%	32.57%	24.70%
MSTU T-Rex 2X Long MSTR Daily Target ETF	-57.64%	-89.07%	205.47%

Correlation

The correlation between NVDL and MSTU 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 (All Time) Calculated using the full available price history since Sep 18, 2024	0.36

NVDL vs. MSTU - Sectors Allocation Comparison

Sectors	NVDL	MSTU
Financial Services	100.0%	-
Technology	100.0%	100.0%
Basic Materials	0.0%	-
Communication Services	0.0%	-
Consumer Cyclical	0.0%	-
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. MSTU — Risk / Return Rank

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

NVDL

NVDL Risk / Return Rank: 29
NVDL Sharpe Ratio Rank: 27
NVDL Sortino Ratio Rank: 31
NVDL Omega Ratio Rank: 29
NVDL Calmar Ratio Rank: 32
NVDL Martin Ratio Rank: 26

MSTU

MSTU Risk / Return Rank: 2
MSTU Sharpe Ratio Rank: 4
MSTU Sortino Ratio Rank: 0
MSTU Omega Ratio Rank: 1
MSTU Calmar Ratio Rank: 0
MSTU Martin Ratio Rank: 4

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. MSTU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NVDA Daily ETF (NVDL) and T-Rex 2X Long MSTR Daily Target ETF (MSTU). 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	MSTU	Difference
Sharpe ratio: Return per unit of total volatility	0.86	-0.68	+1.54
Sortino ratio: Return per unit of downside risk	1.51	-2.07	+3.58
Omega ratio: Gain probability vs. loss probability	1.18	0.78	+0.40
Calmar ratio: Return relative to maximum drawdown	1.41	-0.98	+2.40
Martin ratio: Return relative to average drawdown	3.16	-1.24	+4.40

NVDL vs. MSTU - Sharpe Ratio Comparison

The current NVDL Sharpe Ratio is 0.86, which is higher than the MSTU Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of NVDL and MSTU, 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. MSTU - Drawdown Comparison

The maximum NVDL drawdown since its inception was -67.55%, smaller than the maximum MSTU drawdown of -98.80%. Use the drawdown chart below to compare losses from any high point for NVDL and MSTU.

Drawdown Indicators

	NVDL	MSTU	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-98.80%	+31.25%
Max Drawdown (1Y) Largest decline over 1 year	-42.23%	-97.12%	+54.89%
Max Drawdown (3Y) Largest decline over 3 years	-67.55%	—	—
Current Drawdown Current decline from peak	-26.01%	-98.63%	+72.62%
Average Drawdown Average peak-to-trough decline	-17.01%	-72.20%	+55.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.84%	76.86%	-58.02%

Volatility

NVDL vs. MSTU - Volatility Comparison

The current volatility for GraniteShares 2x Long NVDA Daily ETF (NVDL) is 26.46%, while T-Rex 2X Long MSTR Daily Target ETF (MSTU) has a volatility of 43.50%. This indicates that NVDL experiences smaller price fluctuations and is considered to be less risky than MSTU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDL	MSTU	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.46%	43.50%	-17.04%
Volatility (6M) Calculated over the trailing 6-month period	53.16%	113.54%	-60.38%
Volatility (1Y) Calculated over the trailing 1-year period	69.74%	140.26%	-70.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.44%	168.69%	-78.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.44%	168.69%	-78.25%

NVDL vs. MSTU - Expense Ratio Comparison

Both NVDL and MSTU have an expense ratio of 1.05%.

Dividends

NVDL vs. MSTU - Dividend Comparison

Neither NVDL nor MSTU has paid dividends to shareholders.

Position	TTM	2025	2024	2023
MSTU T-Rex 2X Long MSTR Daily Target ETF	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 MSTU in my portfolio?

NVDL and MSTU 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 MSTU?

MSTU has higher volatility (43.50%) compared to NVDL (26.46%). In terms of maximum drawdown, NVDL dropped -67.55% vs MSTU's -98.80%.

Which ETF is better, NVDL or MSTU?

On 1-year performance, NVDL leads with 66.36% vs -95.55% for MSTU. Both ETFs have the same 1.05% expense ratio. On volatility, NVDL has been the lower-risk option at 26.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDL or MSTU?

Over the 1-year period, NVDL has performed better with a 66.36% return vs -95.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDL or MSTU?

NVDL and MSTU have the same expense ratio: 1.05% per year.

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

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

What is the main difference between NVDL and MSTU?

They also come from different issuers: GraniteShares and T-Rex.

Which has better risk-adjusted returns?

NVDL currently has the higher Sharpe Ratio (0.86 vs -0.68), 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.