NVDL vs. MSTX

Last updated Jun 5, 2026

NVDL (GraniteShares 2x Long NVDA Daily ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, NVDL returned 90.12% vs -95.06% for MSTX. At a 0.36 correlation, their price movements are largely independent. NVDL charges 1.05%/yr vs 1.29%/yr for MSTX.

Performance

NVDL vs. MSTX - Performance Comparison

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

Returns By Period

In the year-to-date period, NVDL achieves a 24.36% return, which is significantly higher than MSTX's -52.99% return.

NVDL

• 1D: 3.68%
• 1M: 21.13%
• YTD: 24.36%
• 6M: 26.69%
• 1Y: 90.12%
• 3Y*: 113.21%
• 5Y*: —
• 10Y*: —

MSTX

• 1D: 4.32%
• 1M: -55.48%
• YTD: -52.99%
• 6M: -70.03%
• 1Y: -95.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDL vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVDL GraniteShares 2x Long NVDA Daily ETF	24.36%	32.57%	5.20%
MSTX Defiance Daily Target 2X Long MSTR ETF	-52.99%	-89.06%	137.37%

Correlation

The correlation between NVDL and MSTX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Aug 16, 2024	0.36

Return for Risk

NVDL vs. MSTX — Risk / Return Rank

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

NVDL

NVDL Risk / Return Rank: 38
NVDL Sharpe Ratio Rank: 38
NVDL Sortino Ratio Rank: 39
NVDL Omega Ratio Rank: 36
NVDL Calmar Ratio Rank: 44
NVDL Martin Ratio Rank: 33

MSTX

MSTX Risk / Return Rank: 2
MSTX Sharpe Ratio Rank: 4
MSTX Sortino Ratio Rank: 1
MSTX Omega Ratio Rank: 1
MSTX Calmar Ratio Rank: 0
MSTX 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. MSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NVDA Daily ETF (NVDL) and Defiance Daily Target 2X Long MSTR ETF (MSTX). 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	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	1.33	-0.68	+2.01
Sortino ratio: Return per unit of downside risk	1.95	-2.01	+3.97
Omega ratio: Gain probability vs. loss probability	1.23	0.79	+0.45
Calmar ratio: Return relative to maximum drawdown	2.15	-0.98	+3.13
Martin ratio: Return relative to average drawdown	4.91	-1.26	+6.17
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. MSTX - Sharpe Ratio Comparison

The current NVDL Sharpe Ratio is 1.33, which is higher than the MSTX Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of NVDL and MSTX, 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	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	-0.68	+2.01
Sharpe Ratio (All Time) Calculated using the full available price history	1.80	-0.41	+2.21

Drawdowns

NVDL vs. MSTX - Drawdown Comparison

The maximum NVDL drawdown since its inception was -67.55%, smaller than the maximum MSTX drawdown of -98.66%. Use the drawdown chart below to compare losses from any high point for NVDL and MSTX.

Drawdown Indicators

	NVDL	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-98.66%	+31.11%
Max Drawdown (1Y) Largest decline over 1 year	-42.23%	-96.62%	+54.39%
Max Drawdown (3Y) Largest decline over 3 years	-67.55%	—	—
Current Drawdown Current decline from peak	-15.19%	-98.55%	+83.36%
Average Drawdown Average peak-to-trough decline	-16.96%	-70.01%	+53.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.41%	75.50%	-57.09%

Volatility

NVDL vs. MSTX - Volatility Comparison

The current volatility for GraniteShares 2x Long NVDA Daily ETF (NVDL) is 24.75%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 39.88%. This indicates that NVDL experiences smaller price fluctuations and is considered to be less risky than MSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDL	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.75%	39.88%	-15.13%
Volatility (6M) Calculated over the trailing 6-month period	50.90%	112.08%	-61.18%
Volatility (1Y) Calculated over the trailing 1-year period	68.08%	139.91%	-71.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.39%	167.30%	-76.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.39%	167.30%	-76.91%

NVDL vs. MSTX - Expense Ratio Comparison

NVDL has a 1.05% expense ratio, which is lower than MSTX's 1.29% expense ratio.

Dividends

NVDL vs. MSTX - Dividend Comparison

Neither NVDL nor MSTX has paid dividends to shareholders.

Position	TTM	2025	2024	2023
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%	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 MSTX in my portfolio?

NVDL and MSTX have a correlation of 0.34, 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 MSTX?

MSTX has higher volatility (39.88%) compared to NVDL (24.75%). In terms of maximum drawdown, NVDL dropped -67.55% vs MSTX's -98.66%.

Which ETF is better, NVDL or MSTX?

On 1-year performance, NVDL leads with 90.12% vs -95.06% for MSTX. On fees, NVDL is cheaper at 1.05% per year. On volatility, NVDL has been the lower-risk option at 24.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDL or MSTX?

Over the 1-year period, NVDL has performed better with a 90.12% return vs -95.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDL or MSTX?

NVDL is cheaper with a 1.05% expense ratio, compared with 1.29% for MSTX.

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

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

What is the main difference between NVDL and MSTX?

They also come from different issuers: GraniteShares and Defiance. Their fees differ too: 1.05% for NVDL and 1.29% for MSTX.

Which has better risk-adjusted returns?

NVDL currently has the higher Sharpe Ratio (1.33 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.