NVDL vs. MSTY

Last updated Jun 24, 2026

NVDL (GraniteShares 2x Long NVDA Daily ETF) and MSTY (YieldMax™ MSTR Option Income Strategy ETF) are both exchange-traded funds - NVDL is a Leveraged Equities fund actively managed by GraniteShares, while MSTY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, NVDL returned 52.74% vs -66.58% for MSTY. At a 0.36 correlation, their price movements are largely independent. NVDL charges 1.05%/yr vs 0.99%/yr for MSTY.

Performance

NVDL vs. MSTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long NVDA Daily ETF (NVDL) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDL achieves a 2.41% return, which is significantly higher than MSTY's -27.80% return.

NVDL

• 1D: -8.23%
• 1M: -15.60%
• YTD: 2.41%
• 6M: -0.74%
• 1Y: 52.74%
• 3Y*: 92.63%
• 5Y*: —
• 10Y*: —

MSTY

• 1D: -4.55%
• 1M: -31.74%
• YTD: -27.80%
• 6M: -29.80%
• 1Y: -66.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDL vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVDL GraniteShares 2x Long NVDA Daily ETF	2.41%	32.57%	170.91%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-27.80%	-42.71%	212.16%

Correlation

The correlation between NVDL and MSTY is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Feb 22, 2024	0.36

Return for Risk

NVDL vs. MSTY — Risk / Return Rank

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

NVDL

NVDL Risk / Return Rank: 24
NVDL Sharpe Ratio Rank: 22
NVDL Sortino Ratio Rank: 26
NVDL Omega Ratio Rank: 25
NVDL Calmar Ratio Rank: 26
NVDL Martin Ratio Rank: 23

MSTY

MSTY Risk / Return Rank: 1
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 1
MSTY Omega Ratio Rank: 1
MSTY Calmar Ratio Rank: 1
MSTY Martin Ratio Rank: 2

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. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NVDA Daily ETF (NVDL) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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	MSTY	Difference
Sharpe ratio: Return per unit of total volatility	0.75	-1.08	+1.83
Sortino ratio: Return per unit of downside risk	1.41	-1.96	+3.37
Omega ratio: Gain probability vs. loss probability	1.17	0.79	+0.38
Calmar ratio: Return relative to maximum drawdown	1.25	-0.93	+2.18
Martin ratio: Return relative to average drawdown	2.75	-1.35	+4.10

NVDL vs. MSTY - Sharpe Ratio Comparison

The current NVDL Sharpe Ratio is 0.75, which is higher than the MSTY Sharpe Ratio of -1.08. The chart below compares the historical Sharpe Ratios of NVDL and MSTY, 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. MSTY - Drawdown Comparison

The maximum NVDL drawdown since its inception was -67.55%, smaller than the maximum MSTY drawdown of -71.79%. Use the drawdown chart below to compare losses from any high point for NVDL and MSTY.

Drawdown Indicators

	NVDL	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-71.79%	+4.24%
Max Drawdown (1Y) Largest decline over 1 year	-42.23%	-71.79%	+29.56%
Max Drawdown (3Y) Largest decline over 3 years	-67.55%	—	—
Current Drawdown Current decline from peak	-30.16%	-71.62%	+41.46%
Average Drawdown Average peak-to-trough decline	-17.07%	-26.97%	+9.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.22%	49.36%	-30.14%

Volatility

NVDL vs. MSTY - Volatility Comparison

GraniteShares 2x Long NVDA Daily ETF (NVDL) has a higher volatility of 26.32% compared to YieldMax™ MSTR Option Income Strategy ETF (MSTY) at 19.32%. This indicates that NVDL's price experiences larger fluctuations and is considered to be riskier than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDL	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.32%	19.32%	+7.00%
Volatility (6M) Calculated over the trailing 6-month period	53.60%	49.66%	+3.94%
Volatility (1Y) Calculated over the trailing 1-year period	70.66%	62.02%	+8.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.42%	71.82%	+18.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.42%	71.82%	+18.60%

NVDL vs. MSTY - Expense Ratio Comparison

NVDL has a 1.05% expense ratio, which is higher than MSTY's 0.99% expense ratio.

Dividends

NVDL vs. MSTY - Dividend Comparison

NVDL has not paid dividends to shareholders, while MSTY's dividend yield for the trailing twelve months is around 286.06%.

Position	TTM	2025	2024	2023
MSTY YieldMax™ MSTR Option Income Strategy ETF	286.06%	294.61%	104.56%	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 MSTY in my portfolio?

NVDL and MSTY have a correlation of 0.38, 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 MSTY?

NVDL has higher volatility (26.32%) compared to MSTY (19.32%). In terms of maximum drawdown, NVDL dropped -67.55% vs MSTY's -71.79%.

Which ETF is better, NVDL or MSTY?

On 1-year performance, NVDL leads with 52.74% vs -66.58% for MSTY. On fees, MSTY is cheaper at 0.99% per year. On volatility, MSTY has been the lower-risk option at 19.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDL or MSTY?

Over the 1-year period, NVDL has performed better with a 52.74% return vs -66.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDL or MSTY?

MSTY is cheaper with a 0.99% expense ratio, compared with 1.05% for NVDL.

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

MSTY has the higher dividend yield at 286.06%, compared with 0.00% for NVDL.

What is the main difference between NVDL and MSTY?

NVDL is categorized as Leveraged Equities, while MSTY is Derivative Income. They also come from different issuers: GraniteShares and YieldMax. Their fees differ too: 1.05% for NVDL and 0.99% for MSTY.

Which has better risk-adjusted returns?

NVDL currently has the higher Sharpe Ratio (0.75 vs -1.08), 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.