NVDL vs. NIOG

Last updated Jun 26, 2026

NVDL (GraniteShares 2x Long NVDA Daily ETF) and NIOG (Leverage Shares 2X Long NIO Daily ETF) are both Leveraged Equities funds. NVDL is actively managed, while NIOG is passively managed. At a 0.34 correlation, their price movements are largely independent. NVDL charges 1.05%/yr vs 0.75%/yr for NIOG.

Performance

NVDL vs. NIOG - Performance Comparison

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

Returns By Period

In the year-to-date period, NVDL achieves a -2.11% return, which is significantly higher than NIOG's -30.21% return.

NVDL

• 1D: -3.04%
• 1M: -18.96%
• YTD: -2.11%
• 6M: -4.57%
• 1Y: 27.82%
• 3Y*: 93.53%
• 5Y*: —
• 10Y*: —

NIOG

• 1D: -7.05%
• 1M: -21.38%
• YTD: -30.21%
• 6M: -25.91%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDL vs. NIOG - Yearly Performance Comparison

	2026 (YTD)	2025
NVDL GraniteShares 2x Long NVDA Daily ETF	-2.11%	17.99%
NIOG Leverage Shares 2X Long NIO Daily ETF	-30.21%	3.25%

Correlation

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

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025	0.34

Return for Risk

NVDL vs. NIOG — Risk / Return Rank

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

NVDL

NVDL Risk / Return Rank: 17
NVDL Sharpe Ratio Rank: 15
NVDL Sortino Ratio Rank: 20
NVDL Omega Ratio Rank: 19
NVDL Calmar Ratio Rank: 17
NVDL Martin Ratio Rank: 16

NIOG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. NIOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NVDA Daily ETF (NVDL) and Leverage Shares 2X Long NIO Daily ETF (NIOG). 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	NIOG	Difference
Sharpe ratio: Return per unit of total volatility	0.40	—	—
Sortino ratio: Return per unit of downside risk	1.02	—	—
Omega ratio: Gain probability vs. loss probability	1.12	—	—
Calmar ratio: Return relative to maximum drawdown	0.66	—	—
Martin ratio: Return relative to average drawdown	1.44	—	—

Drawdowns

NVDL vs. NIOG - Drawdown Comparison

The maximum NVDL drawdown since its inception was -67.55%, which is greater than NIOG's maximum drawdown of -56.27%. Use the drawdown chart below to compare losses from any high point for NVDL and NIOG.

Drawdown Indicators

	NVDL	NIOG	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-56.27%	-11.28%
Max Drawdown (1Y) Largest decline over 1 year	-42.23%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-67.55%	—	—
Current Drawdown Current decline from peak	-33.24%	-56.27%	+23.03%
Average Drawdown Average peak-to-trough decline	-17.10%	-22.75%	+5.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.43%	—	—

Volatility

Volatility by Period

	NVDL	NIOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.22%	—	—
Volatility (6M) Calculated over the trailing 6-month period	53.11%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	70.59%	115.62%	-45.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.34%	115.62%	-25.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.34%	115.62%	-25.28%

NVDL vs. NIOG - Expense Ratio Comparison

NVDL has a 1.05% expense ratio, which is higher than NIOG's 0.75% expense ratio.

Dividends

NVDL vs. NIOG - Dividend Comparison

Neither NVDL nor NIOG has paid dividends to shareholders.

Position	TTM	2025	2024	2023
NIOG Leverage Shares 2X Long NIO Daily 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 NIOG in my portfolio?

NVDL and NIOG 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 ETF is better, NVDL or NIOG?

On fees, NIOG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NVDL or NIOG?

NIOG is cheaper with a 0.75% expense ratio, compared with 1.05% for NVDL.

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

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

What is the main difference between NVDL and NIOG?

They also come from different issuers: GraniteShares and Leverage Shares. Their fees differ too: 1.05% for NVDL and 0.75% for NIOG.