NVDL vs. NVDA

Last updated Jun 23, 2026

NVDL (GraniteShares 2x Long NVDA Daily ETF) is Leveraged Equities fund actively managed by GraniteShares, while NVDA (NVIDIA Corporation) is a stock. Over the past 3 years, NVDL returned 98.22%/yr vs 70.46%/yr for NVDA. With a 0.99 correlation, they move nearly in lockstep.

Performance

NVDL vs. NVDA - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with NVDL having a 11.59% return and NVDA slightly higher at 12.01%.

NVDL

• 1D: -1.52%
• 1M: -8.03%
• YTD: 11.59%
• 6M: 14.62%
• 1Y: 67.28%
• 3Y*: 98.22%
• 5Y*: —
• 10Y*: —

NVDA

• 1D: -0.97%
• 1M: -2.99%
• YTD: 12.01%
• 6M: 13.73%
• 1Y: 45.24%
• 3Y*: 70.46%
• 5Y*: 61.50%
• 10Y*: 68.65%

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

NVDL vs. NVDA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NVDL GraniteShares 2x Long NVDA Daily ETF	11.59%	32.57%	344.58%	432.18%	-28.71%
NVDA NVIDIA Corporation	12.01%	38.92%	171.25%	239.02%	-16.66%

Correlation

The correlation between NVDL and NVDA is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (All Time) Calculated using the full available price history since Dec 13, 2022	0.99

The correlation between NVDL and NVDA has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

NVDL vs. NVDA — Risk / Return Rank

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

NVDL

NVDL Risk / Return Rank: 30
NVDL Sharpe Ratio Rank: 28
NVDL Sortino Ratio Rank: 31
NVDL Omega Ratio Rank: 29
NVDL Calmar Ratio Rank: 33
NVDL Martin Ratio Rank: 27

NVDA

NVDA Risk / Return Rank: 76
NVDA Sharpe Ratio Rank: 78
NVDA Sortino Ratio Rank: 74
NVDA Omega Ratio Rank: 71
NVDA Calmar Ratio Rank: 78
NVDA Martin Ratio Rank: 78

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. NVDA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NVDA Daily ETF (NVDL) and NVIDIA Corporation (NVDA). 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	NVDA	Difference
Sharpe ratio: Return per unit of total volatility	0.96	1.29	-0.33
Sortino ratio: Return per unit of downside risk	1.62	1.86	-0.24
Omega ratio: Gain probability vs. loss probability	1.19	1.22	-0.03
Calmar ratio: Return relative to maximum drawdown	1.60	2.25	-0.65
Martin ratio: Return relative to average drawdown	3.53	5.27	-1.74

NVDL vs. NVDA - Sharpe Ratio Comparison

The current NVDL Sharpe Ratio is 0.96, which is comparable to the NVDA Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of NVDL and NVDA, 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. NVDA - Drawdown Comparison

The maximum NVDL drawdown since its inception was -67.55%, smaller than the maximum NVDA drawdown of -89.72%. Use the drawdown chart below to compare losses from any high point for NVDL and NVDA.

Drawdown Indicators

	NVDL	NVDA	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-89.72%	+22.17%
Max Drawdown (1Y) Largest decline over 1 year	-42.23%	-20.21%	-22.02%
Max Drawdown (3Y) Largest decline over 3 years	-67.55%	-36.88%	-30.67%
Max Drawdown (5Y) Largest decline over 5 years	—	-66.34%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-66.34%	—
Current Drawdown Current decline from peak	-23.90%	-11.39%	-12.51%
Average Drawdown Average peak-to-trough decline	-17.05%	-36.16%	+19.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.13%	8.61%	+10.52%

Volatility

NVDL vs. NVDA - Volatility Comparison

GraniteShares 2x Long NVDA Daily ETF (NVDL) has a higher volatility of 25.27% compared to NVIDIA Corporation (NVDA) at 12.78%. This indicates that NVDL's price experiences larger fluctuations and is considered to be riskier than NVDA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDL	NVDA	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.27%	12.78%	+12.49%
Volatility (6M) Calculated over the trailing 6-month period	52.98%	26.61%	+26.37%
Volatility (1Y) Calculated over the trailing 1-year period	70.28%	35.31%	+34.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.35%	51.80%	+38.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.35%	49.89%	+40.46%

Dividends

NVDL vs. NVDA - Dividend Comparison

NVDL has not paid dividends to shareholders, while NVDA's dividend yield for the trailing twelve months is around 0.13%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVDA NVIDIA Corporation	0.13%	0.02%	0.03%	0.03%	0.11%	0.05%	0.12%	0.27%	0.46%	0.29%	0.45%	1.20%
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NVDL and NVDA in my portfolio?

With a correlation of 1.00, NVDL and NVDA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NVDL or NVDA?

NVDL has higher volatility (25.27%) compared to NVDA (12.78%). In terms of maximum drawdown, NVDL dropped -67.55% vs NVDA's -89.72%.

Which has better risk-adjusted returns?

NVDA currently has the higher Sharpe Ratio (1.29 vs 0.96), 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.