NVDL vs. NVDG

Last updated Jun 4, 2026

NVDL (GraniteShares 2x Long NVDA Daily ETF) and NVDG (Leverage Shares 2X Long NVDA Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, NVDL returned 84.82% vs 83.14% for NVDG. With a 1.00 correlation, they move nearly in lockstep. NVDL charges 1.05%/yr vs 0.75%/yr for NVDG.

Performance

NVDL vs. NVDG - 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 NVDA Daily ETF (NVDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDL achieves a 19.95% return, which is significantly higher than NVDG's 18.93% return.

NVDL

• 1D: -7.15%
• 1M: 14.24%
• YTD: 19.95%
• 6M: 27.27%
• 1Y: 84.82%
• 3Y*: 109.72%
• 5Y*: —
• 10Y*: —

NVDG

• 1D: -7.35%
• 1M: 14.07%
• YTD: 18.93%
• 6M: 26.05%
• 1Y: 83.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDL vs. NVDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVDL GraniteShares 2x Long NVDA Daily ETF	19.95%	32.57%	-1.00%
NVDG Leverage Shares 2X Long NVDA Daily ETF	18.93%	32.45%	-0.75%

Correlation

The correlation between NVDL and NVDG 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 (All Time) Calculated using the full available price history since Dec 16, 2024	1.00

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

Return for Risk

NVDL vs. NVDG — Risk / Return Rank

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

NVDL

NVDL Risk / Return Rank: 34
NVDL Sharpe Ratio Rank: 34
NVDL Sortino Ratio Rank: 35
NVDL Omega Ratio Rank: 33
NVDL Calmar Ratio Rank: 40
NVDL Martin Ratio Rank: 31

NVDG

NVDG Risk / Return Rank: 34
NVDG Sharpe Ratio Rank: 34
NVDG Sortino Ratio Rank: 35
NVDG Omega Ratio Rank: 33
NVDG Calmar Ratio Rank: 39
NVDG Martin Ratio Rank: 30

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. NVDG - 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 NVDA Daily ETF (NVDG). 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	NVDG	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.24	+0.02
Sortino ratio: Return per unit of downside risk	1.89	1.87	+0.02
Omega ratio: Gain probability vs. loss probability	1.23	1.22	0.00
Calmar ratio: Return relative to maximum drawdown	2.02	1.96	+0.06
Martin ratio: Return relative to average drawdown	4.63	4.44	+0.18
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. NVDG - Sharpe Ratio Comparison

The current NVDL Sharpe Ratio is 1.25, which is comparable to the NVDG Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of NVDL and NVDG, 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	NVDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	1.24	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	1.77	0.40	+1.37

Drawdowns

NVDL vs. NVDG - Drawdown Comparison

The maximum NVDL drawdown since its inception was -67.55%, roughly equal to the maximum NVDG drawdown of -66.19%. Use the drawdown chart below to compare losses from any high point for NVDL and NVDG.

Drawdown Indicators

	NVDL	NVDG	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-66.19%	-1.36%
Max Drawdown (1Y) Largest decline over 1 year	-42.23%	-42.72%	+0.49%
Max Drawdown (3Y) Largest decline over 3 years	-67.55%	—	—
Current Drawdown Current decline from peak	-18.19%	-18.34%	+0.15%
Average Drawdown Average peak-to-trough decline	-16.96%	-23.07%	+6.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.39%	18.77%	-0.38%

Volatility

NVDL vs. NVDG - Volatility Comparison

GraniteShares 2x Long NVDA Daily ETF (NVDL) and Leverage Shares 2X Long NVDA Daily ETF (NVDG) have volatilities of 24.77% and 25.14%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDL	NVDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.77%	25.14%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	50.80%	50.15%	+0.65%
Volatility (1Y) Calculated over the trailing 1-year period	68.20%	67.81%	+0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.43%	90.72%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.43%	90.72%	-0.29%

NVDL vs. NVDG - Expense Ratio Comparison

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

Dividends

NVDL vs. NVDG - Dividend Comparison

NVDL has not paid dividends to shareholders, while NVDG's dividend yield for the trailing twelve months is around 9.93%.

Position	TTM	2025	2024	2023
NVDG Leverage Shares 2X Long NVDA Daily ETF	9.93%	11.81%	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 NVDG in my portfolio?

With a correlation of 1.00, NVDL and NVDG 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 NVDG?

NVDG has higher volatility (25.14%) compared to NVDL (24.77%). In terms of maximum drawdown, NVDL dropped -67.55% vs NVDG's -66.19%.

Which ETF is better, NVDL or NVDG?

On 1-year performance, NVDL leads with 84.82% vs 83.14% for NVDG. On fees, NVDG is cheaper at 0.75% per year. On volatility, NVDL has been the lower-risk option at 24.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDL or NVDG?

Over the 1-year period, NVDL has performed better with a 84.82% return vs 83.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDL or NVDG?

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

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

NVDG has the higher dividend yield at 9.93%, compared with 0.00% for NVDL.

What is the main difference between NVDL and NVDG?

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

Which has better risk-adjusted returns?

NVDL currently has the higher Sharpe Ratio (1.25 vs 1.24), 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.