NVDL vs. NVDU

Last updated Jun 25, 2026

NVDL (GraniteShares 2x Long NVDA Daily ETF) and NVDU (Direxion Daily NVDA Bull 2X Shares ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, NVDL returned 43.35% vs 43.69% for NVDU. With a 1.00 correlation, they move nearly in lockstep. NVDL charges 1.05%/yr vs 1.04%/yr for NVDU.

Performance

NVDL vs. NVDU - Performance Comparison

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

Returns By Period

In the year-to-date period, NVDL achieves a 0.95% return, which is significantly lower than NVDU's 1.48% return.

NVDL

• 1D: -1.42%
• 1M: -16.80%
• YTD: 0.95%
• 6M: -1.58%
• 1Y: 43.35%
• 3Y*: 91.71%
• 5Y*: —
• 10Y*: —

NVDU

• 1D: -1.11%
• 1M: -16.54%
• YTD: 1.48%
• 6M: -1.03%
• 1Y: 43.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDL vs. NVDU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDL GraniteShares 2x Long NVDA Daily ETF	0.95%	32.57%	344.58%	11.49%
NVDU Direxion Daily NVDA Bull 2X Shares ETF	1.48%	33.65%	289.29%	12.08%

Correlation

The correlation between NVDL and NVDU 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 Sep 13, 2023	1.00

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

NVDL vs. NVDU - Sectors Allocation Comparison

Sectors	NVDL	NVDU
Financial Services	100.0%	-
Technology	100.0%	100.0%
Basic Materials	0.0%	-
Communication Services	0.0%	-
Consumer Cyclical	0.0%	-
Consumer Defensive	0.0%	-
Energy	0.0%	-
Healthcare	0.0%	-
Industrials	0.0%	-
Real Estate	0.0%	-
Utilities	0.0%	-

Return for Risk

NVDL vs. NVDU — Risk / Return Rank

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

NVDL

NVDL Risk / Return Rank: 22
NVDL Sharpe Ratio Rank: 19
NVDL Sortino Ratio Rank: 25
NVDL Omega Ratio Rank: 23
NVDL Calmar Ratio Rank: 23
NVDL Martin Ratio Rank: 20

NVDU

NVDU Risk / Return Rank: 22
NVDU Sharpe Ratio Rank: 20
NVDU Sortino Ratio Rank: 25
NVDU Omega Ratio Rank: 23
NVDU Calmar Ratio Rank: 24
NVDU Martin Ratio Rank: 20

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. NVDU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NVDA Daily ETF (NVDL) and Direxion Daily NVDA Bull 2X Shares ETF (NVDU). 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	NVDU	Difference
Sharpe ratio: Return per unit of total volatility	0.62	0.62	-0.01
Sortino ratio: Return per unit of downside risk	1.27	1.28	-0.01
Omega ratio: Gain probability vs. loss probability	1.15	1.15	0.00
Calmar ratio: Return relative to maximum drawdown	1.03	1.04	-0.01
Martin ratio: Return relative to average drawdown	2.25	2.26	-0.01

NVDL vs. NVDU - Sharpe Ratio Comparison

The current NVDL Sharpe Ratio is 0.62, which is comparable to the NVDU Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of NVDL and NVDU, 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. NVDU - Drawdown Comparison

The maximum NVDL drawdown since its inception was -67.55%, roughly equal to the maximum NVDU drawdown of -67.27%. Use the drawdown chart below to compare losses from any high point for NVDL and NVDU.

Drawdown Indicators

	NVDL	NVDU	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-67.27%	-0.28%
Max Drawdown (1Y) Largest decline over 1 year	-42.23%	-42.27%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-67.55%	—	—
Current Drawdown Current decline from peak	-31.15%	-30.88%	-0.27%
Average Drawdown Average peak-to-trough decline	-17.08%	-18.93%	+1.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.32%	19.40%	-0.08%

Volatility

NVDL vs. NVDU - Volatility Comparison

GraniteShares 2x Long NVDA Daily ETF (NVDL) and Direxion Daily NVDA Bull 2X Shares ETF (NVDU) have volatilities of 26.13% and 25.98%, 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	NVDU	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.13%	25.98%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	53.09%	52.66%	+0.43%
Volatility (1Y) Calculated over the trailing 1-year period	70.68%	70.44%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.37%	90.95%	-0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.37%	90.95%	-0.58%

NVDL vs. NVDU - Expense Ratio Comparison

NVDL has a 1.05% expense ratio, which is higher than NVDU's 1.04% expense ratio.

Dividends

NVDL vs. NVDU - Dividend Comparison

NVDL has not paid dividends to shareholders, while NVDU's dividend yield for the trailing twelve months is around 5.82%.

Position	TTM	2025	2024	2023
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%
NVDU Direxion Daily NVDA Bull 2X Shares ETF	5.82%	5.68%	16.85%	0.63%

Frequently Asked Questions

Can I hold both NVDL and NVDU in my portfolio?

With a correlation of 1.00, NVDL and NVDU 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 NVDU?

NVDL has higher volatility (26.13%) compared to NVDU (25.98%). In terms of maximum drawdown, NVDL dropped -67.55% vs NVDU's -67.27%.

Which ETF is better, NVDL or NVDU?

On 1-year performance, NVDU leads with 43.69% vs 43.35% for NVDL. On fees, NVDU is cheaper at 1.04% per year. On volatility, NVDU has been the lower-risk option at 25.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDL or NVDU?

Over the 1-year period, NVDU has performed better with a 43.69% return vs 43.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDL or NVDU?

NVDU is cheaper with a 1.04% expense ratio, compared with 1.05% for NVDL.

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

NVDU has the higher dividend yield at 5.82%, compared with 0.00% for NVDL.

What is the main difference between NVDL and NVDU?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.05% for NVDL and 1.04% for NVDU.

Which has better risk-adjusted returns?

NVDU currently has the higher Sharpe Ratio (0.62 vs 0.62), 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.