NVDL vs. NVDX

Last updated Jun 6, 2026

NVDL (GraniteShares 2x Long NVDA Daily ETF) and NVDX (T-REX 2X Long NVIDIA Daily Target ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, NVDL returned 71.27% vs 62.33% for NVDX. With a 1.00 correlation, they move nearly in lockstep. Both charge a 1.05% expense ratio.

Performance

NVDL vs. NVDX - Performance Comparison

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

Returns By Period

In the year-to-date period, NVDL achieves a 8.98% return, which is significantly higher than NVDX's 6.54% return.

NVDL

• 1D: -12.37%
• 1M: -4.64%
• YTD: 8.98%
• 6M: 12.39%
• 1Y: 71.27%
• 3Y*: 105.08%
• 5Y*: —
• 10Y*: —

NVDX

• 1D: -12.35%
• 1M: -4.80%
• YTD: 6.54%
• 6M: 9.10%
• 1Y: 62.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDL vs. NVDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDL GraniteShares 2x Long NVDA Daily ETF	8.98%	32.57%	344.58%	24.60%
NVDX T-REX 2X Long NVIDIA Daily Target ETF	6.54%	26.24%	384.03%	32.65%

Correlation

The correlation between NVDL and NVDX 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 Oct 20, 2023	1.00

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

NVDL vs. NVDX - Sectors Allocation Comparison

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

Return for Risk

NVDL vs. NVDX — Risk / Return Rank

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

NVDL

NVDL Risk / Return Rank: 31
NVDL Sharpe Ratio Rank: 30
NVDL Sortino Ratio Rank: 32
NVDL Omega Ratio Rank: 31
NVDL Calmar Ratio Rank: 36
NVDL Martin Ratio Rank: 28

NVDX

NVDX Risk / Return Rank: 28
NVDX Sharpe Ratio Rank: 26
NVDX Sortino Ratio Rank: 30
NVDX Omega Ratio Rank: 28
NVDX Calmar Ratio Rank: 30
NVDX Martin Ratio Rank: 25

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. NVDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NVDA Daily ETF (NVDL) and T-REX 2X Long NVIDIA Daily Target ETF (NVDX). 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	NVDX	Difference
Sharpe ratio: Return per unit of total volatility	1.04	0.90	+0.13
Sortino ratio: Return per unit of downside risk	1.68	1.55	+0.12
Omega ratio: Gain probability vs. loss probability	1.20	1.19	+0.02
Calmar ratio: Return relative to maximum drawdown	1.70	1.43	+0.26
Martin ratio: Return relative to average drawdown	3.87	3.23	+0.64
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. NVDX - Sharpe Ratio Comparison

The current NVDL Sharpe Ratio is 1.04, which is comparable to the NVDX Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of NVDL and NVDX, 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	NVDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	0.90	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	1.68	1.34	+0.34

Drawdowns

NVDL vs. NVDX - Drawdown Comparison

The maximum NVDL drawdown since its inception was -67.55%, roughly equal to the maximum NVDX drawdown of -68.19%. Use the drawdown chart below to compare losses from any high point for NVDL and NVDX.

Drawdown Indicators

	NVDL	NVDX	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-68.19%	+0.64%
Max Drawdown (1Y) Largest decline over 1 year	-42.23%	-43.76%	+1.53%
Max Drawdown (3Y) Largest decline over 3 years	-67.55%	—	—
Current Drawdown Current decline from peak	-25.68%	-25.79%	+0.11%
Average Drawdown Average peak-to-trough decline	-16.97%	-20.28%	+3.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.48%	19.36%	-0.88%

Volatility

NVDL vs. NVDX - Volatility Comparison

GraniteShares 2x Long NVDA Daily ETF (NVDL) and T-REX 2X Long NVIDIA Daily Target ETF (NVDX) have volatilities of 26.31% and 26.30%, 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	NVDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.31%	26.30%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	52.60%	52.66%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	69.26%	69.48%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.61%	95.79%	-5.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.61%	95.79%	-5.18%

NVDL vs. NVDX - Expense Ratio Comparison

Both NVDL and NVDX have an expense ratio of 1.05%.

Dividends

NVDL vs. NVDX - Dividend Comparison

NVDL has not paid dividends to shareholders, while NVDX's dividend yield for the trailing twelve months is around 3.14%.

Position	TTM	2025	2024	2023
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%
NVDX T-REX 2X Long NVIDIA Daily Target ETF	3.14%	3.35%	15.48%	0.00%

Frequently Asked Questions

Can I hold both NVDL and NVDX in my portfolio?

With a correlation of 1.00, NVDL and NVDX 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 NVDX?

NVDL has higher volatility (26.31%) compared to NVDX (26.30%). In terms of maximum drawdown, NVDL dropped -67.55% vs NVDX's -68.19%.

Which ETF is better, NVDL or NVDX?

On 1-year performance, NVDL leads with 71.27% vs 62.33% for NVDX. Both ETFs have the same 1.05% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDL or NVDX?

Over the 1-year period, NVDL has performed better with a 71.27% return vs 62.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDL or NVDX?

NVDL and NVDX have the same expense ratio: 1.05% per year.

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

NVDX has the higher dividend yield at 3.14%, compared with 0.00% for NVDL.

What is the main difference between NVDL and NVDX?

They also come from different issuers: GraniteShares and REX.

Which has better risk-adjusted returns?

NVDL currently has the higher Sharpe Ratio (1.04 vs 0.90), 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.