NVDL vs. ORLG

Last updated Jul 17, 2026

NVDL (GraniteShares 2x Long NVDA Daily ETF) and ORLG (Leverage Shares 2X Long ORLY Daily ETF) are both Leveraged Equities funds. NVDL is actively managed, while ORLG is passively managed. At a correlation of -0.11, they often move in opposite directions. NVDL charges 1.05%/yr vs 0.75%/yr for ORLG.

Performance

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

Returns By Period

NVDL

• 1D: -4.73%
• 1M: -2.06%
• 6M: 8.38%
• YTD: 8.36%
• 1Y: 16.02%
• 3Y*: 87.61%
• 5Y*: —
• 10Y*: —

ORLG

• 1D: 8.37%
• 1M: -11.93%
• 6M: -23.86%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDL vs. ORLG - Yearly Performance Comparison

	2026 (YTD)
NVDL GraniteShares 2x Long NVDA Daily ETF	12.88%
ORLG Leverage Shares 2X Long ORLY Daily ETF	-25.87%

Correlation

The correlation between NVDL and ORLG is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 15, 2026	-0.11

Return for Risk

NVDL vs. ORLG — Risk / Return Rank

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

NVDL

NVDL Risk / Return Rank: 15
NVDL Sharpe Ratio Rank: 13
NVDL Sortino Ratio Rank: 18
NVDL Omega Ratio Rank: 17
NVDL Calmar Ratio Rank: 14
NVDL Martin Ratio Rank: 14

ORLG

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. ORLG - 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 ORLY Daily ETF (ORLG). 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	ORLG	Difference
Sharpe ratio: Return per unit of total volatility	0.23	—	—
Sortino ratio: Return per unit of downside risk	0.83	—	—
Omega ratio: Gain probability vs. loss probability	1.10	—	—
Calmar ratio: Return relative to maximum drawdown	0.38	—	—
Martin ratio: Return relative to average drawdown	0.78	—	—

Drawdowns

NVDL vs. ORLG - Drawdown Comparison

The maximum NVDL drawdown since its inception was -67.55%, which is greater than ORLG's maximum drawdown of -39.93%. Use the drawdown chart below to compare losses from any high point for NVDL and ORLG.

Drawdown Indicators

	NVDL	ORLG	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-39.93%	-27.62%
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	-26.10%	-34.91%	+8.81%
Average Drawdown Average peak-to-trough decline	-17.29%	-20.65%	+3.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.67%	—	—

Volatility

Volatility by Period

	NVDL	ORLG	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.90%	—	—
Volatility (6M) Calculated over the trailing 6-month period	55.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	71.23%	59.08%	+12.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.13%	59.08%	+31.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.13%	59.08%	+31.05%

NVDL vs. ORLG - Expense Ratio Comparison

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

Dividends

NVDL vs. ORLG - Dividend Comparison

Neither NVDL nor ORLG has paid dividends to shareholders.

Position	TTM	2025	2024	2023
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%
ORLG Leverage Shares 2X Long ORLY Daily ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NVDL and ORLG in my portfolio?

NVDL and ORLG have a correlation of -0.11, 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 ORLG?

On fees, ORLG 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 ORLG?

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

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

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

What is the main difference between NVDL and ORLG?

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