NVDL vs. PAPI

Last updated Aug 6, 2026

NVDL (GraniteShares 2x Long NVDA Daily ETF) and PAPI (Parametric Equity Premium Income ETF) are both exchange-traded funds - NVDL is a Leveraged Equities fund actively managed by GraniteShares, while PAPI is a Derivative Income fund actively managed by Morgan Stanley. Both are actively managed. Over the past year, NVDL returned 19.05% vs 17.81% for PAPI. Their -0.08 correlation means they have often moved in opposite directions in the past. NVDL charges 1.05%/yr vs 0.29%/yr for PAPI.

Performance

NVDL vs. PAPI - Performance Comparison

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

Returns By Period

In the year-to-date period, NVDL achieves a 19.13% return, which is significantly higher than PAPI's 11.92% return.

NVDL

• 1D: 6.85%
• 1M: 22.50%
• 6M: 38.93%
• YTD: 19.13%
• 1Y: 19.05%
• 3Y*: 97.81%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 146.14%

PAPI

• 1D: -0.22%
• 1M: 2.73%
• 6M: 2.86%
• YTD: 11.92%
• 1Y: 17.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NVDL GraniteShares 2x Long NVDA Daily ETF	$380.97M	$415.87M	$666.11M
PAPI Parametric Equity Premium Income ETF	$2.12M	$2.18M	$2.02M

NVDL vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDL GraniteShares 2x Long NVDA Daily ETF	19.13%	32.57%	344.58%	24.12%
PAPI Parametric Equity Premium Income ETF	11.92%	6.33%	8.90%	4.53%

Correlation

The correlation between NVDL and PAPI is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.24
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	-0.08

The correlation between NVDL and PAPI shifts across timeframes, from -0.24 (1 year) to -0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NVDL vs. PAPI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NVDL

NVDL Risk / Return Rank: 18
NVDL Sharpe Ratio Rank: 15
NVDL Sortino Ratio Rank: 22
NVDL Omega Ratio Rank: 21
NVDL Calmar Ratio Rank: 17
NVDL Martin Ratio Rank: 16

PAPI

PAPI Risk / Return Rank: 62
PAPI Sharpe Ratio Rank: 65
PAPI Sortino Ratio Rank: 71
PAPI Omega Ratio Rank: 61
PAPI Calmar Ratio Rank: 65
PAPI Martin Ratio Rank: 50

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NVDL vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NVDA Daily ETF (NVDL) and Parametric Equity Premium Income ETF (PAPI). 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	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	0.26	1.74	-1.47
Sortino ratio: Return per unit of downside risk	0.88	2.62	-1.74
Omega ratio: Gain probability vs. loss probability	1.10	1.30	-0.20
Calmar ratio: Return relative to maximum drawdown	0.45	2.61	-2.15
Martin ratio: Return relative to average drawdown	0.88	6.57	-5.69

NVDL vs. PAPI - Sharpe Ratio Comparison

The current NVDL Sharpe Ratio is 0.26, which is lower than the PAPI Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of NVDL and PAPI, 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. PAPI - Drawdown Comparison

The maximum NVDL drawdown since its inception was -67.55%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for NVDL and PAPI.

Drawdown Indicators

	NVDL	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-14.27%	-53.28%
Max Drawdown (1Y) Largest decline over 1 year	-42.23%	-6.86%	-35.37%
Max Drawdown (3Y) Largest decline over 3 years	-67.55%	—	—
Current Drawdown Current decline from peak	-18.75%	-1.57%	-17.18%
Average Drawdown Average peak-to-trough decline	-17.47%	-2.72%	-14.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.78%	2.72%	+19.06%

Volatility

NVDL vs. PAPI - Volatility Comparison

GraniteShares 2x Long NVDA Daily ETF (NVDL) has a higher volatility of 25.53% compared to Parametric Equity Premium Income ETF (PAPI) at 3.25%. This indicates that NVDL's price experiences larger fluctuations and is considered to be riskier than PAPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDL	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.53%	3.25%	+22.28%
Volatility (6M) Calculated over the trailing 6-month period	56.52%	7.18%	+49.34%
Volatility (1Y) Calculated over the trailing 1-year period	72.65%	10.30%	+62.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.01%	11.70%	+78.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.01%	11.70%	+78.31%

NVDL vs. PAPI - Expense Ratio Comparison

NVDL has a 1.05% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

NVDL vs. PAPI - Dividend Comparison

NVDL has not paid dividends to shareholders, while PAPI's dividend yield for the trailing twelve months is around 7.44%.

Position	TTM	2025	2024	2023
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%
PAPI Parametric Equity Premium Income ETF	7.44%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both NVDL and PAPI in my portfolio?

NVDL and PAPI have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDL or PAPI?

NVDL has higher volatility (25.53%) compared to PAPI (3.25%). In terms of maximum drawdown, NVDL dropped -67.55% vs PAPI's -14.27%.

Which ETF is better, NVDL or PAPI?

On 1-year performance, NVDL leads with 19.05% vs 17.81% for PAPI. On fees, PAPI is cheaper at 0.29% per year. On volatility, PAPI has been the lower-risk option at 3.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDL or PAPI?

Over the 1-year period, NVDL has performed better with a 19.05% return vs 17.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDL or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 1.05% for NVDL.

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

PAPI has the higher dividend yield at 7.44%, compared with 0.00% for NVDL.

What is the main difference between NVDL and PAPI?

NVDL is categorized as Leveraged Equities, while PAPI is Derivative Income. They also come from different issuers: GraniteShares and Morgan Stanley. Their fees differ too: 1.05% for NVDL and 0.29% for PAPI.

Which has better risk-adjusted returns?

PAPI currently has the higher Sharpe Ratio (1.74 vs 0.26), 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.