NVDL vs. QTAP

Last updated Jun 26, 2026

NVDL (GraniteShares 2x Long NVDA Daily ETF) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. Both are actively managed. Over the past 3 years, NVDL returned 93.53%/yr vs 20.17%/yr for QTAP. A 0.65 correlation means they provide meaningful diversification when combined. NVDL charges 1.05%/yr vs 0.79%/yr for QTAP.

Performance

NVDL vs. QTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long NVDA Daily ETF (NVDL) and Innovator Growth Accelerated Plus ETF - April (QTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDL achieves a -2.11% return, which is significantly lower than QTAP's 13.22% return.

NVDL

• 1D: -3.04%
• 1M: -18.96%
• YTD: -2.11%
• 6M: -4.57%
• 1Y: 27.82%
• 3Y*: 93.53%
• 5Y*: —
• 10Y*: —

QTAP

• 1D: 0.41%
• 1M: -1.07%
• YTD: 13.22%
• 6M: 13.12%
• 1Y: 21.83%
• 3Y*: 20.17%
• 5Y*: 12.76%
• 10Y*: —

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

NVDL vs. QTAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NVDL GraniteShares 2x Long NVDA Daily ETF	-2.11%	32.57%	344.58%	432.18%	-28.71%
QTAP Innovator Growth Accelerated Plus ETF - April	13.22%	19.36%	17.34%	43.32%	-6.90%

Correlation

The correlation between NVDL and QTAP is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Dec 13, 2022	0.65

The correlation between NVDL and QTAP shifts across timeframes, from 0.51 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

NVDL vs. QTAP - Sectors Allocation Comparison

Sectors	NVDL	QTAP
Financial Services	100.0%	0.2%
Technology	100.0%	50.7%
Basic Materials	0.0%	1.3%
Communication Services	0.0%	15.8%
Consumer Cyclical	0.0%	12.5%
Consumer Defensive	0.0%	8.7%
Energy	0.0%	0.7%
Healthcare	0.0%	5.1%
Industrials	0.0%	3.3%
Real Estate	0.0%	0.1%
Utilities	0.0%	1.6%

Return for Risk

NVDL vs. QTAP — Risk / Return Rank

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

NVDL

NVDL Risk / Return Rank: 17
NVDL Sharpe Ratio Rank: 15
NVDL Sortino Ratio Rank: 20
NVDL Omega Ratio Rank: 19
NVDL Calmar Ratio Rank: 17
NVDL Martin Ratio Rank: 16

QTAP

QTAP Risk / Return Rank: 97
QTAP Sharpe Ratio Rank: 96
QTAP Sortino Ratio Rank: 97
QTAP Omega Ratio Rank: 97
QTAP Calmar Ratio Rank: 97
QTAP Martin Ratio Rank: 98

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. QTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NVDA Daily ETF (NVDL) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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	QTAP	Difference
Sharpe ratio: Return per unit of total volatility	0.40	3.62	-3.22
Sortino ratio: Return per unit of downside risk	1.02	5.88	-4.85
Omega ratio: Gain probability vs. loss probability	1.12	1.91	-0.79
Calmar ratio: Return relative to maximum drawdown	0.66	8.80	-8.14
Martin ratio: Return relative to average drawdown	1.44	48.87	-47.44

NVDL vs. QTAP - Sharpe Ratio Comparison

The current NVDL Sharpe Ratio is 0.40, which is lower than the QTAP Sharpe Ratio of 3.62. The chart below compares the historical Sharpe Ratios of NVDL and QTAP, 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. QTAP - Drawdown Comparison

The maximum NVDL drawdown since its inception was -67.55%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for NVDL and QTAP.

Drawdown Indicators

	NVDL	QTAP	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-29.44%	-38.11%
Max Drawdown (1Y) Largest decline over 1 year	-42.23%	-2.49%	-39.74%
Max Drawdown (3Y) Largest decline over 3 years	-67.55%	-13.03%	-54.52%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.44%	—
Current Drawdown Current decline from peak	-33.24%	-1.36%	-31.88%
Average Drawdown Average peak-to-trough decline	-17.10%	-4.99%	-12.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.43%	0.45%	+18.98%

Volatility

NVDL vs. QTAP - Volatility Comparison

GraniteShares 2x Long NVDA Daily ETF (NVDL) has a higher volatility of 26.22% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 3.01%. This indicates that NVDL's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDL	QTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.22%	3.01%	+23.21%
Volatility (6M) Calculated over the trailing 6-month period	53.11%	4.94%	+48.17%
Volatility (1Y) Calculated over the trailing 1-year period	70.59%	6.05%	+64.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.34%	18.92%	+71.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.34%	18.70%	+71.64%

NVDL vs. QTAP - Expense Ratio Comparison

NVDL has a 1.05% expense ratio, which is higher than QTAP's 0.79% expense ratio.

Dividends

NVDL vs. QTAP - Dividend Comparison

Neither NVDL nor QTAP 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%
QTAP Innovator Growth Accelerated Plus ETF - April	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NVDL and QTAP in my portfolio?

NVDL and QTAP have a correlation of 0.51, 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 QTAP?

NVDL has higher volatility (26.22%) compared to QTAP (3.01%). In terms of maximum drawdown, NVDL dropped -67.55% vs QTAP's -29.44%.

Which ETF is better, NVDL or QTAP?

On 3-year performance, NVDL leads with 93.53% vs 20.17% for QTAP. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDL or QTAP?

Over the 3-year period, NVDL has performed better with a 93.53% return vs 20.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDL or QTAP?

QTAP is cheaper with a 0.79% expense ratio, compared with 1.05% for NVDL.

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

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

What is the main difference between NVDL and QTAP?

They also come from different issuers: GraniteShares and Innovator. Their fees differ too: 1.05% for NVDL and 0.79% for QTAP.

Which has better risk-adjusted returns?

QTAP currently has the higher Sharpe Ratio (3.62 vs 0.40), 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.