NVDL vs. SMPIX

Last updated Jun 16, 2026

NVDL (GraniteShares 2x Long NVDA Daily ETF) and SMPIX (ProFunds Semiconductor UltraSector Fund) are both Leveraged Equities funds. Over the past 3 years, NVDL returned 99.48%/yr vs -10.34%/yr for SMPIX. Their correlation of 0.90 suggests significant overlap in exposure. NVDL charges 1.05%/yr vs 1.49%/yr for SMPIX.

Performance

NVDL vs. SMPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long NVDA Daily ETF (NVDL) and ProFunds Semiconductor UltraSector Fund (SMPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDL achieves a 16.15% return, which is significantly lower than SMPIX's 64.10% return.

NVDL

• 1D: 7.05%
• 1M: -12.95%
• YTD: 16.15%
• 6M: 28.66%
• 1Y: 78.08%
• 3Y*: 99.48%
• 5Y*: —
• 10Y*: —

SMPIX

• 1D: 1.30%
• 1M: 2.63%
• YTD: 64.10%
• 6M: 74.65%
• 1Y: 154.32%
• 3Y*: -10.34%
• 5Y*: 0.33%
• 10Y*: 19.12%

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

NVDL vs. SMPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NVDL GraniteShares 2x Long NVDA Daily ETF	16.15%	32.57%	344.58%	432.18%	-28.71%
SMPIX ProFunds Semiconductor UltraSector Fund	64.10%	56.35%	-77.32%	155.37%	-14.13%

Correlation

The correlation between NVDL and SMPIX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Dec 13, 2022	0.90

The correlation between NVDL and SMPIX has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

Return for Risk

NVDL vs. SMPIX — Risk / Return Rank

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

NVDL

NVDL Risk / Return Rank: 35
NVDL Sharpe Ratio Rank: 34
NVDL Sortino Ratio Rank: 36
NVDL Omega Ratio Rank: 34
NVDL Calmar Ratio Rank: 41
NVDL Martin Ratio Rank: 32

SMPIX

SMPIX Risk / Return Rank: 87
SMPIX Sharpe Ratio Rank: 95
SMPIX Sortino Ratio Rank: 75
SMPIX Omega Ratio Rank: 75
SMPIX Calmar Ratio Rank: 97
SMPIX Martin Ratio Rank: 94

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. SMPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NVDA Daily ETF (NVDL) and ProFunds Semiconductor UltraSector Fund (SMPIX). 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	SMPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.12	2.94	-1.82
Sortino ratio: Return per unit of downside risk	1.76	3.08	-1.32
Omega ratio: Gain probability vs. loss probability	1.21	1.41	-0.20
Calmar ratio: Return relative to maximum drawdown	1.86	6.44	-4.58
Martin ratio: Return relative to average drawdown	4.15	18.72	-14.57

NVDL vs. SMPIX - Sharpe Ratio Comparison

The current NVDL Sharpe Ratio is 1.12, which is lower than the SMPIX Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of NVDL and SMPIX, 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. SMPIX - Drawdown Comparison

The maximum NVDL drawdown since its inception was -67.55%, smaller than the maximum SMPIX drawdown of -94.52%. Use the drawdown chart below to compare losses from any high point for NVDL and SMPIX.

Drawdown Indicators

	NVDL	SMPIX	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-94.52%	+26.97%
Max Drawdown (1Y) Largest decline over 1 year	-42.23%	-22.72%	-19.51%
Max Drawdown (3Y) Largest decline over 3 years	-67.55%	-94.52%	+26.97%
Max Drawdown (5Y) Largest decline over 5 years	—	-94.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-94.52%	—
Current Drawdown Current decline from peak	-20.79%	-75.23%	+54.44%
Average Drawdown Average peak-to-trough decline	-17.02%	-57.63%	+40.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.88%	7.81%	+11.07%

Volatility

NVDL vs. SMPIX - Volatility Comparison

GraniteShares 2x Long NVDA Daily ETF (NVDL) has a higher volatility of 25.91% compared to ProFunds Semiconductor UltraSector Fund (SMPIX) at 22.44%. This indicates that NVDL's price experiences larger fluctuations and is considered to be riskier than SMPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDL	SMPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.91%	22.44%	+3.47%
Volatility (6M) Calculated over the trailing 6-month period	53.48%	39.97%	+13.51%
Volatility (1Y) Calculated over the trailing 1-year period	70.01%	49.82%	+20.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.45%	71.25%	+19.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.45%	59.50%	+30.95%

NVDL vs. SMPIX - Expense Ratio Comparison

NVDL has a 1.05% expense ratio, which is lower than SMPIX's 1.49% expense ratio.

Dividends

NVDL vs. SMPIX - Dividend Comparison

NVDL has not paid dividends to shareholders, while SMPIX's dividend yield for the trailing twelve months is around 7.93%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMPIX ProFunds Semiconductor UltraSector Fund	7.93%	13.02%	0.16%	0.00%	0.00%	6.57%	0.00%	2.26%	40.03%	0.11%	0.45%	0.68%

Frequently Asked Questions

Can I hold both NVDL and SMPIX in my portfolio?

NVDL and SMPIX have a correlation of 0.86, 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 SMPIX?

NVDL has higher volatility (25.91%) compared to SMPIX (22.44%). In terms of maximum drawdown, NVDL dropped -67.55% vs SMPIX's -94.52%.

Which has better risk-adjusted returns?

SMPIX currently has the higher Sharpe Ratio (2.94 vs 1.12), 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.