NVDL vs. TQQQ

Last updated Jul 24, 2026

NVDL (GraniteShares 2x Long NVDA Daily ETF) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds. NVDL is actively managed, while TQQQ is passively managed. Over the past 3 years, NVDL returned 92.08%/yr vs 47.38%/yr for TQQQ. A 0.72 correlation means they provide meaningful diversification when combined. NVDL charges 1.05%/yr vs 0.95%/yr for TQQQ.

Performance

NVDL vs. TQQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, NVDL achieves a 9.18% return, which is significantly lower than TQQQ's 26.26% return.

NVDL

• 1D: -3.20%
• 1M: 6.61%
• 6M: 12.40%
• YTD: 9.18%
• 1Y: 17.97%
• 3Y*: 92.08%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 142.41%

TQQQ

• 1D: -5.66%
• 1M: -10.73%
• 6M: 23.49%
• YTD: 26.26%
• 1Y: 51.93%
• 3Y*: 47.38%
• 5Y*: 15.30%
• 10Y*: 40.28%
• ALL TIME*: 42.62%

*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	$414.24M	$415.78M	$745.29M
TQQQ ProShares UltraPro QQQ	$4.14B	$4.78B	$5.30B

NVDL vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NVDL GraniteShares 2x Long NVDA Daily ETF	9.18%	32.57%	344.58%	432.18%	-28.71%
TQQQ ProShares UltraPro QQQ	26.26%	34.35%	58.27%	198.04%	-19.68%

Correlation

The correlation between NVDL and TQQQ is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Dec 13, 2022	0.72

The correlation between NVDL and TQQQ has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.

NVDL vs. TQQQ - Sectors Allocation Comparison

Sectors	NVDL	TQQQ
Financial Services	100.0%	0.2%
Technology	100.0%	53.8%
Basic Materials	0.0%	1.1%
Communication Services	0.0%	15.8%
Consumer Cyclical	0.0%	12.3%
Consumer Defensive	0.0%	7.7%
Energy	0.0%	0.6%
Healthcare	0.0%	4.2%
Industrials	0.0%	2.8%
Real Estate	0.0%	0.1%
Utilities	0.0%	1.4%

Return for Risk

NVDL vs. TQQQ — Risk / Return Rank

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

NVDL

NVDL Risk / Return Rank: 19
NVDL Sharpe Ratio Rank: 16
NVDL Sortino Ratio Rank: 22
NVDL Omega Ratio Rank: 21
NVDL Calmar Ratio Rank: 18
NVDL Martin Ratio Rank: 17

TQQQ

TQQQ Risk / Return Rank: 36
TQQQ Sharpe Ratio Rank: 35
TQQQ Sortino Ratio Rank: 36
TQQQ Omega Ratio Rank: 36
TQQQ Calmar Ratio Rank: 37
TQQQ Martin Ratio Rank: 37

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. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NVDA Daily ETF (NVDL) and ProShares UltraPro QQQ (TQQQ). 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	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.25	0.93	-0.67
Sortino ratio: Return per unit of downside risk	0.86	1.46	-0.60
Omega ratio: Gain probability vs. loss probability	1.10	1.19	-0.09
Calmar ratio: Return relative to maximum drawdown	0.43	1.41	-0.98
Martin ratio: Return relative to average drawdown	0.86	4.17	-3.31

NVDL vs. TQQQ - Sharpe Ratio Comparison

The current NVDL Sharpe Ratio is 0.25, which is lower than the TQQQ Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of NVDL and TQQQ, 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. TQQQ - Drawdown Comparison

The maximum NVDL drawdown since its inception was -67.55%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for NVDL and TQQQ.

Drawdown Indicators

	NVDL	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-81.66%	+14.11%
Max Drawdown (1Y) Largest decline over 1 year	-42.23%	-36.97%	-5.26%
Max Drawdown (3Y) Largest decline over 3 years	-67.55%	-58.04%	-9.51%
Max Drawdown (5Y) Largest decline over 5 years	—	-81.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-81.66%	—
Current Drawdown Current decline from peak	-25.54%	-23.81%	-1.73%
Average Drawdown Average peak-to-trough decline	-17.35%	-18.48%	+1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.01%	12.50%	+8.51%

Volatility

NVDL vs. TQQQ - Volatility Comparison

GraniteShares 2x Long NVDA Daily ETF (NVDL) and ProShares UltraPro QQQ (TQQQ) have volatilities of 20.30% and 19.84%, 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	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.30%	19.84%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	54.57%	46.33%	+8.24%
Volatility (1Y) Calculated over the trailing 1-year period	71.46%	56.25%	+15.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.98%	67.86%	+22.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.98%	66.46%	+23.52%

NVDL vs. TQQQ - Expense Ratio Comparison

NVDL has a 1.05% expense ratio, which is higher than TQQQ's 0.95% expense ratio.

Dividends

NVDL vs. TQQQ - Dividend Comparison

NVDL has not paid dividends to shareholders, while TQQQ's dividend yield for the trailing twelve months is around 0.57%.

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%
TQQQ ProShares UltraPro QQQ	0.57%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%

Frequently Asked Questions

Can I hold both NVDL and TQQQ in my portfolio?

NVDL and TQQQ have a correlation of 0.65, 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 TQQQ?

NVDL has higher volatility (20.30%) compared to TQQQ (19.84%). In terms of maximum drawdown, NVDL dropped -67.55% vs TQQQ's -81.66%.

Which ETF is better, NVDL or TQQQ?

On 3-year performance, NVDL leads with 92.08% vs 47.38% for TQQQ. On fees, TQQQ is cheaper at 0.95% per year. On volatility, TQQQ has been the lower-risk option at 19.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDL or TQQQ?

Over the 3-year period, NVDL has performed better with a 92.08% return vs 47.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDL or TQQQ?

TQQQ is cheaper with a 0.95% expense ratio, compared with 1.05% for NVDL.

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

TQQQ has the higher dividend yield at 0.57%, compared with 0.00% for NVDL.

What is the main difference between NVDL and TQQQ?

They also come from different issuers: GraniteShares and ProShares. Their fees differ too: 1.05% for NVDL and 0.95% for TQQQ.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (0.93 vs 0.25), 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.