NVDL vs. TSMG

Last updated Apr 3, 2026

Compare and contrast key facts about GraniteShares 2x Long NVDA Daily ETF (NVDL) and Leverage Shares 2X Long TSM Daily ETF (TSMG).

NVDL and TSMG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NVDL is an actively managed fund by GraniteShares. It was launched on Dec 13, 2022. TSMG is an actively managed fund by Leverage Shares. It was launched on Jan 14, 2025.

Performance

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

NVDL vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
NVDL GraniteShares 2x Long NVDA Daily ETF	-14.77%	39.45%
TSMG Leverage Shares 2X Long TSM Daily ETF	16.16%	76.34%

Returns By Period

In the year-to-date period, NVDL achieves a -14.77% return, which is significantly lower than TSMG's 16.16% return.

NVDL

• 1D: 1.74%
• 1M: -4.85%
• YTD: -14.77%
• 6M: -21.82%
• 1Y: 95.44%
• 3Y*: 119.23%
• 5Y*: —
• 10Y*: —

TSMG

• 1D: -2.27%
• 1M: -10.54%
• YTD: 16.16%
• 6M: 22.55%
• 1Y: 210.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDL vs. TSMG - Expense Ratio Comparison

NVDL has a 1.15% expense ratio, which is higher than TSMG's 0.75% expense ratio.

NVDL

GraniteShares 2x Long NVDA Daily ETF

TSMG

Leverage Shares 2X Long TSM Daily ETF

Return for Risk

NVDL vs. TSMG — Risk / Return Rank

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

NVDL

NVDL Risk / Return Rank: 63
NVDL Sharpe Ratio Rank: 62
NVDL Sortino Ratio Rank: 72
NVDL Omega Ratio Rank: 61
NVDL Calmar Ratio Rank: 74
NVDL Martin Ratio Rank: 48

TSMG

TSMG Risk / Return Rank: 94
TSMG Sharpe Ratio Rank: 96
TSMG Sortino Ratio Rank: 93
TSMG Omega Ratio Rank: 87
TSMG Calmar Ratio Rank: 98
TSMG Martin Ratio Rank: 96

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. TSMG - 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 TSM Daily ETF (TSMG). 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.

	NVDL	TSMG	Difference
Sharpe ratio Return per unit of total volatility	1.17	2.75	-1.58
Sortino ratio Return per unit of downside risk	1.93	2.96	-1.04
Omega ratio Gain probability vs. loss probability	1.24	1.37	-0.13
Calmar ratio Return relative to maximum drawdown	2.27	6.17	-3.90
Martin ratio Return relative to average drawdown	5.42	18.89	-13.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVDL vs. TSMG - Sharpe Ratio Comparison

The current NVDL Sharpe Ratio is 1.17, which is lower than the TSMG Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of NVDL and TSMG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NVDL	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.17	2.75	-1.58
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	1.00	+0.61

Correlation

The correlation between NVDL and TSMG is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

NVDL vs. TSMG - Dividend Comparison

NVDL has not paid dividends to shareholders, while TSMG's dividend yield for the trailing twelve months is around 9.89%.

	TTM	2025	2024	2023
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%
TSMG Leverage Shares 2X Long TSM Daily ETF	9.89%	11.48%	0.00%	0.00%

Drawdowns

NVDL vs. TSMG - Drawdown Comparison

The maximum NVDL drawdown since its inception was -67.55%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for NVDL and TSMG.

Drawdown Indicators

	NVDL	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-67.55%	-63.67%	-3.88%
Max Drawdown (1Y) Largest decline over 1 year	-42.23%	-35.29%	-6.94%
Current Drawdown Current decline from peak	-33.61%	-26.32%	-7.29%
Average Drawdown Average peak-to-trough decline	-17.07%	-18.27%	+1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.73%	11.53%	+6.20%

Volatility

NVDL vs. TSMG - Volatility Comparison

The current volatility for GraniteShares 2x Long NVDA Daily ETF (NVDL) is 20.45%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 27.87%. This indicates that NVDL experiences smaller price fluctuations and is considered to be less risky than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDL	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.45%	27.87%	-7.42%
Volatility (6M) Calculated over the trailing 6-month period	51.45%	54.35%	-2.90%
Volatility (1Y) Calculated over the trailing 1-year period	81.86%	77.05%	+4.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	91.07%	81.13%	+9.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.07%	81.13%	+9.94%