NVDU vs. NVDL

Last updated Jun 3, 2026

NVDU (Direxion Daily NVDA Bull 2X Shares ETF) and NVDL (GraniteShares 2x Long NVDA Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, NVDU returned 110.52% vs 109.97% for NVDL. With a 1.00 correlation, they move nearly in lockstep. NVDU charges 1.04%/yr vs 1.15%/yr for NVDL.

Performance

NVDU vs. NVDL - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with NVDU having a 29.37% return and NVDL slightly lower at 29.19%.

NVDU

• 1D: -1.47%
• 1M: 23.27%
• YTD: 29.37%
• 6M: 34.58%
• 1Y: 110.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDL

• 1D: -1.46%
• 1M: 23.29%
• YTD: 29.19%
• 6M: 34.48%
• 1Y: 109.97%
• 3Y*: 114.97%
• 5Y*: —
• 10Y*: —

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

NVDU vs. NVDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDU Direxion Daily NVDA Bull 2X Shares ETF	29.37%	33.65%	289.29%	9.96%
NVDL GraniteShares 2x Long NVDA Daily ETF	29.19%	32.57%	344.58%	9.34%

Correlation

The correlation between NVDU and NVDL is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	1.00

The correlation between NVDU and NVDL has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

NVDU vs. NVDL - Sectors Allocation Comparison

Sectors	NVDU	NVDL
Technology	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	100.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

NVDU vs. NVDL — Risk / Return Rank

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

NVDU

NVDU Risk / Return Rank: 45
NVDU Sharpe Ratio Rank: 47
NVDU Sortino Ratio Rank: 44
NVDU Omega Ratio Rank: 41
NVDU Calmar Ratio Rank: 56
NVDU Martin Ratio Rank: 40

NVDL

NVDL Risk / Return Rank: 45
NVDL Sharpe Ratio Rank: 46
NVDL Sortino Ratio Rank: 44
NVDL Omega Ratio Rank: 40
NVDL Calmar Ratio Rank: 55
NVDL Martin Ratio Rank: 40

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.

NVDU vs. NVDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NVDA Bull 2X Shares ETF (NVDU) and GraniteShares 2x Long NVDA Daily ETF (NVDL). 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.

	NVDU	NVDL	Difference
Sharpe ratio Return per unit of total volatility	1.64	1.63	+0.01
Sortino ratio Return per unit of downside risk	2.21	2.20	+0.01
Omega ratio Gain probability vs. loss probability	1.27	1.26	0.00
Calmar ratio Return relative to maximum drawdown	2.80	2.80	0.00
Martin ratio Return relative to average drawdown	6.42	6.43	-0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVDU vs. NVDL - Sharpe Ratio Comparison

The current NVDU Sharpe Ratio is 1.64, which is comparable to the NVDL Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of NVDU and NVDL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NVDU	NVDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	1.63	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	1.84	-0.63

Drawdowns

NVDU vs. NVDL - Drawdown Comparison

The maximum NVDU drawdown since its inception was -67.27%, roughly equal to the maximum NVDL drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for NVDU and NVDL.

Drawdown Indicators

	NVDU	NVDL	Difference
Max Drawdown Largest peak-to-trough decline	-67.27%	-67.55%	+0.28%
Max Drawdown (1Y) Largest decline over 1 year	-42.27%	-42.23%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-67.55%	—
Current Drawdown Current decline from peak	-11.89%	-11.89%	0.00%
Average Drawdown Average peak-to-trough decline	-18.84%	-16.96%	-1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.44%	18.35%	+0.09%

Volatility

NVDU vs. NVDL - Volatility Comparison

Direxion Daily NVDA Bull 2X Shares ETF (NVDU) and GraniteShares 2x Long NVDA Daily ETF (NVDL) have volatilities of 23.20% and 23.30%, 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

	NVDU	NVDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.20%	23.30%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	49.98%	50.31%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	67.67%	67.87%	-0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	91.00%	90.38%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.00%	90.38%	+0.62%

NVDU vs. NVDL - Expense Ratio Comparison

NVDU has a 1.04% expense ratio, which is lower than NVDL's 1.15% expense ratio.

Dividends

NVDU vs. NVDL - Dividend Comparison

NVDU's dividend yield for the trailing twelve months is around 4.48%, while NVDL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%
NVDU Direxion Daily NVDA Bull 2X Shares ETF	4.48%	5.68%	16.85%	0.63%

Frequently Asked Questions

Can I hold both NVDU and NVDL in my portfolio?

With a correlation of 1.00, NVDU and NVDL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NVDU or NVDL?

NVDL has higher volatility (23.30%) compared to NVDU (23.20%). In terms of maximum drawdown, NVDU dropped -67.27% vs NVDL's -67.55%.

Which ETF is better, NVDU or NVDL?

On 1-year performance, NVDU leads with 110.52% vs 109.97% for NVDL. On fees, NVDU is cheaper at 1.04% per year. On volatility, NVDU has been the lower-risk option at 23.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDU or NVDL?

Over the 1-year period, NVDU has performed better with a 110.52% return vs 109.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDU or NVDL?

NVDU is cheaper with a 1.04% expense ratio, compared with 1.15% for NVDL.

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

NVDU has the higher dividend yield at 4.48%, compared with 0.00% for NVDL.

What is the main difference between NVDU and NVDL?

They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 1.04% for NVDU and 1.15% for NVDL.

Which has better risk-adjusted returns?

NVDU currently has the higher Sharpe Ratio (1.64 vs 1.63), 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.