NVDX vs. NVDL

Last updated Jun 24, 2026

NVDX (T-REX 2X Long NVIDIA Daily Target ETF) and NVDL (GraniteShares 2x Long NVDA Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, NVDX returned 44.45% vs 52.74% for NVDL. With a 1.00 correlation, they move nearly in lockstep. Both charge a 1.05% expense ratio.

Performance

NVDX vs. NVDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-REX 2X Long NVIDIA Daily Target ETF (NVDX) and GraniteShares 2x Long NVDA Daily ETF (NVDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDX achieves a -0.29% return, which is significantly lower than NVDL's 2.41% return.

NVDX

• 1D: -8.23%
• 1M: -16.04%
• YTD: -0.29%
• 6M: -3.65%
• 1Y: 44.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDL

• 1D: -8.23%
• 1M: -15.60%
• YTD: 2.41%
• 6M: -0.74%
• 1Y: 52.74%
• 3Y*: 92.63%
• 5Y*: —
• 10Y*: —

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

NVDX vs. NVDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDX T-REX 2X Long NVIDIA Daily Target ETF	-0.29%	26.24%	384.03%	28.06%
NVDL GraniteShares 2x Long NVDA Daily ETF	2.41%	32.57%	344.58%	24.12%

Correlation

The correlation between NVDX 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 Oct 19, 2023	1.00

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

NVDX vs. NVDL - Sectors Allocation Comparison

Sectors	NVDX	NVDL
Technology	100.0%	100.0%
Basic Materials	-	0.0%
Communication Services	-	0.0%
Consumer Cyclical	-	0.0%
Consumer Defensive	-	0.0%
Energy	-	0.0%
Financial Services	-	100.0%
Healthcare	-	0.0%
Industrials	-	0.0%
Real Estate	-	0.0%
Utilities	-	0.0%

Return for Risk

NVDX vs. NVDL — Risk / Return Rank

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

NVDX

NVDX Risk / Return Rank: 22
NVDX Sharpe Ratio Rank: 19
NVDX Sortino Ratio Rank: 24
NVDX Omega Ratio Rank: 22
NVDX Calmar Ratio Rank: 23
NVDX Martin Ratio Rank: 20

NVDL

NVDL Risk / Return Rank: 24
NVDL Sharpe Ratio Rank: 22
NVDL Sortino Ratio Rank: 26
NVDL Omega Ratio Rank: 25
NVDL Calmar Ratio Rank: 26
NVDL Martin Ratio Rank: 23

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.

NVDX vs. NVDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Long NVIDIA Daily Target ETF (NVDX) 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.

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.

	NVDX	NVDL	Difference
Sharpe ratio: Return per unit of total volatility	0.63	0.75	-0.12
Sortino ratio: Return per unit of downside risk	1.29	1.41	-0.12
Omega ratio: Gain probability vs. loss probability	1.15	1.17	-0.02
Calmar ratio: Return relative to maximum drawdown	1.02	1.25	-0.23
Martin ratio: Return relative to average drawdown	2.22	2.75	-0.53

NVDX vs. NVDL - Sharpe Ratio Comparison

The current NVDX Sharpe Ratio is 0.63, which is comparable to the NVDL Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of NVDX 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.

Drawdowns

NVDX vs. NVDL - Drawdown Comparison

The maximum NVDX drawdown since its inception was -68.19%, roughly equal to the maximum NVDL drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for NVDX and NVDL.

Drawdown Indicators

	NVDX	NVDL	Difference
Max Drawdown Largest peak-to-trough decline	-68.19%	-67.55%	-0.64%
Max Drawdown (1Y) Largest decline over 1 year	-43.76%	-42.23%	-1.53%
Max Drawdown (3Y) Largest decline over 3 years	—	-67.55%	—
Current Drawdown Current decline from peak	-30.55%	-30.16%	-0.39%
Average Drawdown Average peak-to-trough decline	-20.34%	-17.07%	-3.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.08%	19.22%	+0.86%

Volatility

NVDX vs. NVDL - Volatility Comparison

T-REX 2X Long NVIDIA Daily Target ETF (NVDX) and GraniteShares 2x Long NVDA Daily ETF (NVDL) have volatilities of 26.46% and 26.32%, 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

	NVDX	NVDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.46%	26.32%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	53.70%	53.60%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	70.94%	70.66%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	95.51%	90.42%	+5.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	95.51%	90.42%	+5.09%

NVDX vs. NVDL - Expense Ratio Comparison

Both NVDX and NVDL have an expense ratio of 1.05%.

Dividends

NVDX vs. NVDL - Dividend Comparison

NVDX's dividend yield for the trailing twelve months is around 3.36%, 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%
NVDX T-REX 2X Long NVIDIA Daily Target ETF	3.36%	3.35%	15.48%	0.00%

Frequently Asked Questions

Can I hold both NVDX and NVDL in my portfolio?

With a correlation of 1.00, NVDX 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, NVDX or NVDL?

NVDX has higher volatility (26.46%) compared to NVDL (26.32%). In terms of maximum drawdown, NVDX dropped -68.19% vs NVDL's -67.55%.

Which ETF is better, NVDX or NVDL?

On 1-year performance, NVDL leads with 52.74% vs 44.45% for NVDX. Both ETFs have the same 1.05% expense ratio. On volatility, NVDL has been the lower-risk option at 26.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDX or NVDL?

Over the 1-year period, NVDL has performed better with a 52.74% return vs 44.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDX or NVDL?

NVDX and NVDL have the same expense ratio: 1.05% per year.

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

NVDX has the higher dividend yield at 3.36%, compared with 0.00% for NVDL.

What is the main difference between NVDX and NVDL?

They also come from different issuers: REX and GraniteShares.

Which has better risk-adjusted returns?

NVDL currently has the higher Sharpe Ratio (0.75 vs 0.63), 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.