PLTM vs. NOWL

Last updated Aug 2, 2026

PLTM (GraniteShares Platinum Trust) and NOWL (GraniteShares 2x Long NOW Daily ETF) are both exchange-traded funds - PLTM is a Precious Metals fund tracking the Platinum London PM Fix ($/ozt), while NOWL is a Leveraged Equities fund actively managed by GraniteShares. PLTM is passively managed, while NOWL is actively managed. Over the past year, PLTM returned 24.86% vs -76.52% for NOWL. Their 0.02 correlation means their historical movements had little consistent relationship. PLTM charges 0.50%/yr vs 1.50%/yr for NOWL.

Performance

PLTM vs. NOWL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares Platinum Trust (PLTM) and GraniteShares 2x Long NOW Daily ETF (NOWL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PLTM achieves a -19.56% return, which is significantly higher than NOWL's -63.41% return.

PLTM

• 1D: -0.13%
• 1M: 2.06%
• 6M: -22.81%
• YTD: -19.56%
• 1Y: 24.86%
• 3Y*: 20.37%
• 5Y*: 8.97%
• 10Y*: —
• ALL TIME*: 5.60%

NOWL

• 1D: 2.14%
• 1M: 5.43%
• 6M: -34.34%
• YTD: -63.41%
• 1Y: -76.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -77.99%

*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)
NOWL GraniteShares 2x Long NOW Daily ETF	$112.35M	$97.45M	$114.36M
PLTM GraniteShares Platinum Trust	$1.27M	$1.47M	$3.03M

PLTM vs. NOWL - Yearly Performance Comparison

	2026 (YTD)	2025
PLTM GraniteShares Platinum Trust	-19.56%	50.27%
NOWL GraniteShares 2x Long NOW Daily ETF	-63.41%	-43.64%

Correlation

The correlation between PLTM and NOWL is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.01
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.02

Return for Risk

PLTM vs. NOWL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PLTM

PLTM Risk / Return Rank: 24
PLTM Sharpe Ratio Rank: 24
PLTM Sortino Ratio Rank: 26
PLTM Omega Ratio Rank: 29
PLTM Calmar Ratio Rank: 22
PLTM Martin Ratio Rank: 19

NOWL

NOWL Risk / Return Rank: 2
NOWL Sharpe Ratio Rank: 3
NOWL Sortino Ratio Rank: 3
NOWL Omega Ratio Rank: 3
NOWL Calmar Ratio Rank: 1
NOWL Martin Ratio Rank: 2

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PLTM vs. NOWL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares Platinum Trust (PLTM) and GraniteShares 2x Long NOW Daily ETF (NOWL). 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.

	PLTM	NOWL	Difference
Sharpe ratio: Return per unit of total volatility	0.54	-0.72	+1.26
Sortino ratio: Return per unit of downside risk	0.99	-1.13	+2.12
Omega ratio: Gain probability vs. loss probability	1.14	0.86	+0.28
Calmar ratio: Return relative to maximum drawdown	0.62	-0.92	+1.54
Martin ratio: Return relative to average drawdown	1.20	-1.34	+2.54

PLTM vs. NOWL - Sharpe Ratio Comparison

The current PLTM Sharpe Ratio is 0.54, which is higher than the NOWL Sharpe Ratio of -0.72. The chart below compares the historical Sharpe Ratios of PLTM and NOWL, 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

PLTM vs. NOWL - Drawdown Comparison

The maximum PLTM drawdown since its inception was -44.07%, smaller than the maximum NOWL drawdown of -86.64%. Use the drawdown chart below to compare losses from any high point for PLTM and NOWL.

Drawdown Indicators

	PLTM	NOWL	Difference
Max Drawdown Largest peak-to-trough decline	-44.07%	-86.64%	+42.57%
Max Drawdown (1Y) Largest decline over 1 year	-44.07%	-85.16%	+41.09%
Max Drawdown (3Y) Largest decline over 3 years	-44.07%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-44.07%	—	—
Current Drawdown Current decline from peak	-40.58%	-80.50%	+39.92%
Average Drawdown Average peak-to-trough decline	-18.95%	-52.61%	+33.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.75%	58.33%	-35.58%

Volatility

PLTM vs. NOWL - Volatility Comparison

The current volatility for GraniteShares Platinum Trust (PLTM) is 9.19%, while GraniteShares 2x Long NOW Daily ETF (NOWL) has a volatility of 34.79%. This indicates that PLTM experiences smaller price fluctuations and is considered to be less risky than NOWL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PLTM	NOWL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.19%	34.79%	-25.60%
Volatility (6M) Calculated over the trailing 6-month period	38.75%	98.80%	-60.05%
Volatility (1Y) Calculated over the trailing 1-year period	50.54%	108.39%	-57.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.15%	106.58%	-73.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.14%	106.58%	-75.44%

PLTM vs. NOWL - Expense Ratio Comparison

PLTM has a 0.50% expense ratio, which is lower than NOWL's 1.50% expense ratio.

Dividends

PLTM vs. NOWL - Dividend Comparison

Neither PLTM nor NOWL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PLTM and NOWL in my portfolio?

PLTM and NOWL have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PLTM or NOWL?

NOWL has higher volatility (34.79%) compared to PLTM (9.19%). In terms of maximum drawdown, PLTM dropped -44.07% vs NOWL's -86.64%.

Which ETF is better, PLTM or NOWL?

On 1-year performance, PLTM leads with 24.86% vs -76.52% for NOWL. On fees, PLTM is cheaper at 0.50% per year. On volatility, PLTM has been the lower-risk option at 9.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PLTM or NOWL?

Over the 1-year period, PLTM has performed better with a 24.86% return vs -76.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PLTM or NOWL?

PLTM is cheaper with a 0.50% expense ratio, compared with 1.50% for NOWL.

Which ETF pays a higher dividend yield, PLTM or NOWL?

PLTM and NOWL have nearly identical dividend yields, around 0.00%.

What is the main difference between PLTM and NOWL?

PLTM is categorized as Precious Metals, while NOWL is Leveraged Equities. Their fees differ too: 0.50% for PLTM and 1.50% for NOWL.

Which has better risk-adjusted returns?

PLTM currently has the higher Sharpe Ratio (0.54 vs -0.72), 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.