QTAP vs. NVDL

Last updated Aug 6, 2026

QTAP (Innovator Growth Accelerated Plus ETF - April) and NVDL (GraniteShares 2x Long NVDA Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past 3 years, QTAP returned 20.08%/yr vs 97.81%/yr for NVDL. Their 0.65 correlation means they have sometimes moved together and sometimes differently. QTAP charges 0.79%/yr vs 1.05%/yr for NVDL.

Performance

QTAP vs. NVDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth Accelerated Plus ETF - April (QTAP) 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, QTAP achieves a 15.59% return, which is significantly lower than NVDL's 19.13% return.

QTAP

• 1D: 0.03%
• 1M: 1.24%
• 6M: 15.02%
• YTD: 15.59%
• 1Y: 21.61%
• 3Y*: 20.08%
• 5Y*: 12.49%
• 10Y*: —
• ALL TIME*: 13.79%

NVDL

• 1D: 6.85%
• 1M: 22.50%
• 6M: 38.93%
• YTD: 19.13%
• 1Y: 19.05%
• 3Y*: 97.81%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 146.14%

*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	$380.97M	$415.87M	$666.11M
QTAP Innovator Growth Accelerated Plus ETF - April	$241.79K	$219.11K	$201.05K

QTAP vs. NVDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QTAP Innovator Growth Accelerated Plus ETF - April	15.59%	19.36%	17.34%	43.32%	-6.90%
NVDL GraniteShares 2x Long NVDA Daily ETF	19.13%	32.57%	344.58%	432.18%	-28.71%

Correlation

The correlation between QTAP and NVDL is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.52
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (All Time) Calculated using the full available price history since Dec 13, 2022	0.65

The correlation between QTAP and NVDL shifts across timeframes, from 0.52 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

QTAP vs. NVDL - Sectors Allocation Comparison

Sectors	QTAP	NVDL
Technology	50.7%	100.0%
Communication Services	15.8%	0.0%
Consumer Cyclical	12.5%	0.0%
Consumer Defensive	8.7%	0.0%
Healthcare	5.1%	0.0%
Industrials	3.3%	0.0%
Utilities	1.6%	0.0%
Basic Materials	1.3%	0.0%
Energy	0.7%	0.0%
Financial Services	0.2%	100.0%
Real Estate	0.1%	0.0%

Return for Risk

QTAP vs. NVDL — Risk / Return Rank

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

QTAP

QTAP Risk / Return Rank: 97
QTAP Sharpe Ratio Rank: 96
QTAP Sortino Ratio Rank: 97
QTAP Omega Ratio Rank: 97
QTAP Calmar Ratio Rank: 97
QTAP Martin Ratio Rank: 97

NVDL

NVDL Risk / Return Rank: 18
NVDL Sharpe Ratio Rank: 15
NVDL Sortino Ratio Rank: 22
NVDL Omega Ratio Rank: 21
NVDL Calmar Ratio Rank: 17
NVDL Martin Ratio Rank: 16

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.

QTAP vs. NVDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth Accelerated Plus ETF - April (QTAP) 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.

	QTAP	NVDL	Difference
Sharpe ratio: Return per unit of total volatility	3.29	0.26	+3.03
Sortino ratio: Return per unit of downside risk	5.33	0.88	+4.45
Omega ratio: Gain probability vs. loss probability	1.78	1.10	+0.68
Calmar ratio: Return relative to maximum drawdown	7.72	0.45	+7.27
Martin ratio: Return relative to average drawdown	37.02	0.88	+36.14

QTAP vs. NVDL - Sharpe Ratio Comparison

The current QTAP Sharpe Ratio is 3.29, which is higher than the NVDL Sharpe Ratio of 0.26. The chart below compares the historical Sharpe Ratios of QTAP 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

QTAP vs. NVDL - Drawdown Comparison

The maximum QTAP drawdown since its inception was -29.44%, smaller than the maximum NVDL drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for QTAP and NVDL.

Drawdown Indicators

	QTAP	NVDL	Difference
Max Drawdown Largest peak-to-trough decline	-29.44%	-67.55%	+38.11%
Max Drawdown (1Y) Largest decline over 1 year	-2.81%	-42.23%	+39.42%
Max Drawdown (3Y) Largest decline over 3 years	-13.03%	-67.55%	+54.52%
Max Drawdown (5Y) Largest decline over 5 years	-29.44%	—	—
Current Drawdown Current decline from peak	0.00%	-18.75%	+18.75%
Average Drawdown Average peak-to-trough decline	-4.90%	-17.47%	+12.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	21.78%	-21.19%

Volatility

QTAP vs. NVDL - Volatility Comparison

The current volatility for Innovator Growth Accelerated Plus ETF - April (QTAP) is 2.79%, while GraniteShares 2x Long NVDA Daily ETF (NVDL) has a volatility of 25.53%. This indicates that QTAP experiences smaller price fluctuations and is considered to be less risky than NVDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QTAP	NVDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	25.53%	-22.74%
Volatility (6M) Calculated over the trailing 6-month period	5.78%	56.52%	-50.74%
Volatility (1Y) Calculated over the trailing 1-year period	6.60%	72.65%	-66.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.94%	90.01%	-71.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.55%	90.01%	-71.46%

QTAP vs. NVDL - Expense Ratio Comparison

QTAP has a 0.79% expense ratio, which is lower than NVDL's 1.05% expense ratio.

Dividends

QTAP vs. NVDL - Dividend Comparison

Neither QTAP nor NVDL has paid dividends to shareholders.

Position	TTM	2025	2024	2023
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%
QTAP Innovator Growth Accelerated Plus ETF - April	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QTAP and NVDL in my portfolio?

QTAP and NVDL have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QTAP or NVDL?

NVDL has higher volatility (25.53%) compared to QTAP (2.79%). In terms of maximum drawdown, QTAP dropped -29.44% vs NVDL's -67.55%.

Which ETF is better, QTAP or NVDL?

On 3-year performance, NVDL leads with 97.81% vs 20.08% for QTAP. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 2.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QTAP or NVDL?

Over the 3-year period, NVDL has performed better with a 97.81% return vs 20.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QTAP or NVDL?

QTAP is cheaper with a 0.79% expense ratio, compared with 1.05% for NVDL.

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

QTAP and NVDL have nearly identical dividend yields, around 0.00%.

What is the main difference between QTAP and NVDL?

They also come from different issuers: Innovator and GraniteShares. Their fees differ too: 0.79% for QTAP and 1.05% for NVDL.

Which has better risk-adjusted returns?

QTAP currently has the higher Sharpe Ratio (3.29 vs 0.26), 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.