SMUP vs. DLLL

Last updated Aug 1, 2026

SMUP (T-REX 2X Long SMR Daily Target ETF) and DLLL (GraniteShares 2x Long DELL Daily ETF) are both Leveraged Equities funds. SMUP is actively managed, while DLLL is passively managed. Over the past year, SMUP returned -98.90% vs 526.11% for DLLL. Their 0.31 correlation means their historical movements had little consistent relationship. Both charge a 1.50% expense ratio.

Performance

SMUP vs. DLLL - Performance Comparison

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

Returns By Period

In the year-to-date period, SMUP achieves a -81.65% return, which is significantly lower than DLLL's 615.57% return.

SMUP

• 1D: -4.68%
• 1M: -31.41%
• 6M: -86.68%
• YTD: -81.65%
• 1Y: -98.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -99.09%

DLLL

• 1D: 0.15%
• 1M: -0.53%
• 6M: 775.99%
• YTD: 615.57%
• 1Y: 526.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 275.30%

*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)
DLLL GraniteShares 2x Long DELL Daily ETF	$23.39M	$34.88M	$51.04M
SMUP T-REX 2X Long SMR Daily Target ETF	$628.22K	$794.08K	$1.84M

SMUP vs. DLLL - Yearly Performance Comparison

	2026 (YTD)	2025
SMUP T-REX 2X Long SMR Daily Target ETF	-81.65%	-95.38%
DLLL GraniteShares 2x Long DELL Daily ETF	615.57%	-14.23%

Correlation

The correlation between SMUP and DLLL is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.31
Correlation (All Time) Calculated using the full available price history since Jul 25, 2025	0.31

Return for Risk

SMUP vs. DLLL — Risk / Return Rank

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

SMUP

SMUP Risk / Return Rank: 2
SMUP Sharpe Ratio Rank: 5
SMUP Sortino Ratio Rank: 1
SMUP Omega Ratio Rank: 1
SMUP Calmar Ratio Rank: 0
SMUP Martin Ratio Rank: 3

DLLL

DLLL Risk / Return Rank: 94
DLLL Sharpe Ratio Rank: 97
DLLL Sortino Ratio Rank: 93
DLLL Omega Ratio Rank: 91
DLLL Calmar Ratio Rank: 97
DLLL Martin Ratio Rank: 92

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.

SMUP vs. DLLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Long SMR Daily Target ETF (SMUP) and GraniteShares 2x Long DELL Daily ETF (DLLL). 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.

	SMUP	DLLL	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	3.40	-3.90
Sortino ratio: Return per unit of downside risk	-1.95	3.57	-5.51
Omega ratio: Gain probability vs. loss probability	0.80	1.43	-0.63
Calmar ratio: Return relative to maximum drawdown	-1.00	8.37	-9.37
Martin ratio: Return relative to average drawdown	-1.19	16.29	-17.47

SMUP vs. DLLL - Sharpe Ratio Comparison

The current SMUP Sharpe Ratio is -0.49, which is lower than the DLLL Sharpe Ratio of 3.40. The chart below compares the historical Sharpe Ratios of SMUP and DLLL, 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

SMUP vs. DLLL - Drawdown Comparison

The maximum SMUP drawdown since its inception was -99.35%, which is greater than DLLL's maximum drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for SMUP and DLLL.

Drawdown Indicators

	SMUP	DLLL	Difference
Max Drawdown Largest peak-to-trough decline	-99.35%	-68.58%	-30.77%
Max Drawdown (1Y) Largest decline over 1 year	-99.23%	-57.19%	-42.04%
Current Drawdown Current decline from peak	-99.21%	-32.31%	-66.90%
Average Drawdown Average peak-to-trough decline	-81.94%	-25.81%	-56.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	85.24%	29.32%	+55.92%

Volatility

SMUP vs. DLLL - Volatility Comparison

T-REX 2X Long SMR Daily Target ETF (SMUP) and GraniteShares 2x Long DELL Daily ETF (DLLL) have volatilities of 52.80% and 52.08%, 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

	SMUP	DLLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	52.80%	52.08%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	133.94%	114.38%	+19.56%
Volatility (1Y) Calculated over the trailing 1-year period	201.28%	140.57%	+60.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	200.19%	132.69%	+67.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	200.19%	132.69%	+67.50%

SMUP vs. DLLL - Expense Ratio Comparison

Both SMUP and DLLL have an expense ratio of 1.50%.

Dividends

SMUP vs. DLLL - Dividend Comparison

SMUP's dividend yield for the trailing twelve months is around 123.10%, while DLLL has not paid dividends to shareholders.

Position	TTM	2025
DLLL GraniteShares 2x Long DELL Daily ETF	0.00%	0.00%
SMUP T-REX 2X Long SMR Daily Target ETF	123.10%	22.59%

Frequently Asked Questions

Can I hold both SMUP and DLLL in my portfolio?

SMUP and DLLL have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMUP or DLLL?

SMUP has higher volatility (52.80%) compared to DLLL (52.08%). In terms of maximum drawdown, SMUP dropped -99.35% vs DLLL's -68.58%.

Which ETF is better, SMUP or DLLL?

On 1-year performance, DLLL leads with 526.11% vs -98.90% for SMUP. Both ETFs have the same 1.50% expense ratio. On volatility, DLLL has been the lower-risk option at 52.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMUP or DLLL?

Over the 1-year period, DLLL has performed better with a 526.11% return vs -98.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMUP or DLLL?

SMUP and DLLL have the same expense ratio: 1.50% per year.

Which ETF pays a higher dividend yield, SMUP or DLLL?

SMUP has the higher dividend yield at 123.10%, compared with 0.00% for DLLL.

What is the main difference between SMUP and DLLL?

They also come from different issuers: T-Rex and GraniteShares.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (3.40 vs -0.49), 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.