SOUX vs. DLLL

Last updated Jul 17, 2026

SOUX (Defiance Daily Target 2X Long SOUN ETF) and DLLL (GraniteShares 2x Long DELL Daily ETF) are both Leveraged Equities funds. Over the past year, SOUX returned -89.16% vs 540.38% for DLLL. At a 0.29 correlation, their price movements are largely independent. SOUX charges 1.29%/yr vs 1.50%/yr for DLLL.

Performance

SOUX vs. DLLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long SOUN ETF (SOUX) 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, SOUX achieves a -75.22% return, which is significantly lower than DLLL's 589.77% return.

SOUX

• 1D: -5.93%
• 1M: -23.26%
• 6M: -78.86%
• YTD: -75.22%
• 1Y: -89.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DLLL

• 1D: -10.21%
• 1M: -10.70%
• 6M: 667.04%
• YTD: 589.77%
• 1Y: 540.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SOUX vs. DLLL - Yearly Performance Comparison

	2026 (YTD)	2025
SOUX Defiance Daily Target 2X Long SOUN ETF	-75.22%	-41.14%
DLLL GraniteShares 2x Long DELL Daily ETF	589.77%	0.40%

Correlation

The correlation between SOUX and DLLL is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jun 24, 2025	0.29

Return for Risk

SOUX vs. DLLL — Risk / Return Rank

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

SOUX

SOUX Risk / Return Rank: 3
SOUX Sharpe Ratio Rank: 5
SOUX Sortino Ratio Rank: 3
SOUX Omega Ratio Rank: 4
SOUX Calmar Ratio Rank: 1
SOUX Martin Ratio Rank: 3

DLLL

DLLL Risk / Return Rank: 94
DLLL Sharpe Ratio Rank: 98
DLLL Sortino Ratio Rank: 93
DLLL Omega Ratio Rank: 90
DLLL Calmar Ratio Rank: 98
DLLL Martin Ratio Rank: 93

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.

SOUX vs. DLLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long SOUN ETF (SOUX) 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.

	SOUX	DLLL	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	4.00	-4.56
Sortino ratio: Return per unit of downside risk	-1.00	3.79	-4.80
Omega ratio: Gain probability vs. loss probability	0.90	1.46	-0.56
Calmar ratio: Return relative to maximum drawdown	-0.93	9.53	-10.47
Martin ratio: Return relative to average drawdown	-1.21	19.00	-20.21

SOUX vs. DLLL - Sharpe Ratio Comparison

The current SOUX Sharpe Ratio is -0.56, which is lower than the DLLL Sharpe Ratio of 4.00. The chart below compares the historical Sharpe Ratios of SOUX 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

SOUX vs. DLLL - Drawdown Comparison

The maximum SOUX drawdown since its inception was -95.67%, which is greater than DLLL's maximum drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for SOUX and DLLL.

Drawdown Indicators

	SOUX	DLLL	Difference
Max Drawdown Largest peak-to-trough decline	-95.67%	-68.58%	-27.09%
Max Drawdown (1Y) Largest decline over 1 year	-95.67%	-57.19%	-38.48%
Current Drawdown Current decline from peak	-95.63%	-34.75%	-60.88%
Average Drawdown Average peak-to-trough decline	-63.15%	-25.70%	-37.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	73.55%	28.64%	+44.91%

Volatility

SOUX vs. DLLL - Volatility Comparison

The current volatility for Defiance Daily Target 2X Long SOUN ETF (SOUX) is 29.08%, while GraniteShares 2x Long DELL Daily ETF (DLLL) has a volatility of 43.56%. This indicates that SOUX experiences smaller price fluctuations and is considered to be less risky than DLLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOUX	DLLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.08%	43.56%	-14.48%
Volatility (6M) Calculated over the trailing 6-month period	103.94%	110.12%	-6.18%
Volatility (1Y) Calculated over the trailing 1-year period	158.67%	136.53%	+22.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	158.56%	131.16%	+27.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	158.56%	131.16%	+27.40%

SOUX vs. DLLL - Expense Ratio Comparison

SOUX has a 1.29% expense ratio, which is lower than DLLL's 1.50% expense ratio.

Dividends

SOUX vs. DLLL - Dividend Comparison

SOUX's dividend yield for the trailing twelve months is around 81.88%, while DLLL has not paid dividends to shareholders.

Position	TTM	2025
DLLL GraniteShares 2x Long DELL Daily ETF	0.00%	0.00%
SOUX Defiance Daily Target 2X Long SOUN ETF	81.88%	20.29%

Frequently Asked Questions

Can I hold both SOUX and DLLL in my portfolio?

SOUX and DLLL have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SOUX or DLLL?

DLLL has higher volatility (43.56%) compared to SOUX (29.08%). In terms of maximum drawdown, SOUX dropped -95.67% vs DLLL's -68.58%.

Which ETF is better, SOUX or DLLL?

On 1-year performance, DLLL leads with 540.38% vs -89.16% for SOUX. On fees, SOUX is cheaper at 1.29% per year. On volatility, SOUX has been the lower-risk option at 29.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOUX or DLLL?

Over the 1-year period, DLLL has performed better with a 540.38% return vs -89.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOUX or DLLL?

SOUX is cheaper with a 1.29% expense ratio, compared with 1.50% for DLLL.

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

SOUX has the higher dividend yield at 81.88%, compared with 0.00% for DLLL.

What is the main difference between SOUX and DLLL?

They also come from different issuers: Defiance and GraniteShares. Their fees differ too: 1.29% for SOUX and 1.50% for DLLL.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (4.00 vs -0.56), 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.