SPOG vs. DLLL

Last updated Jun 24, 2026

SPOG (Leverage Shares 2X Long SPOT Daily ETF) and DLLL (GraniteShares 2x Long DELL Daily ETF) are both Leveraged Equities funds. SPOG is actively managed, while DLLL is passively managed. At a 0.08 correlation, their price movements are largely independent. SPOG charges 0.75%/yr vs 1.50%/yr for DLLL.

Performance

SPOG vs. DLLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long SPOT Daily ETF (SPOG) 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, SPOG achieves a -49.59% return, which is significantly lower than DLLL's 762.51% return.

SPOG

• 1D: -1.65%
• 1M: -24.63%
• YTD: -49.59%
• 6M: -49.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DLLL

• 1D: 4.21%
• 1M: 89.37%
• YTD: 762.51%
• 6M: 738.64%
• 1Y: 765.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPOG vs. DLLL - Yearly Performance Comparison

	2026 (YTD)	2025
SPOG Leverage Shares 2X Long SPOT Daily ETF	-49.59%	-18.73%
DLLL GraniteShares 2x Long DELL Daily ETF	762.51%	-14.48%

Correlation

The correlation between SPOG and DLLL is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 17, 2025	0.08

Return for Risk

SPOG vs. DLLL — Risk / Return Rank

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

SPOG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

DLLL

DLLL Risk / Return Rank: 96
DLLL Sharpe Ratio Rank: 99
DLLL Sortino Ratio Rank: 94
DLLL Omega Ratio Rank: 92
DLLL Calmar Ratio Rank: 98
DLLL Martin Ratio Rank: 95

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.

SPOG vs. DLLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long SPOT Daily ETF (SPOG) 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.

	SPOG	DLLL	Difference
Sharpe ratio: Return per unit of total volatility	—	5.91	—
Sortino ratio: Return per unit of downside risk	—	4.55	—
Omega ratio: Gain probability vs. loss probability	—	1.56	—
Calmar ratio: Return relative to maximum drawdown	—	13.52	—
Martin ratio: Return relative to average drawdown	—	27.52	—

Drawdowns

SPOG vs. DLLL - Drawdown Comparison

The maximum SPOG drawdown since its inception was -64.41%, smaller than the maximum DLLL drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for SPOG and DLLL.

Drawdown Indicators

	SPOG	DLLL	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-68.58%	+4.17%
Max Drawdown (1Y) Largest decline over 1 year	—	-57.19%	—
Current Drawdown Current decline from peak	-59.44%	-18.41%	-41.03%
Average Drawdown Average peak-to-trough decline	-41.38%	-25.86%	-15.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	28.05%	—

Volatility

Volatility by Period

	SPOG	DLLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	66.89%	—
Volatility (6M) Calculated over the trailing 6-month period	—	102.56%	—
Volatility (1Y) Calculated over the trailing 1-year period	100.37%	131.00%	-30.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	100.37%	129.67%	-29.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	100.37%	129.67%	-29.30%

SPOG vs. DLLL - Expense Ratio Comparison

SPOG has a 0.75% expense ratio, which is lower than DLLL's 1.50% expense ratio.

Dividends

SPOG vs. DLLL - Dividend Comparison

Neither SPOG nor DLLL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPOG and DLLL in my portfolio?

SPOG and DLLL have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPOG or DLLL?

On fees, SPOG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPOG or DLLL?

SPOG is cheaper with a 0.75% expense ratio, compared with 1.50% for DLLL.

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

SPOG and DLLL have nearly identical dividend yields, around 0.00%.

What is the main difference between SPOG and DLLL?

They also come from different issuers: Leverage Shares and GraniteShares. Their fees differ too: 0.75% for SPOG and 1.50% for DLLL.