TSL vs. NVD

Last updated Aug 4, 2026

TSL (GraniteShares 1.25x Long Tsla Daily ETF) and NVD (GraniteShares 2x Short NVDA Daily ETF) are both exchange-traded funds - TSL is a Leveraged Equities fund actively managed by GraniteShares, while NVD is a Inverse Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, TSL returned 0.94% vs -48.83% for NVD. Their -0.35 correlation means they have often moved in opposite directions in the past. TSL charges 1.15%/yr vs 1.50%/yr for NVD.

Performance

TSL vs. NVD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 1.25x Long Tsla Daily ETF (TSL) and GraniteShares 2x Short NVDA Daily ETF (NVD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSL achieves a -36.68% return, which is significantly lower than NVD's -34.27% return.

TSL

• 1D: 4.19%
• 1M: -22.91%
• 6M: -31.12%
• YTD: -36.68%
• 1Y: 0.94%
• 3Y*: 0.02%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -7.13%

NVD

• 1D: -5.81%
• 1M: -14.55%
• 6M: -34.17%
• YTD: -34.27%
• 1Y: -48.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -78.82%

*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)
NVD GraniteShares 2x Short NVDA Daily ETF	$439.12M	$390.53M	$343.34M
TSL GraniteShares 1.25x Long Tsla Daily ETF	$7.63M	$7.71M	$12.52M

TSL vs. NVD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSL GraniteShares 1.25x Long Tsla Daily ETF	-36.68%	3.49%	64.12%	4.90%
NVD GraniteShares 2x Short NVDA Daily ETF	-34.27%	-73.27%	-93.09%	-15.28%

Correlation

The correlation between TSL and NVD is -0.44, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.44
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	-0.35

TSL vs. NVD - Sectors Allocation Comparison

Sectors	TSL	NVD
Consumer Cyclical	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	200.0%
Utilities	-	-

Return for Risk

TSL vs. NVD — Risk / Return Rank

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

TSL

TSL Risk / Return Rank: 13
TSL Sharpe Ratio Rank: 11
TSL Sortino Ratio Rank: 15
TSL Omega Ratio Rank: 15
TSL Calmar Ratio Rank: 11
TSL Martin Ratio Rank: 11

NVD

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

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.

TSL vs. NVD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 1.25x Long Tsla Daily ETF (TSL) and GraniteShares 2x Short NVDA Daily ETF (NVD). 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.

	TSL	NVD	Difference
Sharpe ratio: Return per unit of total volatility	0.02	-0.67	+0.69
Sortino ratio: Return per unit of downside risk	0.43	-0.76	+1.19
Omega ratio: Gain probability vs. loss probability	1.05	0.92	+0.14
Calmar ratio: Return relative to maximum drawdown	0.02	-0.82	+0.84
Martin ratio: Return relative to average drawdown	0.05	-1.46	+1.51

TSL vs. NVD - Sharpe Ratio Comparison

The current TSL Sharpe Ratio is 0.02, which is higher than the NVD Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of TSL and NVD, 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

TSL vs. NVD - Drawdown Comparison

The maximum TSL drawdown since its inception was -74.52%, smaller than the maximum NVD drawdown of -99.26%. Use the drawdown chart below to compare losses from any high point for TSL and NVD.

Drawdown Indicators

	TSL	NVD	Difference
Max Drawdown Largest peak-to-trough decline	-74.52%	-99.26%	+24.74%
Max Drawdown (1Y) Largest decline over 1 year	-48.38%	-59.80%	+11.42%
Max Drawdown (3Y) Largest decline over 3 years	-63.30%	—	—
Current Drawdown Current decline from peak	-47.52%	-99.11%	+51.59%
Average Drawdown Average peak-to-trough decline	-38.51%	-82.51%	+44.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.82%	33.42%	-13.60%

Volatility

TSL vs. NVD - Volatility Comparison

GraniteShares 1.25x Long Tsla Daily ETF (TSL) and GraniteShares 2x Short NVDA Daily ETF (NVD) have volatilities of 25.38% and 24.57%, 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

	TSL	NVD	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.38%	24.57%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	43.47%	57.71%	-14.24%
Volatility (1Y) Calculated over the trailing 1-year period	57.91%	73.34%	-15.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.44%	92.04%	-18.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.44%	92.04%	-18.60%

TSL vs. NVD - Expense Ratio Comparison

TSL has a 1.15% expense ratio, which is lower than NVD's 1.50% expense ratio.

Dividends

TSL vs. NVD - Dividend Comparison

TSL has not paid dividends to shareholders, while NVD's dividend yield for the trailing twelve months is around 17.99%.

Position	TTM	2025	2024	2023
NVD GraniteShares 2x Short NVDA Daily ETF	17.99%	11.83%	8.68%	15.78%
TSL GraniteShares 1.25x Long Tsla Daily ETF	0.00%	0.00%	0.00%	60.47%

Frequently Asked Questions

Can I hold both TSL and NVD in my portfolio?

TSL and NVD have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSL or NVD?

TSL has higher volatility (25.38%) compared to NVD (24.57%). In terms of maximum drawdown, TSL dropped -74.52% vs NVD's -99.26%.

Which ETF is better, TSL or NVD?

On 1-year performance, TSL leads with 0.94% vs -48.83% for NVD. On fees, TSL is cheaper at 1.15% per year. On volatility, NVD has been the lower-risk option at 24.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSL or NVD?

Over the 1-year period, TSL has performed better with a 0.94% return vs -48.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSL or NVD?

TSL is cheaper with a 1.15% expense ratio, compared with 1.50% for NVD.

Which ETF pays a higher dividend yield, TSL or NVD?

NVD has the higher dividend yield at 17.99%, compared with 0.00% for TSL.

What is the main difference between TSL and NVD?

TSL is categorized as Leveraged Equities, while NVD is Inverse Equities. Their fees differ too: 1.15% for TSL and 1.50% for NVD.

Which has better risk-adjusted returns?

TSL currently has the higher Sharpe Ratio (0.02 vs -0.67), 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.