TSL vs. NVDL

Last updated Aug 4, 2026

TSL (GraniteShares 1.25x Long Tsla Daily ETF) and NVDL (GraniteShares 2x Long NVDA Daily ETF) are both Leveraged Equities funds from GraniteShares. Both are actively managed. Over the past 3 years, TSL returned 0.02%/yr vs 90.39%/yr for NVDL. Their 0.38 correlation means their historical movements had little consistent relationship. TSL charges 1.15%/yr vs 1.05%/yr for NVDL.

Performance

TSL vs. NVDL - 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 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, TSL achieves a -36.68% return, which is significantly lower than NVDL's 6.22% 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%

NVDL

• 1D: 5.91%
• 1M: 10.42%
• 6M: 8.76%
• YTD: 6.22%
• 1Y: 11.79%
• 3Y*: 90.39%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 138.82%

*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)
NVDL GraniteShares 2x Long NVDA Daily ETF	$355.76M	$397.97M	$691.00M
TSL GraniteShares 1.25x Long Tsla Daily ETF	$7.63M	$7.71M	$12.52M

TSL vs. NVDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSL GraniteShares 1.25x Long Tsla Daily ETF	-36.68%	3.49%	64.12%	113.79%	-32.64%
NVDL GraniteShares 2x Long NVDA Daily ETF	6.22%	32.57%	344.58%	432.18%	-28.71%

Correlation

The correlation between TSL and NVDL is 0.44, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.44
Correlation (3Y) Balances recent behavior with more history.	0.36
Correlation (All Time) Calculated using the full available price history since Dec 13, 2022	0.38

TSL vs. NVDL - Sectors Allocation Comparison

Sectors	TSL	NVDL
Consumer Cyclical	100.0%	0.0%
Basic Materials	-	0.0%
Communication Services	-	0.0%
Consumer Defensive	-	0.0%
Energy	-	0.0%
Financial Services	-	100.0%
Healthcare	-	0.0%
Industrials	-	0.0%
Real Estate	-	0.0%
Technology	-	100.0%
Utilities	-	0.0%

Return for Risk

TSL vs. NVDL — 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

NVDL

NVDL Risk / Return Rank: 17
NVDL Sharpe Ratio Rank: 14
NVDL Sortino Ratio Rank: 21
NVDL Omega Ratio Rank: 21
NVDL Calmar Ratio Rank: 16
NVDL Martin Ratio Rank: 15

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. NVDL - 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 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.

	TSL	NVDL	Difference
Sharpe ratio: Return per unit of total volatility	0.02	0.16	-0.15
Sortino ratio: Return per unit of downside risk	0.43	0.75	-0.32
Omega ratio: Gain probability vs. loss probability	1.05	1.09	-0.04
Calmar ratio: Return relative to maximum drawdown	0.02	0.28	-0.26
Martin ratio: Return relative to average drawdown	0.05	0.54	-0.50

TSL vs. NVDL - Sharpe Ratio Comparison

The current TSL Sharpe Ratio is 0.02, which is lower than the NVDL Sharpe Ratio of 0.16. The chart below compares the historical Sharpe Ratios of TSL 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

TSL vs. NVDL - Drawdown Comparison

The maximum TSL drawdown since its inception was -74.52%, which is greater than NVDL's maximum drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for TSL and NVDL.

Drawdown Indicators

	TSL	NVDL	Difference
Max Drawdown Largest peak-to-trough decline	-74.52%	-67.55%	-6.97%
Max Drawdown (1Y) Largest decline over 1 year	-48.38%	-42.23%	-6.15%
Max Drawdown (3Y) Largest decline over 3 years	-63.30%	-67.55%	+4.25%
Current Drawdown Current decline from peak	-47.52%	-27.56%	-19.96%
Average Drawdown Average peak-to-trough decline	-38.51%	-17.46%	-21.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.82%	21.70%	-1.88%

Volatility

TSL vs. NVDL - Volatility Comparison

GraniteShares 1.25x Long Tsla Daily ETF (TSL) and GraniteShares 2x Long NVDA Daily ETF (NVDL) have volatilities of 25.38% and 24.44%, 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	NVDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.38%	24.44%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	43.47%	56.61%	-13.14%
Volatility (1Y) Calculated over the trailing 1-year period	57.91%	72.68%	-14.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.44%	90.02%	-16.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.44%	90.02%	-16.58%

TSL vs. NVDL - Expense Ratio Comparison

TSL has a 1.15% expense ratio, which is higher than NVDL's 1.05% expense ratio.

Dividends

TSL vs. NVDL - Dividend Comparison

Neither TSL 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%
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 NVDL in my portfolio?

TSL and NVDL 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 NVDL?

TSL has higher volatility (25.38%) compared to NVDL (24.44%). In terms of maximum drawdown, TSL dropped -74.52% vs NVDL's -67.55%.

Which ETF is better, TSL or NVDL?

On 3-year performance, NVDL leads with 90.39% vs 0.02% for TSL. On fees, NVDL is cheaper at 1.05% per year. On volatility, NVDL has been the lower-risk option at 24.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSL or NVDL?

Over the 3-year period, NVDL has performed better with a 90.39% return vs 0.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSL or NVDL?

NVDL is cheaper with a 1.05% expense ratio, compared with 1.15% for TSL.

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

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

What is the main difference between TSL and NVDL?

Their fees differ too: 1.15% for TSL and 1.05% for NVDL.

Which has better risk-adjusted returns?

NVDL currently has the higher Sharpe Ratio (0.16 vs 0.02), 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.