TSLZ vs. NVDL

Last updated Jun 3, 2026

TSLZ (T-Rex 2X Inverse Tesla Daily Target ETF) and NVDL (GraniteShares 2x Long NVDA Daily ETF) are both exchange-traded funds - TSLZ is a Inverse Equities fund actively managed by T-Rex, while NVDL is a Leveraged Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, TSLZ returned -64.61% vs 109.97% for NVDL. At a correlation of -0.34, they often move in opposite directions. TSLZ charges 1.05%/yr vs 1.15%/yr for NVDL.

Performance

TSLZ vs. NVDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) 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, TSLZ achieves a -5.60% return, which is significantly lower than NVDL's 29.19% return.

TSLZ

• 1D: -3.70%
• 1M: -18.37%
• YTD: -5.60%
• 6M: -16.90%
• 1Y: -64.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDL

• 1D: -1.46%
• 1M: 23.29%
• YTD: 29.19%
• 6M: 34.48%
• 1Y: 109.97%
• 3Y*: 114.97%
• 5Y*: —
• 10Y*: —

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

TSLZ vs. NVDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	-5.60%	-75.98%	-88.79%	-28.07%
NVDL GraniteShares 2x Long NVDA Daily ETF	29.19%	32.57%	344.58%	24.60%

Correlation

The correlation between TSLZ and NVDL is -0.35, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.35
Correlation (All Time) Calculated using the full available price history since Oct 20, 2023	-0.34

Return for Risk

TSLZ vs. NVDL — Risk / Return Rank

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

TSLZ

TSLZ Risk / Return Rank: 3
TSLZ Sharpe Ratio Rank: 3
TSLZ Sortino Ratio Rank: 3
TSLZ Omega Ratio Rank: 3
TSLZ Calmar Ratio Rank: 2
TSLZ Martin Ratio Rank: 3

NVDL

NVDL Risk / Return Rank: 45
NVDL Sharpe Ratio Rank: 46
NVDL Sortino Ratio Rank: 44
NVDL Omega Ratio Rank: 40
NVDL Calmar Ratio Rank: 55
NVDL Martin Ratio Rank: 40

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.

TSLZ vs. NVDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) 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.

	TSLZ	NVDL	Difference
Sharpe ratio Return per unit of total volatility	-0.71	1.63	-2.34
Sortino ratio Return per unit of downside risk	-0.96	2.20	-3.16
Omega ratio Gain probability vs. loss probability	0.89	1.26	-0.37
Calmar ratio Return relative to maximum drawdown	-0.83	2.80	-3.63
Martin ratio Return relative to average drawdown	-1.06	6.43	-7.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSLZ vs. NVDL - Sharpe Ratio Comparison

The current TSLZ Sharpe Ratio is -0.71, which is lower than the NVDL Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of TSLZ 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.

Sharpe Ratios by Period

	TSLZ	NVDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.71	1.63	-2.34
Sharpe Ratio (All Time) Calculated using the full available price history	-0.67	1.84	-2.51

Drawdowns

TSLZ vs. NVDL - Drawdown Comparison

The maximum TSLZ drawdown since its inception was -99.11%, which is greater than NVDL's maximum drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for TSLZ and NVDL.

Drawdown Indicators

	TSLZ	NVDL	Difference
Max Drawdown Largest peak-to-trough decline	-99.11%	-67.55%	-31.56%
Max Drawdown (1Y) Largest decline over 1 year	-76.62%	-42.23%	-34.39%
Max Drawdown (3Y) Largest decline over 3 years	—	-67.55%	—
Current Drawdown Current decline from peak	-99.01%	-11.89%	-87.12%
Average Drawdown Average peak-to-trough decline	-75.32%	-16.96%	-58.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	60.42%	18.35%	+42.07%

Volatility

TSLZ vs. NVDL - Volatility Comparison

T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) and GraniteShares 2x Long NVDA Daily ETF (NVDL) have volatilities of 24.08% and 23.30%, 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

	TSLZ	NVDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.08%	23.30%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	54.94%	50.31%	+4.63%
Volatility (1Y) Calculated over the trailing 1-year period	91.67%	67.87%	+23.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	117.13%	90.38%	+26.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	117.13%	90.38%	+26.75%

TSLZ vs. NVDL - Expense Ratio Comparison

TSLZ has a 1.05% expense ratio, which is lower than NVDL's 1.15% expense ratio.

Dividends

TSLZ vs. NVDL - Dividend Comparison

TSLZ's dividend yield for the trailing twelve months is around 0.73%, while NVDL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	0.73%	0.69%	2.08%	12.15%

Frequently Asked Questions

Can I hold both TSLZ and NVDL in my portfolio?

TSLZ and NVDL have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLZ or NVDL?

TSLZ has higher volatility (24.08%) compared to NVDL (23.30%). In terms of maximum drawdown, TSLZ dropped -99.11% vs NVDL's -67.55%.

Which ETF is better, TSLZ or NVDL?

On 1-year performance, NVDL leads with 109.97% vs -64.61% for TSLZ. On fees, TSLZ is cheaper at 1.05% per year. On volatility, NVDL has been the lower-risk option at 23.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLZ or NVDL?

Over the 1-year period, NVDL has performed better with a 109.97% return vs -64.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLZ or NVDL?

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

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

TSLZ has the higher dividend yield at 0.73%, compared with 0.00% for NVDL.

What is the main difference between TSLZ and NVDL?

TSLZ is categorized as Inverse Equities, while NVDL is Leveraged Equities. They also come from different issuers: T-Rex and GraniteShares. Their fees differ too: 1.05% for TSLZ and 1.15% for NVDL.

Which has better risk-adjusted returns?

NVDL currently has the higher Sharpe Ratio (1.63 vs -0.71), 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.