TSMU vs. NVDL

Last updated Apr 1, 2026

Compare and contrast key facts about GraniteShares 2x Long TSM Daily ETF (TSMU) and GraniteShares 2x Long NVDA Daily ETF (NVDL).

TSMU and NVDL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TSMU is an actively managed fund by GraniteShares. It was launched on Nov 11, 2024. NVDL is an actively managed fund by GraniteShares. It was launched on Dec 13, 2022.

Performance

TSMU vs. NVDL - Performance Comparison

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

TSMU vs. NVDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMU GraniteShares 2x Long TSM Daily ETF	15.15%	74.83%	3.04%
NVDL GraniteShares 2x Long NVDA Daily ETF	-17.54%	32.57%	-20.88%

Returns By Period

In the year-to-date period, TSMU achieves a 15.15% return, which is significantly higher than NVDL's -17.54% return.

TSMU

• 1D: 14.11%
• 1M: -20.64%
• YTD: 15.15%
• 6M: 27.36%
• 1Y: 213.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDL

• 1D: 11.18%
• 1M: -5.12%
• YTD: -17.54%
• 6M: -22.48%
• 1Y: 94.04%
• 3Y*: 117.57%
• 5Y*: —
• 10Y*: —

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

TSMU vs. NVDL - Expense Ratio Comparison

TSMU has a 1.50% expense ratio, which is higher than NVDL's 1.15% expense ratio.

TSMU

GraniteShares 2x Long TSM Daily ETF

NVDL

GraniteShares 2x Long NVDA Daily ETF

Return for Risk

TSMU vs. NVDL — Risk / Return Rank

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

TSMU

TSMU Risk / Return Rank: 95
TSMU Sharpe Ratio Rank: 97
TSMU Sortino Ratio Rank: 94
TSMU Omega Ratio Rank: 89
TSMU Calmar Ratio Rank: 98
TSMU Martin Ratio Rank: 97

NVDL

NVDL Risk / Return Rank: 71
NVDL Sharpe Ratio Rank: 69
NVDL Sortino Ratio Rank: 78
NVDL Omega Ratio Rank: 69
NVDL Calmar Ratio Rank: 81
NVDL Martin Ratio Rank: 58

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.

TSMU vs. NVDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long TSM Daily ETF (TSMU) 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.

	TSMU	NVDL	Difference
Sharpe ratio Return per unit of total volatility	2.78	1.16	+1.63
Sortino ratio Return per unit of downside risk	2.98	1.91	+1.06
Omega ratio Gain probability vs. loss probability	1.37	1.24	+0.13
Calmar ratio Return relative to maximum drawdown	6.13	2.15	+3.98
Martin ratio Return relative to average drawdown	19.04	5.21	+13.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSMU vs. NVDL - Sharpe Ratio Comparison

The current TSMU Sharpe Ratio is 2.78, which is higher than the NVDL Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of TSMU and NVDL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TSMU	NVDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.78	1.16	+1.63
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.58	-0.71

Correlation

The correlation between TSMU and NVDL is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TSMU vs. NVDL - Dividend Comparison

Neither TSMU nor NVDL has paid dividends to shareholders.

	TTM	2025	2024	2023
TSMU GraniteShares 2x Long TSM Daily ETF	0.00%	0.00%	0.00%	0.00%
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%

Drawdowns

TSMU vs. NVDL - Drawdown Comparison

The maximum TSMU drawdown since its inception was -63.73%, smaller than the maximum NVDL drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for TSMU and NVDL.

Drawdown Indicators

	TSMU	NVDL	Difference
Max Drawdown Largest peak-to-trough decline	-63.73%	-67.55%	+3.82%
Max Drawdown (1Y) Largest decline over 1 year	-35.18%	-42.23%	+7.05%
Current Drawdown Current decline from peak	-26.04%	-35.77%	+9.73%
Average Drawdown Average peak-to-trough decline	-16.98%	-17.03%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.34%	17.47%	-6.13%

Volatility

TSMU vs. NVDL - Volatility Comparison

GraniteShares 2x Long TSM Daily ETF (TSMU) has a higher volatility of 29.08% compared to GraniteShares 2x Long NVDA Daily ETF (NVDL) at 20.68%. This indicates that TSMU's price experiences larger fluctuations and is considered to be riskier than NVDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMU	NVDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.08%	20.68%	+8.40%
Volatility (6M) Calculated over the trailing 6-month period	54.56%	51.65%	+2.91%
Volatility (1Y) Calculated over the trailing 1-year period	77.25%	81.88%	-4.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.92%	91.18%	-10.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.92%	91.18%	-10.26%