XOUT vs. NVDL

Last updated Apr 1, 2026

Compare and contrast key facts about GraniteShares XOUT U.S. Large Cap ETF (XOUT) and GraniteShares 2x Long NVDA Daily ETF (NVDL).

XOUT and NVDL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XOUT is a passively managed fund by GraniteShares that tracks the performance of the XOUT U.S. Large Cap Index. It was launched on Oct 7, 2019. NVDL is an actively managed fund by GraniteShares. It was launched on Dec 13, 2022.

Performance

XOUT vs. NVDL - Performance Comparison

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

XOUT vs. NVDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XOUT GraniteShares XOUT U.S. Large Cap ETF	-18.03%	18.18%	23.11%	42.32%	-5.79%
NVDL GraniteShares 2x Long NVDA Daily ETF	-17.54%	32.57%	344.58%	432.18%	-28.32%

Returns By Period

The year-to-date returns for both investments are quite close, with XOUT having a -18.03% return and NVDL slightly higher at -17.54%.

XOUT

• 1D: 2.94%
• 1M: -5.98%
• YTD: -18.03%
• 6M: -16.05%
• 1Y: 5.30%
• 3Y*: 14.82%
• 5Y*: 8.20%
• 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)

XOUT vs. NVDL - Expense Ratio Comparison

XOUT has a 0.60% expense ratio, which is lower than NVDL's 1.15% expense ratio.

NVDL

GraniteShares 2x Long NVDA Daily ETF

XOUT

GraniteShares XOUT U.S. Large Cap ETF

Return for Risk

XOUT vs. NVDL — Risk / Return Rank

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

XOUT

XOUT Risk / Return Rank: 18
XOUT Sharpe Ratio Rank: 18
XOUT Sortino Ratio Rank: 19
XOUT Omega Ratio Rank: 19
XOUT Calmar Ratio Rank: 16
XOUT Martin Ratio Rank: 17

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.

XOUT vs. NVDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares XOUT U.S. Large Cap ETF (XOUT) 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.

	XOUT	NVDL	Difference
Sharpe ratio Return per unit of total volatility	0.22	1.16	-0.93
Sortino ratio Return per unit of downside risk	0.50	1.91	-1.42
Omega ratio Gain probability vs. loss probability	1.07	1.24	-0.17
Calmar ratio Return relative to maximum drawdown	0.21	2.15	-1.95
Martin ratio Return relative to average drawdown	0.68	5.21	-4.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XOUT vs. NVDL - Sharpe Ratio Comparison

The current XOUT Sharpe Ratio is 0.22, which is lower than the NVDL Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of XOUT 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

	XOUT	NVDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	1.16	-0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	1.58	-1.02

Correlation

The correlation between XOUT and NVDL is 0.60, 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

XOUT vs. NVDL - Dividend Comparison

Neither XOUT nor NVDL has paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019
XOUT GraniteShares XOUT U.S. Large Cap ETF	0.00%	0.00%	0.00%	0.40%	0.51%	0.28%	0.53%	0.19%
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%	0.00%	0.00%	0.00%	0.00%

Drawdowns

XOUT vs. NVDL - Drawdown Comparison

The maximum XOUT drawdown since its inception was -31.29%, smaller than the maximum NVDL drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for XOUT and NVDL.

Drawdown Indicators

	XOUT	NVDL	Difference
Max Drawdown Largest peak-to-trough decline	-31.29%	-67.55%	+36.26%
Max Drawdown (1Y) Largest decline over 1 year	-23.21%	-42.23%	+19.02%
Max Drawdown (5Y) Largest decline over 5 years	-31.29%	—	—
Current Drawdown Current decline from peak	-20.44%	-35.77%	+15.33%
Average Drawdown Average peak-to-trough decline	-8.26%	-17.03%	+8.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.10%	17.47%	-10.37%

Volatility

XOUT vs. NVDL - Volatility Comparison

The current volatility for GraniteShares XOUT U.S. Large Cap ETF (XOUT) is 6.74%, while GraniteShares 2x Long NVDA Daily ETF (NVDL) has a volatility of 20.68%. This indicates that XOUT experiences smaller price fluctuations and is considered to be less risky than NVDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XOUT	NVDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.74%	20.68%	-13.94%
Volatility (6M) Calculated over the trailing 6-month period	14.38%	51.65%	-37.27%
Volatility (1Y) Calculated over the trailing 1-year period	23.87%	81.88%	-58.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.44%	91.18%	-69.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.17%	91.18%	-68.01%