XOUT vs. NVDL

Last updated Jun 4, 2026

XOUT (GraniteShares XOUT U.S. Large Cap ETF) and NVDL (GraniteShares 2x Long NVDA Daily ETF) are both exchange-traded funds - XOUT is a Large Cap Growth Equities fund tracking the XOUT U.S. Large Cap Index, while NVDL is a Leveraged Equities fund actively managed by GraniteShares. XOUT is passively managed, while NVDL is actively managed. Over the past 3 years, XOUT returned 18.88%/yr vs 109.72%/yr for NVDL. A 0.58 correlation means they provide meaningful diversification when combined. XOUT charges 0.60%/yr vs 1.15%/yr for NVDL.

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.

Returns By Period

In the year-to-date period, XOUT achieves a -3.24% return, which is significantly lower than NVDL's 19.95% return.

XOUT

• 1D: -2.27%
• 1M: 9.28%
• YTD: -3.24%
• 6M: -4.85%
• 1Y: 8.51%
• 3Y*: 18.88%
• 5Y*: 10.93%
• 10Y*: —

NVDL

• 1D: -7.15%
• 1M: 14.24%
• YTD: 19.95%
• 6M: 27.27%
• 1Y: 84.82%
• 3Y*: 109.72%
• 5Y*: —
• 10Y*: —

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

XOUT vs. NVDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XOUT GraniteShares XOUT U.S. Large Cap ETF	-3.24%	18.18%	23.11%	42.32%	-5.79%
NVDL GraniteShares 2x Long NVDA Daily ETF	19.95%	32.57%	344.58%	432.18%	-28.32%

Correlation

The correlation between XOUT and NVDL is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (All Time) Calculated using the full available price history since Dec 14, 2022	0.58

The correlation between XOUT and NVDL shifts across timeframes, from 0.39 (1 year) to 0.58 (all time), reflecting how their relationship changes across market environments.

XOUT vs. NVDL - Sectors Allocation Comparison

Sectors	XOUT	NVDL
Technology	35.1%	-
Healthcare	17.3%	-
Consumer Cyclical	15.4%	-
Communication Services	12.4%	-
Financial Services	9.6%	100.0%
Consumer Defensive	5.7%	-
Industrials	3.3%	-
Basic Materials	0.6%	-
Real Estate	0.4%	-
Energy	0.2%	-
Utilities	-	-

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: 14
XOUT Sharpe Ratio Rank: 15
XOUT Sortino Ratio Rank: 15
XOUT Omega Ratio Rank: 15
XOUT Calmar Ratio Rank: 13
XOUT Martin Ratio Rank: 13

NVDL

NVDL Risk / Return Rank: 34
NVDL Sharpe Ratio Rank: 34
NVDL Sortino Ratio Rank: 35
NVDL Omega Ratio Rank: 33
NVDL Calmar Ratio Rank: 40
NVDL Martin Ratio Rank: 31

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	0.44	1.25	-0.82
Sortino ratio: Return per unit of downside risk	0.72	1.89	-1.17
Omega ratio: Gain probability vs. loss probability	1.09	1.23	-0.14
Calmar ratio: Return relative to maximum drawdown	0.37	2.02	-1.65
Martin ratio: Return relative to average drawdown	0.92	4.63	-3.71
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 0.44, which is lower than the NVDL Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of XOUT 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

	XOUT	NVDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.44	1.25	-0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	1.77	-1.10

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 (3Y) Largest decline over 3 years	-23.77%	-67.55%	+43.78%
Max Drawdown (5Y) Largest decline over 5 years	-31.29%	—	—
Current Drawdown Current decline from peak	-6.09%	-18.19%	+12.10%
Average Drawdown Average peak-to-trough decline	-8.41%	-16.96%	+8.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.25%	18.39%	-9.14%

Volatility

XOUT vs. NVDL - Volatility Comparison

The current volatility for GraniteShares XOUT U.S. Large Cap ETF (XOUT) is 7.48%, while GraniteShares 2x Long NVDA Daily ETF (NVDL) has a volatility of 24.77%. 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	7.48%	24.77%	-17.29%
Volatility (6M) Calculated over the trailing 6-month period	16.17%	50.80%	-34.63%
Volatility (1Y) Calculated over the trailing 1-year period	19.55%	68.20%	-48.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.78%	90.43%	-68.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.23%	90.43%	-67.20%

XOUT vs. NVDL - Expense Ratio Comparison

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

Dividends

XOUT vs. NVDL - Dividend Comparison

Neither XOUT nor NVDL has paid dividends to shareholders.

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

Frequently Asked Questions

Can I hold both XOUT and NVDL in my portfolio?

XOUT and NVDL have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XOUT or NVDL?

NVDL has higher volatility (24.77%) compared to XOUT (7.48%). In terms of maximum drawdown, XOUT dropped -31.29% vs NVDL's -67.55%.

Which ETF is better, XOUT or NVDL?

On 3-year performance, NVDL leads with 109.72% vs 18.88% for XOUT. On fees, XOUT is cheaper at 0.60% per year. On volatility, XOUT has been the lower-risk option at 7.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XOUT or NVDL?

Over the 3-year period, NVDL has performed better with a 109.72% return vs 18.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XOUT or NVDL?

XOUT is cheaper with a 0.60% expense ratio, compared with 1.15% for NVDL.

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

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

What is the main difference between XOUT and NVDL?

XOUT is categorized as Large Cap Growth Equities, while NVDL is Leveraged Equities. Their fees differ too: 0.60% for XOUT and 1.15% for NVDL.

Which has better risk-adjusted returns?

NVDL currently has the higher Sharpe Ratio (1.25 vs 0.44), 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.