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NVDL vs NVDX

GraniteShares 2x Long NVDA Daily ETF

NVDLCNasdaq

T-REX 2X Long NVIDIA Daily Target ETF

NVDXBCboe

Overlap

Expense ratio

NVDX −0.59pt a year

NVDL1.64%NVDX1.05%

Avg volume · 30D

NVDL 2.3×the volume

NVDL12.1MNVDX5.22M

3Y return · a year

NVDX +5.4pt

NVDL+97.0%NVDX+102.4%

NVDL vs NVDX Performance

Oct 31, 2025 – Oct 30, 2026

−19.5%NVDL−23.4%NVDX

Oct 31, 2025 to Oct 30, 2026. NVDL −19.5%. NVDX −23.4%. Use the arrow keys to read each point.−40%−10%0%10%20%Oct 2025Apr 2026Oct 2026
Expense ratio
NVDL 1.64%
NVDX 1.05%, better
Fund size
NVDL $3.19B
NVDX $349M
1Y total return
NVDL −19.5%, better
NVDX −23.4%
Yield (12M)
NVDL 0.00%
NVDX 3.53%, better
Holdings
NVDL 2
NVDX 2
Avg volume (30D)
NVDL 12.1M sh, better
NVDX 5.22M sh
NAV per share
NVDL $31.63
NVDX $17.77
52W range

ETF.net Grade

NVDL: Cost 7, Risk 49, Mission 84, Tradability 93, Holdings not scored, Durability 76. NVDX: Cost 33, Risk 43, Mission 89, Tradability 53, Holdings not scored, Durability 61.
Pillar letters and Scores for NVDL, NVDX, with each pillar’s weight
PillarNVDLNVDX
Cost30% weightF7D33Higher
Mission25% weightA84A89Higher
Risk15% weightC49HigherC43
Tradability15% weightA93HigherC53
Holdings10% weightNot scoredNot scored
Durability5% weightA76HigherB61

Rank among 2x Long Nvidia (NVDA) funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. NVDL and NVDX are both graded against the same 8 2x Long Nvidia (NVDA) funds, so their Grades compare head to head.

2x Long Nvidia (NVDA)⁠

Category · 8 funds
See all 8 ›

NVDX ranks 4th and NVDL 5th of 8 funds in the 2x Long Nvidia (NVDA) Category.

  1. Rank 1BNVDUDirexion Daily NVDA Bull 2X ETFScore 66
  2. Rank 2BNVDWRoundhill NVDA WeeklyPay ETFScore 65
  3. Rank 3BNVDGLeverage Shares 2X Long NVDA Daily ETFScore 64
  4. Rank 4BNVDXT-REX 2X Long NVIDIA Daily Target ETFScore 55
  5. Rank 5CNVDLGraniteShares 2x Long NVDA Daily ETFScore 53
  6. Rank 6CNVCCorgi NVDA 2x Daily ETFScore 40

Our read on each fund

ETF.net Research

NVDLCGraniteShares 2x Long NVDA Daily ETF

NVDXBT-REX 2X Long NVIDIA Daily Target ETF

In short

NVDL Started life in 2022 as a 1.5x NVDA tracker, then GraniteShares turned the dial up to 200% of NVDA's daily move. Now a multi-billion-dollar fund that trades heavily every session.

NVDX Four ETFs now chase 200% of NVIDIA's daily move, so the differentiator is plumbing, not concept. NVDX resets every night, trades heavily, and prices at the middle of that pack. Built as a day-trading tool, by its own prospectus.

Stated mandate

NVDL The Fund seeks daily investment results equal to 200% of NVIDIA Corporation’s daily stock-price performance before fees and expenses. It uses swaps, options, and direct stock investments and rebalances daily to maintain approximately 200% exposure.

NVDX The Fund seeks daily investment results, before fees and expenses, equal to 200% of NVIDIA's daily performance. It is designed as a short-term, daily-reset leveraged vehicle rather than a fund targeting that multiple over longer periods.

Why people hold it

  • NVDL The mandate is blunt: 200% of NVDA's daily move, rebalanced every day, using swaps, options and the stock itself. No index, no basket, no wondering what you own.graniteshares.com
  • It has stayed close to that 2x daily target, and it is one of the more actively traded names in the leveraged NVDA group, which tends to keep spreads tight.
  • GraniteShares has run this fund since December 2022 and rewrote the mandate from 1.5x to 2x in 2024. Real track record on a product type that often folds young.sec.govsec.gov 2
  • NVDX Does exactly what the label says: 200% of NVIDIA's daily return, before fees, and it has stuck closely to that daily target.
  • One of the more actively traded funds in the leveraged NVIDIA group, which matters when your holding period is measured in hours.
  • 1.05% expense ratio, dead center for 2x NVIDIA funds. You pay the going rate, not a premium.
  • Live since October 2023, so it has traded through several full NVIDIA earnings cycles rather than launching into a quiet tape.

Worth knowing

  • NVDL The daily reset compounds. Hold longer than a session and your result depends on NVDA's path, not just its endpoint; chop can grind value even if the stock round-trips.graniteshares.com
  • At 1.05% a year the fee sits at the middle of the 2x NVDA pack. Direxion's NVDU carries a lower 0.92% on the same exposure.
  • One stock, doubled. There is no diversification cushion here, so NVDA's earnings gaps and AI-cycle headlines land at twice the size, in both directions.
  • NVDX The 2x target applies to one day only. Hold longer and compounding takes over, so multi-day results can drift well away from twice NVIDIA's move.
  • NVDU offers the same 2x daily NVIDIA exposure at 0.92%, a thinner fee for the identical mandate.
  • Everything rides on one chip company, doubled. A single earnings call or supply headline sets the whole day.

Full NVDL profile⁠

Full NVDX profile⁠

NVDL vs NVDX Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

NVDL vs NVDX Cost

Overpaying NVDL vs NVDX

$8,734

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • NVDL 1.64%

    $28,229

  • NVDX 1.05%

    $19,495

$10,000
30 years

Cost over time

  • NVDL 1.64%
  • NVDX 1.05%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530NVDL $28,229NVDX $19,495

Year by year

YearNVDLNVDXOverpaying
10$2,815$1,847$968
20$10,284$6,927$3,357
30$28,229$19,495$8,734

Expense ratio

  • 1.64%NVDL
  • 1.05%NVDX, cheaper
  • Middle half of 2x Long Nvidia (NVDA) funds
  • Median 0.97%

NVDX 6th cheapest of 8 funds

NVDL 8th cheapest of 8 funds

NVDL vs NVDX Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
NVDL 0.00%
NVDX 3.53%, better
Payout (12M)
NVDL None
NVDX $0.57
Last payment
NVDL No data
NVDX $0.57
Ex-dividend
NVDL No data
NVDX Dec 24, 2025
Paid on
NVDL No data
NVDX Dec 26, 2025
Frequency
NVDL No data
NVDX Annual

Distribution history

Per share, 2023 to 2026, same scale for both

NVDL1 paymentAll NVDL payments⁠
One bar per payment. 1 payment from 2023 to 2026 YTD. Dec 27, 2023 $0.56. Use the arrow keys to read each point.$0$2.5020232026YTD
NVDXAnnual · 2 paymentsAll NVDX payments⁠
One bar per payment. 2 payments from 2023 to 2026 YTD. Dec 24, 2024 $2.17; Dec 24, 2025 $0.57. Use the arrow keys to read each point.$0$2.5020232026YTD

NVDL vs NVDX Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
NVDL 77.4%, betterNVDX 80.3%
Return per unit of riskSharpe ratio, 3 years
NVDL 1.18NVDX 1.20, better
Worst fallMax drawdown, 5 years
NVDL −67.6%since Dec 2022NVDX −68.2%since Oct 2023
Market sensitivityBeta, 5 years
NVDL 3.58NVDX 4.18

NVDL and NVDX in the news

All news⁠

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