Data as of .
NOWL vs NOWX: which held to its multiple?
Over the days both have traded, NOWL finished 4.6 points from its stated multiple and NOWX 3.6.
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| NOWL | NOWX | NOWL | NOWX | NOWL | NOWX | |
| 1 month | +7.5% | +8.5% | +12.1% | +12.1% | −4.6 pts | −3.6 pts |
| 3 months | +47.8% | not published | +59.5% | not published | −11.7 pts | not published |
| 6 months | −2.0% | not published | +33.3% | not published | −35.3 pts | not published |
| 1 year | −69.7% | not published | −58.8% | not published | −10.9 pts | not published |
| Since launch | −71.8% | +47.2% | −61.5% | +52.8% | −10.3 pts | −5.6 pts |
| NOWL GraniteShares 2x Long NOW Daily ETF Aims to return twice the daily move of NOW | NOWX Corgi NOW 2x Daily ETF Aims to return twice the daily move of NOW | |
|---|---|---|
| Issuer | GraniteShares | Corgi |
| Sets out to return | +2x | +2x |
| On | NOW | NOW |
| Segment | company | company |
| Fund returned, 3 months | +47.8% | +8.5% |
| Underlying returned, 3 months | +29.7% | +6.1% |
| What the stated multiple implies, 3 months | +59.5% | +12.1% |
| Difference from stated, 3 months | −11.7 pts | −3.6 pts |
| Fund returned, 1 year or since launch | −69.7% | +47.2% |
| Difference from stated, over that window | −10.9 pts | −5.6 pts |
| Underlying volatility | 61% | 62% |
| Difference over the days both have traded | −4.6 pts | −3.6 pts |
| Expense ratio | 1.50% | not published |
| Launched | Jul 15, 2025 | Jul 14, 2026 |
NOWL in plain words
Three months to Sep 11, 2026: NOWL returned +47.8% where its own daily promise gave +54.2%, 6.4 points short. Read the multiple against the whole window instead and +2 times NOW's 29.7% implies +59.5%, which makes NOWL look 11.7 points short. 5.3 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. NOWL aims to return +2 times NOW's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. NOW moved at 61% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
NOWX in plain words
One month to Sep 11, 2026: NOWX returned +8.5% where its own daily promise gave +9.1%, 0.6 points short. Read the multiple against the whole window instead and +2 times NOW's 6.1% implies +12.1%, which makes NOWX look 3.6 points short. 3.0 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. NOWX aims to return +2 times NOW's move each day, then resets. NOW moved at 62% annualized over that window.
Questions people ask
- Which came closer to its stated multiple, NOWL or NOWX?
- Over the window to Sep 11, 2026, NOWL finished 11.7 points from what its multiple implies and NOWX finished 3.6 points from its own, so NOWX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are NOWL and NOWX levered on the same thing?
- Yes. Both are levered on NOW, NOWL at +2 times and NOWX at +2 times the daily move.
- Which one decays faster, NOWL or NOWX?
- Decay follows how much the underlying moves about. Over this window NOWL’s moved at 61% annualized and NOWX’s at 62%, so NOWX has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold NOWL or NOWX for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, NOWL against NOWX, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/NOWL-NOWX Free to use with attribution; the underlying files are at Open data.