Which came closer to its stated multiple, NBIL or NBIZ?

Over the window to Sep 30, 2026, NBIL finished 35.8 points from what its multiple implies and NBIZ finished 75.1 points from its own, so NBIL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are NBIL and NBIZ levered on the same thing?

Yes. Both are levered on Nebius, NBIL at +2 times and NBIZ at -2 times the daily move.

Which one decays faster, NBIL or NBIZ?

Decay follows how much the underlying moves about. Over this window NBIL’s moved at 131% annualized and NBIZ’s at 131%, so NBIL has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold NBIL or NBIZ 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.

Which is cheaper, NBIL or NBIZ?

NBIL charges 1.50% a year and NBIZ charges 1.49%, so NBIZ is cheaper. Fees come from each fund's prospectus.

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NBIL vs NBIZ: which held to its multiple?

Over three months against its own daily promise, NBIL finished 2.9 points short and NBIZ 0.0 points over. GraniteShares 2x Long NBIS Daily ETF and Tradr 2X Short NBIS Daily ETF.

−30.0%

NBIL returned, 3 months

−81.0%

NBIZ returned, 3 months

−35.8 pts

NBIL from its stated multiple

−75.1 pts

NBIZ from its stated multiple

NBIL · 3 months to Sep 30, 202635.8 pts short of its stated multiple

NBIL returned −30.0% while 2 times NBIS's move would have been +5.8%

NBIZ · 3 months to Sep 30, 202675.1 pts short of its stated multiple

NBIZ returned −81.0% while −2 times NBIS's move would have been −5.8%

ETFIQ Decay Resistance Score · NBIL scores higherDid it keep up with its own daily multiple, compounded day by day?

NBIL among the 470 leveraged ETFs, long, over three months

NBIL 43.6

0.1, the lowest in this set99.9, the highest

NBIZ among the 125 inverse ETFs over three months

NBIZ 18

0.4, the lowest in this set99.6, the highest

A percentile among the 470 leveraged ETFs, long, over three months. NBIZ is a percentile among the 125 inverse ETFs over three months, a different set, so the two marks are not on one scale. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	NBIL	NBIZ	NBIL	NBIZ	NBIL	NBIZ
1 month	+24.6%	−31.0%	+28.7%	−28.7%	−4.0 pts	−2.4 pts
3 months	−30.0%	−81.0%	+5.8%	−5.8%	−35.8 pts	−75.1 pts
6 months	+164.8%	−98.4%	not meaningful	not meaningful	not meaningful	not meaningful
Since launch NBIL Oct 2025 · NBIZ Jan 2026	+19.2%	−99.3%	not meaningful	not meaningful	not meaningful	not meaningful

NBIL and NBIZ over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

NBIL

GraniteShares 2x Long NBIS Daily ETF · Aims to return twice the daily move of Nebius (NBIS)

NBIZ

Tradr 2X Short NBIS Daily ETF · Aims to return twice the opposite of the daily move of Nebius (NBIS)

Issuer GraniteShares Tradr

Sets out to return +2x -2x

Underlying asset NBIS NBIS

Segment company company

Fund returned, 3 months or since launch −30.0% −81.0%

Underlying returned, over that window +2.9% +2.9%

What the stated multiple implies, over that window +5.8% −5.8%

Difference from stated, over that window −35.8 pts −75.1 pts

Fund returned, 1 year or since launch +19.2% −99.3%

Difference from stated, over that window not available not available

Underlying volatility 131% 131%

Difference over the days both have traded −4.0 pts no shared window

Expense ratio 1.50% 1.49%

Launched Oct 7, 2025 Jan 22, 2026

Net assets $191m $41m

NBIL and NBIZ on the same fields, as of Sep 30, 2026. Source: ETFIQ.

NBIL in plain words

Three months to Sep 30, 2026: NBIL returned −30.0% where its own daily promise gave −27.1%, 2.9 points short. Read the multiple against the whole window instead and 2 times NBIS's 2.9% implies +5.8%, which makes NBIL look 35.8 points short. 32.9 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. NBIL aims to return +2 times NBIS'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. NBIS moved at 131% 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.

NBIZ in plain words

Three months to Sep 30, 2026: NBIZ returned −81.0% where its own daily promise gave −81.0%, 0.0 points short. Read the multiple against the whole window instead and −2 times NBIS's 2.9% implies −5.8%, which makes NBIZ look 75.1 points short. 75.1 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. NBIZ aims to return -2 times NBIS's move each day, then resets. 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.

Questions people ask

Which came closer to its stated multiple, NBIL or NBIZ?: Over the window to Sep 30, 2026, NBIL finished 35.8 points from what its multiple implies and NBIZ finished 75.1 points from its own, so NBIL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are NBIL and NBIZ levered on the same thing?: Yes. Both are levered on Nebius, NBIL at +2 times and NBIZ at -2 times the daily move.
Which one decays faster, NBIL or NBIZ?: Decay follows how much the underlying moves about. Over this window NBIL’s moved at 131% annualized and NBIZ’s at 131%, so NBIL has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold NBIL or NBIZ 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.
Which is cheaper, NBIL or NBIZ?: NBIL charges 1.50% a year and NBIZ charges 1.49%, so NBIZ is cheaper. Fees come from each fund's prospectus.

Other comparisons

NBIL vs NBIC NBIL vs NBIG NBIL vs NEBX NBIZ vs NBIC NBIZ vs NBIG NBIZ vs NEBX

NBIL on its own →NBIZ on its own →How every figure is computed →Standards and sources →

Where these figures came from

NBIL filings on SEC EDGAR ↗NBIL prospectus with the expense ratio (SEC) ↗GraniteShares page for NBIL ↗NBIZ filings on SEC EDGAR ↗NBIZ prospectus with the expense ratio (SEC) ↗Tradr website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, NBIL against NBIZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/nbil-vs-nbiz

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.