Which came closer to its stated multiple, NOWL or NOWX?

Over the window to Sep 30, 2026, NOWL finished 10.4 points from what its multiple implies and NOWX finished 1.3 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 ServiceNow, 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 56% annualized and NOWX’s at 50%, so NOWL 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.

Which is cheaper, NOWL or NOWX?

NOWL charges 1.50% a year and NOWX charges 0.45%, so NOWX is cheaper. Fees come from each fund's prospectus.

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NOWL vs NOWX: which held to its multiple?

Over the days both have traded, NOWL finished 1.9 points from its stated multiple and NOWX 1.3. GraniteShares 2x Long NOW Daily ETF and Corgi NOW 2x Daily ETF.

+42.9%

NOWL returned, 3 months

+49.3%

NOWX returned, since launch

−10.4 pts

NOWL from its stated multiple

−6.3 pts

NOWX from its stated multiple

NOWL · 3 months to Sep 30, 202610.4 pts short of its stated multiple

NOWL returned +42.9% while 2 times NOW's move would have been +53.3%

NOWX · 1 month to Sep 30, 20261.3 pts short of its stated multiple

NOWX returned −20.2% while 2 times NOW's move would have been −18.9%

Performance, window by window

	Total return		Multiple would give		Difference
Window	NOWL	NOWX	NOWL	NOWX	NOWL	NOWX
1 month	−20.8%	−20.2%	−18.9%	−18.9%	−1.9 pts	−1.3 pts
3 months	+42.9%	not published	+53.3%	not published	−10.4 pts	not published
6 months	+19.7%	not published	+57.6%	not published	−37.9 pts	not published
1 year	−68.0%	not published	−54.4%	not published	−13.6 pts	not published
Since launch NOWL Jul 2025 · NOWX Jul 2026	−71.7%	+49.3%	−60.0%	+55.6%	−11.7 pts	−6.3 pts

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

On the same fields

NOWL

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

NOWX

Corgi NOW 2x Daily ETF · Aims to return twice the daily move of ServiceNow (NOW)

Issuer GraniteShares Corgi

Sets out to return +2x +2x

Underlying asset NOW NOW

Segment company company

Fund returned, 3 months or since launch +42.9% −20.2%

Underlying returned, over that window +26.7% −9.4%

What the stated multiple implies, over that window +53.3% −18.9%

Difference from stated, over that window −10.4 pts −1.3 pts

Fund returned, 1 year or since launch −68.0% +49.3%

Difference from stated, over that window −13.6 pts −6.3 pts

Underlying volatility 56% 50%

Difference over the days both have traded −1.9 pts −1.3 pts

Expense ratio 1.50% 0.45%

Launched Jul 15, 2025 Jul 14, 2026

Net assets $194m $658,178

NOWL and NOWX on the same fields, as of Sep 30, 2026. Source: ETFIQ.

NOWL in plain words

Three months to Sep 30, 2026: NOWL returned +42.9% where its own daily promise gave +48.7%, 5.8 points short. Read the multiple against the whole window instead and 2 times NOW's 26.7% implies +53.3%, which makes NOWL look 10.4 points short. 4.6 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 56% 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 30, 2026: NOWX returned −20.2% where its own daily promise gave −19.7%, 0.5 points short. Read the multiple against the whole window instead and 2 times NOW's −9.4% implies −18.9%, which makes NOWX look 1.3 points short. 0.8 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 50% annualized over that window.

Questions people ask

Which came closer to its stated multiple, NOWL or NOWX?: Over the window to Sep 30, 2026, NOWL finished 10.4 points from what its multiple implies and NOWX finished 1.3 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 ServiceNow, 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 56% annualized and NOWX’s at 50%, so NOWL 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.
Which is cheaper, NOWL or NOWX?: NOWL charges 1.50% a year and NOWX charges 0.45%, so NOWX is cheaper. Fees come from each fund's prospectus.

Other comparisons

NOWL on its own →NOWX on its own →How every figure is computed →Standards and sources →

Where these figures came from

NOWL filings on SEC EDGAR ↗NOWL prospectus with the expense ratio (SEC) ↗GraniteShares page for NOWL ↗NOWX filings on SEC EDGAR ↗NOWX prospectus with the expense ratio (SEC) ↗Corgi 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, NOWL against NOWX, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/nowl-vs-nowx

Open data

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