NVDB vs NVDL: which held to its multiple?
Over the days both have traded, NVDB finished 6.4 points from its stated multiple and NVDL 6.0. ProShares Ultra NVDA and GraniteShares 2x Long NVDA Daily ETF.
NVDB costs 0.10 points a year less; their one-year returns differ by 2.3 points; NVDL is far larger, $3.6bn against $5m.
| NVDB | NVDL | |
|---|---|---|
| Expense ratio | 0.95% | 1.05% |
| Net assets, NVDB as of Oct 9, 2026 and NVDL as of Oct 8, 2026 | $5m | $3.6bn |
| Total return, 1 year | +9.0% | +11.3% |
| What it tracks | NVDA | NVDA |
| Holdings in common | not published | |
| What its daily multiple gave, 3 months | +14.4% | +14.4% |
| Against its daily multiple, 3 months | 3.2 points short | 2.8 points short |
| What the underlying did, 3 months | NVDA 8.8% | NVDA 8.8% |
NVDB returned +11.2% while 2 times NVDA's move would have been +17.6%. Figures from Jul 10, 2026 to Oct 9, 2026.
NVDB returned +11.2% while 2 times NVDA's move would have been +17.6%. Figures from Jul 10, 2026 to Oct 9, 2026.
NVDL returned +11.6% while 2 times NVDA's move would have been +17.6%. Figures from Jul 10, 2026 to Oct 9, 2026.
Figures from Jul 10, 2026 to Oct 9, 2026.
A percentile among the 517 leveraged ETFs, long, over three months. All leveraged ETFs ranked by it → How it is computed →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | NVDB | NVDL | NVDB | NVDL | NVDB | NVDL |
| 1 month | +3.5% | +3.7% | +5.3% | +5.3% | −1.7 pts | −1.5 pts |
| 3 months | +11.2% | +11.6% | +17.6% | +17.6% | −6.4 pts | −6.0 pts |
| 6 months | +29.7% | +30.7% | +43.7% | +43.7% | −13.9 pts | −13.0 pts |
| 1 year | +9.0% | +11.3% | +38.7% | +38.7% | −29.7 pts | −27.4 pts |
| 3 years | not published | +709.3% | not published | not meaningful | not published | not meaningful |
| Since launch NVDB Sep 2025 · NVDL Dec 2022 | +26.3% | +2,723.4% | +59.2% | not meaningful | −32.9 pts | not meaningful |
Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
As of Oct 9, 2026. Source: ETFIQ.
NVDB in plain words
Three months to Oct 9, 2026: NVDB returned +11.2% where its own daily promise gave +14.4%, 3.2 points short. Read the multiple against the whole window instead and 2 times NVDA's 8.8% implies +17.6%, which makes NVDB look 6.4 points short. That 6.4 is two pieces: daily compounding, −3.2 points, which happens to any 2 times fund over the same path, and the fund itself, −3.2 points against its own daily promise. NVDB aims to return +2 times NVDA'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. NVDA moved at 37% 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.
NVDL in plain words
Three months to Oct 9, 2026: NVDL returned +11.6% where its own daily promise gave +14.4%, 2.8 points short. Read the multiple against the whole window instead and 2 times NVDA's 8.8% implies +17.6%, which makes NVDL look 6.0 points short. That 6.0 is two pieces: daily compounding, −3.2 points, which happens to any 2 times fund over the same path, and the fund itself, −2.8 points against its own daily promise. NVDL aims to return +2 times NVDA's move each day, then resets.
Questions people ask
- Which came closer to its stated multiple, NVDB or NVDL?
- Over the window to Oct 9, 2026, NVDB finished 6.4 points from what its multiple implies and NVDL finished 6.0 points from its own, so NVDL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are NVDB and NVDL levered on the same thing?
- Yes. Both are levered on NVIDIA, NVDB at +2 times and NVDL at +2 times the daily move.
- Which one decays faster, NVDB or NVDL?
- Decay follows how much the underlying moves about. Over this window NVDB’s moved at 37% annualized and NVDL’s at 37%, so NVDB has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold NVDB or NVDL 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.
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
It is a position in a set, not a rating, and neither end of it is a recommendation.
Every figure is an ETFIQ calculation with distributions reinvested.
ETFIQ, NVDB against NVDL, data as of Oct 9, 2026. https://etfiq.com/compare/leverage/nvdb-vs-nvdl
ETFIQ. (Oct 9, 2026). NVDB against NVDL. Retrieved from https://etfiq.com/compare/leverage/nvdb-vs-nvdl
[NVDB against NVDL (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/leverage/nvdb-vs-nvdl)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.