Which came closer to its stated multiple, NVDL or NVDQ?

Over the window to Sep 30, 2026, NVDL finished 5.5 points from what its multiple implies and NVDQ finished 1.6 points from its own, so NVDQ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are NVDL and NVDQ levered on the same thing?

Yes. Both are levered on NVIDIA, NVDL at +2 times and NVDQ at -2 times the daily move.

Which one decays faster, NVDL or NVDQ?

Decay follows how much the underlying moves about. Over this window NVDL’s moved at 38% annualized and NVDQ’s at 38%, so NVDL has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold NVDL or NVDQ 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, NVDL or NVDQ?

NVDL charges 1.05% a year and NVDQ charges 1.05%, so NVDL is cheaper. Fees come from each fund's prospectus.

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NVDL vs NVDQ: which held to its multiple?

Over three months against its own daily promise, NVDL finished 3.2 points short and NVDQ 0.2 points over. GraniteShares 2x Long NVDA Daily ETF and T-REX 2X INVERSE NVIDIA DAILY TARGET ETF.

+26.0%

NVDL returned, 3 months

−33.0%

NVDQ returned, 3 months

−5.5 pts

NVDL from its stated multiple

−1.6 pts

NVDQ from its stated multiple

NVDL · 3 months to Sep 30, 20265.5 pts short of its stated multiple

NVDL returned +26.0% while 2 times NVDA's move would have been +31.4%

NVDQ · 3 months to Sep 30, 20261.6 pts short of its stated multiple

NVDQ returned −33.0% while −2 times NVDA's move would have been −31.4%

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

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

NVDL 35.6

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

NVDQ among the 125 inverse ETFs over three months

NVDQ 20.4

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

A percentile among the 470 leveraged ETFs, long, over three months. NVDQ 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	NVDL	NVDQ	NVDL	NVDQ	NVDL	NVDQ
1 month	+5.6%	−8.0%	+7.1%	−7.1%	−1.5 pts	−0.9 pts
3 months	+26.0%	−33.0%	+31.4%	−31.4%	−5.5 pts	−1.6 pts
6 months	+49.4%	−52.7%	+60.5%	−60.5%	−11.1 pts	+7.8 pts
1 year	+17.6%	−55.5%	+45.4%	−45.4%	−27.8 pts	−10.2 pts
3 years	+766.9%	not published	not meaningful	not published	not meaningful	not published
Since launch NVDL Dec 2022 · NVDQ Oct 2023	+2711.9%	−99.5%	not meaningful	not meaningful	not meaningful	not meaningful

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

On the same fields

NVDL

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

NVDQ

T-REX 2X INVERSE NVIDIA DAILY TARGET ETF · Aims to return twice the opposite of the daily move of NVIDIA (NVDA)

Issuer GraniteShares T-REX

Sets out to return +2x -2x

Underlying asset NVDA NVDA

Segment company company

Fund returned, 3 months or since launch +26.0% −33.0%

Underlying returned, over that window +15.7% +15.7%

What the stated multiple implies, over that window +31.4% −31.4%

Difference from stated, over that window −5.5 pts −1.6 pts

Fund returned, 1 year or since launch +17.6% −55.5%

Difference from stated, over that window −27.8 pts −10.2 pts

Underlying volatility 38% 38%

Difference over the days both have traded −5.5 pts −1.6 pts

Expense ratio 1.05% 1.05%

Launched Dec 13, 2022 Oct 19, 2023

Net assets $3.8bn $17m

NVDL and NVDQ on the same fields, as of Sep 30, 2026. Source: ETFIQ.

NVDL in plain words

Three months to Sep 30, 2026: NVDL returned +26.0% where its own daily promise gave +29.2%, 3.2 points short. Read the multiple against the whole window instead and 2 times NVDA's 15.7% implies +31.4%, which makes NVDL look 5.5 points short. 2.2 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. NVDL 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 38% 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.

NVDQ in plain words

Three months to Sep 30, 2026: NVDQ returned −33.0% where its own daily promise gave −33.3%, 0.2 points over. Read the multiple against the whole window instead and −2 times NVDA's 15.7% implies −31.4%, which makes NVDQ look 1.6 points short. 1.8 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. NVDQ aims to return -2 times NVDA'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, NVDL or NVDQ?: Over the window to Sep 30, 2026, NVDL finished 5.5 points from what its multiple implies and NVDQ finished 1.6 points from its own, so NVDQ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are NVDL and NVDQ levered on the same thing?: Yes. Both are levered on NVIDIA, NVDL at +2 times and NVDQ at -2 times the daily move.
Which one decays faster, NVDL or NVDQ?: Decay follows how much the underlying moves about. Over this window NVDL’s moved at 38% annualized and NVDQ’s at 38%, so NVDL has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold NVDL or NVDQ 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, NVDL or NVDQ?: NVDL charges 1.05% a year and NVDQ charges 1.05%, so NVDL is cheaper. Fees come from each fund's prospectus.

Other comparisons

NVDL vs NVC NVDL vs NVD NVDL vs NVDS NVDL vs NVDU NVDQ vs NVC NVDQ vs NVD NVDQ vs NVDS NVDQ vs NVDU

NVDL on its own →NVDQ on its own →How every figure is computed →Standards and sources →

Where these figures came from

NVDL filings on SEC EDGAR ↗NVDL prospectus with the expense ratio (SEC) ↗GraniteShares page for NVDL ↗NVDQ filings on SEC EDGAR ↗NVDQ prospectus with the expense ratio (SEC) ↗T-REX page for NVDQ ↗

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, NVDL against NVDQ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/nvdl-vs-nvdq

Open data

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