NVDL vs NVDS: which held to its multiple?
Over three months against its own daily promise, NVDL finished 3.2 points short and NVDS 1.4 points over. GraniteShares 2x Long NVDA Daily ETF and Tradr 1.5X Short NVDA Daily ETF.
NVDL returned +26.0% while 2 times NVDA's move would have been +31.4%
NVDS returned −23.7% while −1.5 times NVDA's move would have been −23.6%
NVDL among the 470 leveraged ETFs, long, over three months
NVDS among the 125 inverse ETFs over three months
A percentile among the 470 leveraged ETFs, long, over three months. NVDS 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 | NVDS | NVDL | NVDS | NVDL | NVDS |
| 1 month | +5.6% | −5.3% | +7.1% | −5.3% | −1.5 pts | 0.0 pts |
| 3 months | +26.0% | −23.7% | +31.4% | −23.6% | −5.5 pts | −0.1 pts |
| 6 months | +49.4% | −39.5% | +60.5% | −45.4% | −11.1 pts | +5.9 pts |
| 1 year | +17.6% | −39.0% | +45.4% | −34.0% | −27.8 pts | −4.9 pts |
| 3 years | +766.9% | −95.5% | not meaningful | not meaningful | not meaningful | not meaningful |
| Since launch NVDL Dec 2022 · NVDS Jul 2022 | +2711.9% | −99.2% | not meaningful | not meaningful | not meaningful | not meaningful |
NVDL and NVDS 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 and NVDS 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.
NVDS in plain words
Three months to Sep 30, 2026: NVDS returned −23.7% where its own daily promise gave −25.1%, 1.4 points over. Read the multiple against the whole window instead and −1.5 times NVDA's 15.7% implies −23.6%, which makes NVDS look 0.1 points short. 1.5 of that is daily compounding, which happens to any −1.5 times fund over the same path, and the rest is the fund. NVDS aims to return -1.5 times NVDA's move each day, then resets. Over longer, the daily results compound, so the total is not -1.5 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 NVDS?
- Over the window to Sep 30, 2026, NVDL finished 5.5 points from what its multiple implies and NVDS finished 0.1 points from its own, so NVDS came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are NVDL and NVDS levered on the same thing?
- Yes. Both are levered on NVIDIA, NVDL at +2 times and NVDS at -1.5 times the daily move.
- Which one decays faster, NVDL or NVDS?
- Decay follows how much the underlying moves about. Over this window NVDL’s moved at 38% annualized and NVDS’s at 38%, so NVDL has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold NVDL or NVDS 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. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, NVDL against NVDS, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/nvdl-vs-nvds
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, NVDL against NVDS, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/nvdl-vs-nvds Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, NVDL against NVDS, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/nvdl-vs-nvds
- APA
- ETFIQ. (Sep 30, 2026). NVDL against NVDS. Retrieved from https://etfiq.com/compare/leverage/nvdl-vs-nvds
- Markdown
- [NVDL against NVDS (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/nvdl-vs-nvds)