NVDL vs SPXX
GraniteShares 2x Long NVDA Daily ETF vs Nuveen S&P 500 Dynamic Overwrite Fund
Which is better, NVDL or SPXX?
Each has led over a different period.
SPXX has a lower expense ratio. NVDL led over 3Y and the full window, SPXX over 1Y.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | NVDL | SPXX |
|---|---|---|
| Expense Ratio | 1.05% | 0.91%Best |
| AUM | $2.4B | $2.8B |
| Dividend Yield | 0.00% | 7.34% |
| Holdings | 4 | 552 |
| YTD Return | -32.02% | +9.63%Best |
| 1Y Return | -37.09% | +14.28%Best |
| 3Y Return (annualized) | +60.83%Best | +17.63% |
| 5Y Return (annualized) | - | +8.33% |
| Volatility (annualized) | 81.0% | 12.0%Best |
| Max Drawdown | -67.5% | -17.6%Best |
| $10,000 over 3.9 years | $154,893Best | $14,533 |
| Fund Family | GraniteShares | Nuveen |
| Category | Alternative | Alternative |
| Style | Multi Alternative | Multi Alternative |
| Inception | Dec 13, 2022 | Nov 22, 2005 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 3.9 years row, are measured over the window both funds cover: Dec 13, 2022 to Nov 11, 2026 (3.9 years).
NVDL vs SPXX growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
NVDL vs SPXX Performance
GraniteShares 2x Long NVDA Daily ETF (NVDL) is an ETF from GraniteShares and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) is an ETF from Nuveen. Over the past year NVDL returned -37.09% while SPXX returned +14.28%. Year to date, NVDL is down 32.02% versus a gain of 9.63% for SPXX.
Over three years, NVDL compounded at +60.83% per year against +17.63% for SPXX. Across the full 4-year window we track, NVDL has the edge at +101.90% annualized vs +10.06%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
NVDL has been the more volatile fund, with annualized monthly volatility of 81.0% compared with 12.0% for SPXX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -67.5% for NVDL and -17.6% for SPXX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.33. They move together some of the time, and apart the rest.
Fees and Cost Over Time
NVDL charges 1.05% per year while SPXX charges 0.91%. On a $10,000 position that is $105 vs $91 annually, a gap of $14 per year that compounds over a long holding period. On income, NVDL currently yields 0.00% against 7.34% for SPXX.
Holdings Overlap
At least 8.3% of SPXX's money is in holdings NVDL also owns.
Only one direction is shown: for NVDL, our book for it lists positions totalling 200.2% of the fund, which is what a leveraged book looks like and is not a denominator we can divide by.
SPXX and NVDL share little of their money.
The two holdings books were reported 46 days apart, NVDL as of Oct 16, 2026 and SPXX as of Aug 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
1 positions in common, counted across the 1 positions we hold weights for in NVDL and 544 in SPXX, against full books of 4 and 552.
Top Shared Holdings
| Stock | Weight in NVDL | Weight in SPXX | Difference |
|---|---|---|---|
| NVDANvidia Corp | 200.24% | 8.29% | 191.95% |
You are not choosing between two funds in isolation.
Whichever of NVDL and SPXX you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, NVDL or SPXX?
NVDL has an expense ratio of 1.05% while SPXX charges 0.91%. SPXX is the cheaper option, by $14 a year on a $10,000 investment.
Which performed better, NVDL or SPXX?
Over the past year NVDL returned -37.09% vs +14.28% for SPXX, so SPXX leads on 1-year performance. Over the longest common window we track (4 years), NVDL annualized +101.90% vs +10.06% for SPXX. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, NVDL or SPXX?
NVDL has been the more volatile fund at 81.0% annualized versus 12.0% for SPXX. Worst drawdown: NVDL -67.5% vs SPXX -17.6%.
Should I hold both NVDL and SPXX?
NVDL and SPXX have a monthly-return correlation of 0.33, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between NVDL and SPXX?
At least 8.3% of SPXX's money is in holdings NVDL also owns. Our book for NVDL is partial, so the real figure is this or higher. They hold 1 positions in common, counted across the 1 positions we hold weights for in NVDL and 544 in SPXX.
Which pays a higher dividend, NVDL or SPXX?
NVDL yields 0.00% while SPXX yields 7.34%, so SPXX currently pays the higher dividend yield.
Is SPXX better than NVDL?
SPXX has a lower expense ratio. NVDL led over 3Y and the full window, SPXX over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.