The T-Rex 2X Long NVIDIA Daily Target ETF (NASDAQ:NVDX) and the GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) sell the same product on the label: 2x the daily move in NVIDIA. The choice between them looks cosmetic until the holding period stretches past a day, at which point fees, liquidity, and tracking precision pull the two apart. Over the past year, NVDL returned 63.96% while NVDX returned 55.07%, compared with NVIDIA’s 43.85% gain. The stated objective is identical, while the realized outcomes diverge.
The daily reset is the entire story
Both funds use total return swaps to deliver 2x NVIDIA’s return for a single trading session, then rebalance. They are daily objective tools designed for single-session exposure, and neither aims to deliver 2x NVIDIA’s annual return. Compounding through a choppy market produces volatility decay. NVIDIA gained 10.15% year-to-date, yet NVDL is up only 8.5%, and NVDX is up 5.9%. The last month tells the same story in reverse: NVIDIA fell 6.38% while NVDL dropped 14.85% and NVDX 15.08%. Doubling the daily move produces a different outcome than doubling the period move.
What each fund is actually betting on
NVDL launched in December 2022 as the first U.S. single-stock 2x NVIDIA ETF and has built a larger asset base, deeper book, and tighter spreads of the pair. It’s best that the scale itself reduces friction: a wider swap counterparty roster, more efficient swap pricing, and lower implicit trading costs for the active trader rolling positions daily.
NVDX, the T-REX entry from REX Shares and Tuttle, arrived later and runs at a slightly lower published expense ratio. It’s best that a thinner cost layer can offset its smaller scale. For an investor entering at the close and exiting at the next close, that math can work. For anyone crossing the spread multiple times a week, it usually does not.
Where the difference shows up
The trailing year captures the divergence, as NVDL outpaced NVDX by roughly 9 percentage points despite tracking the same underlying index. Part of that gap reflects path-dependent compounding, but tracking efficiency and swap financing terms also contribute. NVDL closed at $95.49 on June 12, 2026, with NVDX at $18.13. The lower nominal share price of NVDX appeals to smaller accounts; the higher liquidity of NVDL appeals to size.
The practical comparison
| Factor | NVDL | NVDX |
|---|---|---|
| Issuer | GraniteShares | REX Shares / Tuttle (T-REX) |
| Inception | December 2022 | October 2023 |
| 1-year return | 63.96% | 55.07% |
| YTD return | 8.5% | 5.9% |
| 1-month return | -14.85% | -15.08% |
| Relative liquidity | Larger AUM, tighter spreads | Smaller AUM, wider spreads |
| Exposure mechanism | Total return swaps, daily reset | Total return swaps, daily reset |
How the two compare in practice
For traders running size or rolling exposure intraday, NVDL has historically offered deeper liquidity and tighter spreads. The liquidity advantage shows up in execution and in trailing returns, and the longer operating history gives the swap book more depth. NVDX makes a case for the smaller account that values a lower share price and a marginally lower expense ratio and holds for short, defined windows. Neither belongs in a long-term portfolio at 2x leverage on a single name, and the one-month 19.53% drawdown against an NVIDIA decline of 9.04% illustrates why. The calculus flips only if NVDX narrows the liquidity gap or NVDL meaningfully raises fees.
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