GraniteShares 2x Long NOW Daily ETF (NOWL) Performance
NOWL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −32.3% since Dec 31, 2025
- 1 year
- −57.4% total return
- Since first price
- −61.1% since 2025
NOWL trailing returns vs SPY, QQQ, AGG
| Period | NOWL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +23.8% | +23.8% | −1.0% | −5.0% | +0.9% |
| 3 months | +164.8% | +164.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +168.4% | +168.4% | +7.8% | +8.4% | −1.5% |
| YTD | −32.3% | −32.3% | +12.3% | +15.1% | −1.0% |
| 1 year | −57.4% | −57.4% | +14.4% | +15.9% | −1.1% |
| Since inceptionJul 15, 2025 | −61.1% | −61.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: NOWL vs SPY
From Jul 15, 2025: NOWL grew to $3,885, SPY to $12,381.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
NOWL returns by calendar year
2026 is year to date.
NOWL annual returns table
| Year | NOWL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −32.3% | −74.0% | +12.3% | +15.1% | −1.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
NOWL largest drawdowns
Now 63.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 24, 2025 | −86.6% | Jun 25, 2026 | not yet | 11 months | 1.2 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
NOWL risk statistics
| Statistic | Since 2025 |
|---|---|
| Annualized return | −64.7% |
| Volatility (annualized) | 134.1% |
| Sharpe ratio | -0.25 |
| Sortino ratio | -0.45 |
| Best month | +88.6% |
| Worst month | −44.3% |
| Best 12 months | −59.8% |
| Worst 12 months | −78.0% |
| Positive months | 21% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
NOWL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 4 | −78.0% | −63.9% | −55.3% | 0% |
Every holding period starting at a month-end since 2025. Returns for 3 years and longer are annualized.
NOWL performance overview
GraniteShares 2x Long NOW Daily ETF (NOWL) returned −57.4% over the past year, with distributions reinvested. Since its first recorded price on Jul 15, 2025 it has returned −61.1%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −86.6%, from Jul 24, 2025 to Jun 25, 2026; the fund has not yet regained that high. Volatility has been 134.1% a year.
Related: NOWL chart. See the NOWL overview for the latest quote and fund facts.
NOWL performance FAQ
What is the NOWL return over the past year?
NOWL returned −57.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 57.4%.
How much would $10,000 invested in NOWL be worth?
$10,000 invested in NOWL at its first recorded close on July 15, 2025 would be worth about $3,885 on October 23, 2026 with distributions reinvested.
What is the biggest drawdown of NOWL?
The largest peak-to-trough decline was −86.6% between July 24, 2025 and June 25, 2026. It has not yet recovered to that high; it is 63.9% below its peak.
How volatile is NOWL?
Over the past history NOWL had an annualized volatility of 134.1% and a Sharpe ratio of -0.25 (excess return over 1–3 month T-bills per unit of risk).