- CUSIP
- 88636R214
- Issuer
- Defiance
- Inception Date
- May 28, 2025
- Category
- Leveraged Equities
- Leveraged
- 2x
- Index Tracked
- No Index (Active)
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Growth
Share Price Chart
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Performance
CVNX Performance Chart
Defiance Daily Target 2X Long CVNA ETF (CVNX) is down 46.5% since the beginning of the year. CVNX is currently trading at $14 per share.
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Returns By Period
Defiance Daily Target 2X Long CVNA ETF (CVNX) has returned -46.52% so far this year and -27.67% over the past 12 months.
Defiance Daily Target 2X Long CVNA ETF
- 1D
- 0.00%
- 1M
- 2.52%
- YTD
- -46.52%
- 6M
- -49.11%
- 1Y
- -27.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
CVNX Monthly Returns History
Based on dividend-adjusted daily data since May 29, 2025, CVNX's average daily return is +0.13%, while the average monthly return is +0.66%. At this rate, an investment would double in approximately 8.8 years.
Historically, 50% of months were positive and 50% were negative. The best month was Apr 2026 with a return of +53.2%, while the worst month was Oct 2025 at -37.9%. The longest winning streak lasted 3 consecutive months, and the longest losing streak was 3 months.
On a daily basis, CVNX closed higher 49% of trading days. The best single day was Jul 31, 2025 with a return of +35.3%, while the worst single day was Jan 28, 2026 at -29.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -15.85% | -33.15% | -15.81% | 53.16% | -17.67% | -10.44% | -46.52% | ||||||
| 2025 | 3.73% | 3.36% | 29.27% | -13.09% | 1.18% | -37.85% | 38.43% | 23.94% | 29.94% |
Benchmark Metrics
Defiance Daily Target 2X Long CVNA ETF has an annualized alpha of -43.41%, beta of 3.88, and R2 of 0.17 versus S&P 500 Index. Calculated based on daily prices since May 29, 2025.
- This ETF participated in 372.00% of S&P 500 Index downside but only 29.81% of its upside - more exposed to losses than it benefited from rallies.
- R2 of 0.17 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -43.41%
- Beta
- 3.88
- R²
- 0.17
- Upside Capture
- 29.81%
- Downside Capture
- 372.00%
Expense Ratio
CVNX has a high expense ratio of 1.31%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
CVNX ranks 8 for risk / return — in the bottom 8% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Defiance Daily Target 2X Long CVNA ETF (CVNX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CVNX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.27 | ||
| Sortino ratioReturn per unit of downside risk | -2.31 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.37 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 2.78 | -3.18 |
| Martin ratioReturn relative to average drawdown | -0.73 | 12.44 | -13.17 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Defiance Daily Target 2X Long CVNA ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Defiance Daily Target 2X Long CVNA ETF was 69.62%, occurring on Mar 20, 2026. The portfolio has not yet recovered.
The current Defiance Daily Target 2X Long CVNA ETF drawdown is 57.59%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -69.62%Mar 2026 | 1mo 26d | — | 5mo 1dJan 2026 - now |
2025 bear market2025 | -52.48%Nov 2025 | 3mo 7d | 1mo 2d | 4mo 9dAug 2025 - Dec 2025 |
2025 selloff2025 | -30.93%Jun 2025 | 11d | 21d | 1mo 2dJun 2025 - Jul 2025 |
2026 bear market2026 | -29.30%Jan 2026 | 21d | 20d | 1mo 11dDec 2025 - Jan 2026 |
2025 correction2025 | -17.67%Jul 2025 | 16d | 7d | 23dJul 2025 - Jul 2025 |
Drawdown Indicators
| CVNX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.62% | -56.78% | -12.84% |
Max Drawdown (1Y)Largest decline over 1 year | -69.62% | -9.10% | -60.52% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -57.59% | -1.80% | -55.79% |
Average DrawdownAverage peak-to-trough decline | -30.69% | -10.71% | -19.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.05% | 2.03% | +36.02% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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