- Issuer
- Defiance
- Inception Date
- Feb 3, 2026
- Region
- North America (United States)
- Category
- Leveraged Equities
- Leveraged
- 2x
- Index Tracked
- Red Cat Holdings, Inc. (RCAT)
- Asset Class
- Equity
- Assets Under Management
- $15M
Share Price Chart
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Performance
RCAX Performance Chart
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Returns By Period
Defiance Daily Target 2X Long RCAT ETF
- 1D
- 3.84%
- 1M
- 22.91%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.00%
- 1M
- -0.71%
- YTD
- 8.39%
- 6M
- 8.57%
- 1Y
- 24.33%
- 3Y*
- 18.94%
- 5Y*
- 12.24%
- 10Y*
- 13.54%
RCAX Monthly Returns History
Based on dividend-adjusted daily data since Feb 3, 2026, RCAX's average daily return is -0.02%, while the average monthly return is -14.82%.
Historically, 40% of months were positive and 60% were negative. The best month was May 2026 with a return of +30.0%, while the worst month was Jun 2026 at -43.9%. The longest winning streak lasted 1 consecutive months, and the longest losing streak was 1 months.
On a daily basis, RCAX closed higher 52% of trading days. The best single day was May 28, 2026 with a return of +65.3%, while the worst single day was May 13, 2026 at -29.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -37.30% | 4.04% | -26.93% | 29.97% | -43.89% | -65.24% |
Benchmark Metrics
Defiance Daily Target 2X Long RCAT ETF has an annualized alpha of -70.37%, beta of 6.70, and R2 of 0.17 versus S&P 500 Index. Calculated based on daily prices since February 03, 2026.
- This ETF participated in 331.95% of S&P 500 Index downside but only -18.39% 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
- -70.37%
- Beta
- 6.70
- R²
- 0.17
- Upside Capture
- -18.39%
- Downside Capture
- 331.95%
Expense Ratio
RCAX has a high expense ratio of 1.31%, indicating above-average management fees.
Return for Risk
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Defiance Daily Target 2X Long RCAT ETF (RCAX) 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.
| RCAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.35 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.66 | — |
| Martin ratioReturn relative to average drawdown | — | 11.86 | — |
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 RCAT 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 RCAT ETF was 81.30%, occurring on May 19, 2026. The portfolio has not yet recovered.
The current Defiance Daily Target 2X Long RCAT ETF drawdown is 72.22%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -81.30%May 2026 | 2mo 1d | — | 3mo 5dMar 2026 - now |
2026 bear market2026 | -41.81%Feb 2026 | 8d | 22d | 1moFeb 2026 - Mar 2026 |
2026 correction2026 | -17.71%Mar 2026 | 0s | 2d | 2dMar 2026 - Mar 2026 |
2026 pullback2026 | -8.45%Mar 2026 | 3d | 1d | 4dMar 2026 - Mar 2026 |
Drawdown Indicators
| RCAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.30% | -56.78% | -24.52% |
Max Drawdown (1Y)Largest decline over 1 year | — | -9.10% | — |
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 | -72.22% | -2.49% | -69.73% |
Average DrawdownAverage peak-to-trough decline | -46.18% | -10.72% | -35.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.03% | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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