AVGX vs. AVS

Last updated Jul 15, 2026

AVGX (Defiance Daily Target 2X Long AVGO ETF) and AVS (Direxion Daily AVGO Bear 1X Shares) are both exchange-traded funds - AVGX is a Leveraged Equities fund actively managed by Defiance, while AVS is a Inverse Equities fund actively managed by Direxion. Both are actively managed. Over the past year, AVGX returned 40.13% vs -39.93% for AVS. At a correlation of -1.00, they often move in opposite directions. AVGX charges 1.29%/yr vs 0.98%/yr for AVS.

Performance

AVGX vs. AVS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long AVGO ETF (AVGX) and Direxion Daily AVGO Bear 1X Shares (AVS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVGX achieves a 4.39% return, which is significantly higher than AVS's -18.71% return.

AVGX

• 1D: 2.97%
• 1M: 0.97%
• 6M: 0.41%
• YTD: 4.39%
• 1Y: 40.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AVS

• 1D: -1.29%
• 1M: -3.46%
• 6M: -16.50%
• YTD: -18.71%
• 1Y: -39.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AVGX vs. AVS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVGX Defiance Daily Target 2X Long AVGO ETF	4.39%	46.98%	37.35%
AVS Direxion Daily AVGO Bear 1X Shares	-18.71%	-45.96%	-27.15%

Correlation

The correlation between AVGX and AVS is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-1.00
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	-1.00

The correlation between AVGX and AVS has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.

Return for Risk

AVGX vs. AVS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AVGX

AVGX Risk / Return Rank: 22
AVGX Sharpe Ratio Rank: 17
AVGX Sortino Ratio Rank: 27
AVGX Omega Ratio Rank: 27
AVGX Calmar Ratio Rank: 21
AVGX Martin Ratio Rank: 18

AVS

AVS Risk / Return Rank: 2
AVS Sharpe Ratio Rank: 3
AVS Sortino Ratio Rank: 3
AVS Omega Ratio Rank: 3
AVS Calmar Ratio Rank: 3
AVS Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AVGX vs. AVS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long AVGO ETF (AVGX) and Direxion Daily AVGO Bear 1X Shares (AVS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	AVGX	AVS	Difference
Sharpe ratio: Return per unit of total volatility	0.43	-0.85	+1.28
Sortino ratio: Return per unit of downside risk	1.24	-1.15	+2.38
Omega ratio: Gain probability vs. loss probability	1.16	0.86	+0.29
Calmar ratio: Return relative to maximum drawdown	0.75	-0.82	+1.57
Martin ratio: Return relative to average drawdown	1.47	-1.47	+2.94

AVGX vs. AVS - Sharpe Ratio Comparison

The current AVGX Sharpe Ratio is 0.43, which is higher than the AVS Sharpe Ratio of -0.85. The chart below compares the historical Sharpe Ratios of AVGX and AVS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AVGX vs. AVS - Drawdown Comparison

The maximum AVGX drawdown since its inception was -70.97%, smaller than the maximum AVS drawdown of -76.77%. Use the drawdown chart below to compare losses from any high point for AVGX and AVS.

Drawdown Indicators

	AVGX	AVS	Difference
Max Drawdown Largest peak-to-trough decline	-70.97%	-76.77%	+5.80%
Max Drawdown (1Y) Largest decline over 1 year	-54.09%	-48.74%	-5.35%
Current Drawdown Current decline from peak	-39.06%	-72.41%	+33.35%
Average Drawdown Average peak-to-trough decline	-23.83%	-50.17%	+26.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.36%	28.02%	-0.66%

Volatility

AVGX vs. AVS - Volatility Comparison

Defiance Daily Target 2X Long AVGO ETF (AVGX) has a higher volatility of 29.14% compared to Direxion Daily AVGO Bear 1X Shares (AVS) at 14.40%. This indicates that AVGX's price experiences larger fluctuations and is considered to be riskier than AVS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVGX	AVS	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.14%	14.40%	+14.74%
Volatility (6M) Calculated over the trailing 6-month period	69.42%	33.97%	+35.45%
Volatility (1Y) Calculated over the trailing 1-year period	94.06%	47.10%	+46.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.70%	53.76%	+52.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.70%	53.76%	+52.94%

AVGX vs. AVS - Expense Ratio Comparison

AVGX has a 1.29% expense ratio, which is higher than AVS's 0.98% expense ratio.

Dividends

AVGX vs. AVS - Dividend Comparison

AVGX's dividend yield for the trailing twelve months is around 1.58%, less than AVS's 3.56% yield.

Position	TTM	2025	2024
AVGX Defiance Daily Target 2X Long AVGO ETF	1.58%	1.65%	0.81%
AVS Direxion Daily AVGO Bear 1X Shares	3.56%	4.22%	1.63%

Frequently Asked Questions

Can I hold both AVGX and AVS in my portfolio?

AVGX and AVS have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVGX or AVS?

AVGX has higher volatility (29.14%) compared to AVS (14.40%). In terms of maximum drawdown, AVGX dropped -70.97% vs AVS's -76.77%.

Which ETF is better, AVGX or AVS?

On 1-year performance, AVGX leads with 40.13% vs -39.93% for AVS. On fees, AVS is cheaper at 0.98% per year. On volatility, AVS has been the lower-risk option at 14.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVGX or AVS?

Over the 1-year period, AVGX has performed better with a 40.13% return vs -39.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVGX or AVS?

AVS is cheaper with a 0.98% expense ratio, compared with 1.29% for AVGX.

Which ETF pays a higher dividend yield, AVGX or AVS?

AVS has the higher dividend yield at 3.56%, compared with 1.58% for AVGX.

What is the main difference between AVGX and AVS?

AVGX is categorized as Leveraged Equities, while AVS is Inverse Equities. They also come from different issuers: Defiance and Direxion. Their fees differ too: 1.29% for AVGX and 0.98% for AVS.

Which has better risk-adjusted returns?

AVGX currently has the higher Sharpe Ratio (0.43 vs -0.85), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.