AVS vs. AVGG

Last updated Jun 25, 2026

AVS (Direxion Daily AVGO Bear 1X Shares) and AVGG (Leverage Shares 2X Long AVGO Daily ETF) are both exchange-traded funds - AVS is a Inverse Equities fund actively managed by Direxion, while AVGG is a Leveraged Equities fund actively managed by Leverage Shares. Both are actively managed. Over the past year, AVS returned -40.93% vs 51.13% for AVGG. At a correlation of -0.99, they often move in opposite directions. AVS charges 0.98%/yr vs 0.76%/yr for AVGG.

Performance

AVS vs. AVGG - Performance Comparison

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

Returns By Period

In the year-to-date period, AVS achieves a -16.68% return, which is significantly lower than AVGG's 3.10% return.

AVS

• 1D: -0.51%
• 1M: 4.24%
• YTD: -16.68%
• 6M: -15.57%
• 1Y: -40.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AVGG

• 1D: 0.29%
• 1M: -19.76%
• YTD: 3.10%
• 6M: 0.74%
• 1Y: 51.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AVS vs. AVGG - Yearly Performance Comparison

	2026 (YTD)	2025
AVS Direxion Daily AVGO Bear 1X Shares	-16.68%	-37.82%
AVGG Leverage Shares 2X Long AVGO Daily ETF	3.10%	91.10%

Correlation

The correlation between AVS and AVGG 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 May 16, 2025	-0.99

The correlation between AVS and AVGG has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

Return for Risk

AVS vs. AVGG — Risk / Return Rank

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

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: 2
AVS Martin Ratio Rank: 2

AVGG

AVGG Risk / Return Rank: 23
AVGG Sharpe Ratio Rank: 18
AVGG Sortino Ratio Rank: 27
AVGG Omega Ratio Rank: 27
AVGG Calmar Ratio Rank: 22
AVGG Martin Ratio Rank: 19

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.

AVS vs. AVGG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AVGO Bear 1X Shares (AVS) and Leverage Shares 2X Long AVGO Daily ETF (AVGG). 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.

	AVS	AVGG	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	0.56	-1.44
Sortino ratio: Return per unit of downside risk	-1.22	1.35	-2.57
Omega ratio: Gain probability vs. loss probability	0.85	1.18	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.80	0.96	-1.76
Martin ratio: Return relative to average drawdown	-1.41	2.01	-3.42

AVS vs. AVGG - Sharpe Ratio Comparison

The current AVS Sharpe Ratio is -0.88, which is lower than the AVGG Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of AVS and AVGG, 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

AVS vs. AVGG - Drawdown Comparison

The maximum AVS drawdown since its inception was -76.77%, which is greater than AVGG's maximum drawdown of -53.77%. Use the drawdown chart below to compare losses from any high point for AVS and AVGG.

Drawdown Indicators

	AVS	AVGG	Difference
Max Drawdown Largest peak-to-trough decline	-76.77%	-53.77%	-23.00%
Max Drawdown (1Y) Largest decline over 1 year	-51.29%	-53.77%	+2.48%
Current Drawdown Current decline from peak	-71.72%	-40.29%	-31.43%
Average Drawdown Average peak-to-trough decline	-49.51%	-18.61%	-30.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.24%	25.55%	+3.69%

Volatility

AVS vs. AVGG - Volatility Comparison

The current volatility for Direxion Daily AVGO Bear 1X Shares (AVS) is 20.67%, while Leverage Shares 2X Long AVGO Daily ETF (AVGG) has a volatility of 44.99%. This indicates that AVS experiences smaller price fluctuations and is considered to be less risky than AVGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVS	AVGG	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.67%	44.99%	-24.32%
Volatility (6M) Calculated over the trailing 6-month period	33.02%	67.23%	-34.21%
Volatility (1Y) Calculated over the trailing 1-year period	46.66%	92.90%	-46.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.05%	90.45%	-36.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.05%	90.45%	-36.40%

AVS vs. AVGG - Expense Ratio Comparison

AVS has a 0.98% expense ratio, which is higher than AVGG's 0.76% expense ratio.

Dividends

AVS vs. AVGG - Dividend Comparison

AVS's dividend yield for the trailing twelve months is around 3.48%, more than AVGG's 2.19% yield.

Position	TTM	2025	2024
AVGG Leverage Shares 2X Long AVGO Daily ETF	2.19%	2.26%	0.00%
AVS Direxion Daily AVGO Bear 1X Shares	3.48%	4.22%	1.63%

Frequently Asked Questions

Can I hold both AVS and AVGG in my portfolio?

AVS and AVGG 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, AVS or AVGG?

AVGG has higher volatility (44.99%) compared to AVS (20.67%). In terms of maximum drawdown, AVS dropped -76.77% vs AVGG's -53.77%.

Which ETF is better, AVS or AVGG?

On 1-year performance, AVGG leads with 51.13% vs -40.93% for AVS. On fees, AVGG is cheaper at 0.76% per year. On volatility, AVS has been the lower-risk option at 20.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVS or AVGG?

Over the 1-year period, AVGG has performed better with a 51.13% return vs -40.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVS or AVGG?

AVGG is cheaper with a 0.76% expense ratio, compared with 0.98% for AVS.

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

AVS has the higher dividend yield at 3.48%, compared with 2.19% for AVGG.

What is the main difference between AVS and AVGG?

AVS is categorized as Inverse Equities, while AVGG is Leveraged Equities. They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 0.98% for AVS and 0.76% for AVGG.

Which has better risk-adjusted returns?

AVGG currently has the higher Sharpe Ratio (0.56 vs -0.88), 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.