CVNX vs. AIPO

Last updated Jun 6, 2026

CVNX (Defiance Daily Target 2X Long CVNA ETF) and AIPO (Defiance AI & Power Infrastructure ETF) are both exchange-traded funds - CVNX is a Leveraged Equities fund actively managed by Defiance, while AIPO is a Technology Equities fund tracking the MarketVector™ US Listed AI and Power Infrastructure Index. CVNX is actively managed, while AIPO is passively managed. At a 0.36 correlation, their price movements are largely independent. CVNX charges 1.31%/yr vs 0.69%/yr for AIPO.

Performance

CVNX vs. AIPO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long CVNA ETF (CVNX) and Defiance AI & Power Infrastructure ETF (AIPO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVNX achieves a -51.18% return, which is significantly lower than AIPO's 40.87% return.

CVNX

• 1D: 0.63%
• 1M: -30.08%
• YTD: -51.18%
• 6M: -47.27%
• 1Y: -44.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AIPO

• 1D: -6.65%
• 1M: -6.45%
• YTD: 40.87%
• 6M: 31.16%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVNX vs. AIPO - Yearly Performance Comparison

	2026 (YTD)	2025
CVNX Defiance Daily Target 2X Long CVNA ETF	-51.18%	28.65%
AIPO Defiance AI & Power Infrastructure ETF	40.87%	8.68%

Correlation

The correlation between CVNX and AIPO is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 28, 2025	0.36

Return for Risk

CVNX vs. AIPO — Risk / Return Rank

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

CVNX

CVNX Risk / Return Rank: 6
CVNX Sharpe Ratio Rank: 6
CVNX Sortino Ratio Rank: 9
CVNX Omega Ratio Rank: 9
CVNX Calmar Ratio Rank: 4
CVNX Martin Ratio Rank: 3

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.

CVNX vs. AIPO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long CVNA ETF (CVNX) and Defiance AI & Power Infrastructure ETF (AIPO). 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.

	CVNX	AIPO	Difference
Sharpe ratio: Return per unit of total volatility	-0.38	—	—
Sortino ratio: Return per unit of downside risk	0.15	—	—
Omega ratio: Gain probability vs. loss probability	1.02	—	—
Calmar ratio: Return relative to maximum drawdown	-0.64	—	—
Martin ratio: Return relative to average drawdown	-1.22	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CVNX	AIPO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.30	1.85	-2.15

Drawdowns

CVNX vs. AIPO - Drawdown Comparison

The maximum CVNX drawdown since its inception was -69.62%, which is greater than AIPO's maximum drawdown of -17.31%. Use the drawdown chart below to compare losses from any high point for CVNX and AIPO.

Drawdown Indicators

	CVNX	AIPO	Difference
Max Drawdown Largest peak-to-trough decline	-69.62%	-17.31%	-52.31%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	—	—
Current Drawdown Current decline from peak	-61.28%	-8.38%	-52.90%
Average Drawdown Average peak-to-trough decline	-29.75%	-4.39%	-25.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.54%	—	—

Volatility

Volatility by Period

	CVNX	AIPO	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.27%	—	—
Volatility (6M) Calculated over the trailing 6-month period	87.74%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	118.64%	34.75%	+83.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	117.95%	34.75%	+83.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	117.95%	34.75%	+83.20%

CVNX vs. AIPO - Expense Ratio Comparison

CVNX has a 1.31% expense ratio, which is higher than AIPO's 0.69% expense ratio.

Dividends

CVNX vs. AIPO - Dividend Comparison

CVNX has not paid dividends to shareholders, while AIPO's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025
AIPO Defiance AI & Power Infrastructure ETF	0.01%	0.01%
CVNX Defiance Daily Target 2X Long CVNA ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both CVNX and AIPO in my portfolio?

CVNX and AIPO have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CVNX or AIPO?

On fees, AIPO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CVNX or AIPO?

AIPO is cheaper with a 0.69% expense ratio, compared with 1.31% for CVNX.

Which ETF pays a higher dividend yield, CVNX or AIPO?

AIPO has the higher dividend yield at 0.01%, compared with 0.00% for CVNX.

What is the main difference between CVNX and AIPO?

CVNX is categorized as Leveraged Equities, while AIPO is Technology Equities. Their fees differ too: 1.31% for CVNX and 0.69% for AIPO.