CVNX vs. FAAR
CVNX (Defiance Daily Target 2X Long CVNA ETF) and FAAR (First Trust Alternative Absolute Return Strategy ETF) are both exchange-traded funds - CVNX is a Leveraged Equities fund actively managed by Defiance, while FAAR is a Commodities fund actively managed by First Trust. Both are actively managed. Over the past year, CVNX returned -42.88% vs 21.75% for FAAR. Their -0.20 correlation means they have often moved in opposite directions in the past. CVNX charges 1.31%/yr vs 0.95%/yr for FAAR.
Performance
CVNX vs. FAAR - Performance Comparison
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Returns By Period
In the year-to-date period, CVNX achieves a -46.52% return, which is significantly lower than FAAR's 15.98% return.
CVNX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- -36.45%
- YTD
- -46.52%
- 1Y
- -42.88%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -26.70%
FAAR
- 1D
- -0.11%
- 1M
- -0.80%
- 6M
- 6.86%
- YTD
- 15.98%
- 1Y
- 21.75%
- 3Y*
- 8.66%
- 5Y*
- 6.90%
- 10Y*
- 4.38%
- ALL TIME*
- 4.24%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $267.11K | |
| $1.17M | $1.04M | $1.66M |
CVNX vs. FAAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CVNX Defiance Daily Target 2X Long CVNA ETF | -46.52% | 29.94% |
FAAR First Trust Alternative Absolute Return Strategy ETF | 15.98% | 12.54% |
Correlation
The correlation between CVNX and FAAR is -0.19, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.19 |
Correlation (All Time) Calculated using the full available price history since May 29, 2025 | -0.20 |
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Return for Risk
CVNX vs. FAAR — Risk / Return Rank
CVNX
FAAR
CVNX vs. FAAR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long CVNA ETF (CVNX) and First Trust Alternative Absolute Return Strategy ETF (FAAR). 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.
| CVNX | FAAR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.06 | ||
| Sortino ratioReturn per unit of downside risk | -2.44 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.28 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 2.18 | -2.90 |
| Martin ratioReturn relative to average drawdown | -1.20 | 6.19 | -7.38 |
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Drawdowns
CVNX vs. FAAR - Drawdown Comparison
The maximum CVNX drawdown since its inception was -69.62%, which is greater than FAAR's maximum drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for CVNX and FAAR.
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Drawdown Indicators
| CVNX | FAAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.62% | -18.03% | -51.59% |
Max Drawdown (1Y)Largest decline over 1 year | -69.62% | -9.34% | -60.28% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.54% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.03% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.03% | — |
Current DrawdownCurrent decline from peak | -57.59% | -8.77% | -48.82% |
Average DrawdownAverage peak-to-trough decline | -33.24% | -7.83% | -25.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.55% | 3.29% | +39.26% |
Volatility
CVNX vs. FAAR - Volatility Comparison
The current volatility for Defiance Daily Target 2X Long CVNA ETF (CVNX) is 0.00%, while First Trust Alternative Absolute Return Strategy ETF (FAAR) has a volatility of 2.11%. This indicates that CVNX experiences smaller price fluctuations and is considered to be less risky than FAAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVNX | FAAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 2.11% | -2.11% |
Volatility (6M)Calculated over the trailing 6-month period | 70.14% | 9.47% | +60.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 114.56% | 12.74% | +101.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 110.20% | 11.87% | +98.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.20% | 11.54% | +98.66% |
CVNX vs. FAAR - Expense Ratio Comparison
CVNX has a 1.31% expense ratio, which is higher than FAAR's 0.95% expense ratio.
Dividends
CVNX vs. FAAR - Dividend Comparison
CVNX has not paid dividends to shareholders, while FAAR's dividend yield for the trailing twelve months is around 9.87%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CVNX Defiance Daily Target 2X Long CVNA ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FAAR First Trust Alternative Absolute Return Strategy ETF | 9.87% | 11.63% | 3.45% | 3.20% | 5.82% | 6.49% | 3.05% | 1.02% | 0.58% | 2.83% |
Frequently Asked Questions
CVNX and FAAR have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FAAR has higher volatility (2.11%) compared to CVNX (0.00%). In terms of maximum drawdown, CVNX dropped -69.62% vs FAAR's -18.03%.
On 1-year performance, FAAR leads with 21.75% vs -42.88% for CVNX. On fees, FAAR is cheaper at 0.95% per year. On volatility, CVNX has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FAAR has performed better with a 21.75% return vs -42.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FAAR is cheaper with a 0.95% expense ratio, compared with 1.31% for CVNX.
FAAR has the higher dividend yield at 9.87%, compared with 0.00% for CVNX.
CVNX is categorized as Leveraged Equities, while FAAR is Commodities. They also come from different issuers: Defiance and First Trust. Their fees differ too: 1.31% for CVNX and 0.95% for FAAR.
FAAR currently has the higher Sharpe Ratio (1.60 vs -0.46), 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.
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