CVNX vs. GRAG
CVNX (Defiance Daily Target 2X Long CVNA ETF) and GRAG (Leverage Shares 2X Long GRAB Daily ETF) are both Leveraged Equities funds. Both are actively managed. At a 0.34 correlation, their price movements are largely independent. CVNX charges 1.31%/yr vs 0.75%/yr for GRAG.
Performance
CVNX vs. GRAG - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with CVNX having a -46.52% return and GRAG slightly higher at -45.71%.
CVNX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- -55.03%
- YTD
- -46.52%
- 1Y
- -37.31%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GRAG
- 1D
- 3.50%
- 1M
- 39.46%
- 6M
- -41.95%
- YTD
- -45.71%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CVNX vs. GRAG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CVNX Defiance Daily Target 2X Long CVNA ETF | -46.52% | -19.79% |
GRAG Leverage Shares 2X Long GRAB Daily ETF | -45.71% | -5.79% |
Correlation
The correlation between CVNX and GRAG is 0.34, 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 Dec 11, 2025 | 0.34 |
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Return for Risk
CVNX vs. GRAG — Risk / Return Rank
CVNX
GRAG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CVNX vs. GRAG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long CVNA ETF (CVNX) and Leverage Shares 2X Long GRAB Daily ETF (GRAG). 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 | GRAG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.03 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.54 | — | — |
| Martin ratioReturn relative to average drawdown | -0.93 | — | — |
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Drawdowns
CVNX vs. GRAG - Drawdown Comparison
The maximum CVNX drawdown since its inception was -69.62%, which is greater than GRAG's maximum drawdown of -65.33%. Use the drawdown chart below to compare losses from any high point for CVNX and GRAG.
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Drawdown Indicators
| CVNX | GRAG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.62% | -65.33% | -4.29% |
Max Drawdown (1Y)Largest decline over 1 year | -69.62% | — | — |
Current DrawdownCurrent decline from peak | -57.59% | -51.08% | -6.51% |
Average DrawdownAverage peak-to-trough decline | -31.94% | -42.73% | +10.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.20% | — | — |
Volatility
CVNX vs. GRAG - Volatility Comparison
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Volatility by Period
| CVNX | GRAG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 81.07% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 115.26% | 70.55% | +44.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 113.12% | 70.55% | +42.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 113.12% | 70.55% | +42.57% |
CVNX vs. GRAG - Expense Ratio Comparison
CVNX has a 1.31% expense ratio, which is higher than GRAG's 0.75% expense ratio.
Dividends
CVNX vs. GRAG - Dividend Comparison
Neither CVNX nor GRAG has paid dividends to shareholders.
Frequently Asked Questions
CVNX and GRAG have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GRAG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GRAG is cheaper with a 0.75% expense ratio, compared with 1.31% for CVNX.
CVNX and GRAG have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Defiance and Leverage Shares. Their fees differ too: 1.31% for CVNX and 0.75% for GRAG.
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