CVNX vs. NBIG

Last updated Jun 6, 2026

CVNX (Defiance Daily Target 2X Long CVNA ETF) and NBIG (Leverage Shares 2X Long NBIS Daily ETF) are both Leveraged Equities funds. Both are actively managed. At a 0.15 correlation, their price movements are largely independent. CVNX charges 1.31%/yr vs 0.75%/yr for NBIG.

Performance

CVNX vs. NBIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long CVNA ETF (CVNX) and Leverage Shares 2X Long NBIS Daily ETF (NBIG). 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 NBIG's 344.12% return.

CVNX

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

NBIG

• 1D: -24.42%
• 1M: 21.96%
• YTD: 344.12%
• 6M: 206.21%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVNX vs. NBIG - Yearly Performance Comparison

	2026 (YTD)	2025
CVNX Defiance Daily Target 2X Long CVNA ETF	-51.18%	26.47%
NBIG Leverage Shares 2X Long NBIS Daily ETF	344.12%	-62.34%

Correlation

The correlation between CVNX and NBIG is 0.15, 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 Oct 28, 2025	0.15

Return for Risk

CVNX vs. NBIG — 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. NBIG - 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 NBIS Daily ETF (NBIG). 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	NBIG	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	NBIG	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	0.67	-0.97

Drawdowns

CVNX vs. NBIG - Drawdown Comparison

The maximum CVNX drawdown since its inception was -69.62%, smaller than the maximum NBIG drawdown of -75.83%. Use the drawdown chart below to compare losses from any high point for CVNX and NBIG.

Drawdown Indicators

	CVNX	NBIG	Difference
Max Drawdown Largest peak-to-trough decline	-69.62%	-75.83%	+6.21%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	—	—
Current Drawdown Current decline from peak	-61.28%	-27.39%	-33.89%
Average Drawdown Average peak-to-trough decline	-29.75%	-42.71%	+12.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.54%	—	—

Volatility

Volatility by Period

	CVNX	NBIG	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%	202.70%	-84.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	117.95%	202.70%	-84.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	117.95%	202.70%	-84.75%

CVNX vs. NBIG - Expense Ratio Comparison

CVNX has a 1.31% expense ratio, which is higher than NBIG's 0.75% expense ratio.

Dividends

CVNX vs. NBIG - Dividend Comparison

Neither CVNX nor NBIG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CVNX and NBIG in my portfolio?

CVNX and NBIG have a correlation of 0.15, 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 NBIG?

On fees, NBIG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CVNX or NBIG?

NBIG is cheaper with a 0.75% expense ratio, compared with 1.31% for CVNX.

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

CVNX and NBIG have nearly identical dividend yields, around 0.00%.

What is the main difference between CVNX and NBIG?

They also come from different issuers: Defiance and Leverage Shares. Their fees differ too: 1.31% for CVNX and 0.75% for NBIG.