CVNX vs. ONDG
CVNX (Defiance Daily Target 2X Long CVNA ETF) and ONDG (Leverage Shares 2X Long ONDS Daily ETF) are both Leveraged Equities funds. CVNX is actively managed, while ONDG is passively managed. At a 0.33 correlation, their price movements are largely independent. CVNX charges 1.31%/yr vs 0.75%/yr for ONDG.
Performance
CVNX vs. ONDG - Performance Comparison
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Returns By Period
CVNX
- 1D
- 0.00%
- 1M
- 2.52%
- YTD
- -46.52%
- 6M
- -50.29%
- 1Y
- -28.26%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ONDG
- 1D
- -7.89%
- 1M
- -22.81%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CVNX vs. ONDG - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
CVNX Defiance Daily Target 2X Long CVNA ETF | -55.14% |
ONDG Leverage Shares 2X Long ONDS Daily ETF | -76.88% |
Correlation
The correlation between CVNX and ONDG is 0.33, 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 Jan 13, 2026 | 0.33 |
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Return for Risk
CVNX vs. ONDG — Risk / Return Rank
CVNX
ONDG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CVNX vs. ONDG - 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 ONDS Daily ETF (ONDG). 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 | ONDG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.05 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.41 | — | — |
| Martin ratioReturn relative to average drawdown | -0.74 | — | — |
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Drawdowns
CVNX vs. ONDG - Drawdown Comparison
The maximum CVNX drawdown since its inception was -69.62%, smaller than the maximum ONDG drawdown of -78.13%. Use the drawdown chart below to compare losses from any high point for CVNX and ONDG.
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Drawdown Indicators
| CVNX | ONDG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.62% | -78.13% | +8.51% |
Max Drawdown (1Y)Largest decline over 1 year | -69.62% | — | — |
Current DrawdownCurrent decline from peak | -57.59% | -78.13% | +20.54% |
Average DrawdownAverage peak-to-trough decline | -30.79% | -56.22% | +25.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.22% | — | — |
Volatility
CVNX vs. ONDG - Volatility Comparison
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Volatility by Period
| CVNX | ONDG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 26.45% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 84.30% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 116.74% | 208.74% | -92.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 115.64% | 208.74% | -93.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 115.64% | 208.74% | -93.10% |
CVNX vs. ONDG - Expense Ratio Comparison
CVNX has a 1.31% expense ratio, which is higher than ONDG's 0.75% expense ratio.
Dividends
CVNX vs. ONDG - Dividend Comparison
Neither CVNX nor ONDG has paid dividends to shareholders.
Frequently Asked Questions
CVNX and ONDG have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ONDG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ONDG is cheaper with a 0.75% expense ratio, compared with 1.31% for CVNX.
CVNX and ONDG 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 ONDG.
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