CVNX vs. TPYP

Last updated Jun 23, 2026

CVNX (Defiance Daily Target 2X Long CVNA ETF) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - CVNX is a Leveraged Equities fund actively managed by Defiance, while TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index. CVNX is actively managed, while TPYP is passively managed. Over the past year, CVNX returned -27.67% vs 23.32% for TPYP. At a correlation of -0.16, they often move in opposite directions. CVNX charges 1.31%/yr vs 0.40%/yr for TPYP.

Performance

CVNX vs. TPYP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long CVNA ETF (CVNX) and Tortoise North American Pipeline Fund (TPYP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVNX achieves a -46.52% return, which is significantly lower than TPYP's 20.05% return.

CVNX

• 1D: 0.00%
• 1M: 2.52%
• YTD: -46.52%
• 6M: -49.11%
• 1Y: -27.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TPYP

• 1D: 1.24%
• 1M: -4.81%
• YTD: 20.05%
• 6M: 21.48%
• 1Y: 23.32%
• 3Y*: 25.65%
• 5Y*: 17.96%
• 10Y*: 11.74%

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

CVNX vs. TPYP - Yearly Performance Comparison

	2026 (YTD)	2025
CVNX Defiance Daily Target 2X Long CVNA ETF	-46.52%	29.94%
TPYP Tortoise North American Pipeline Fund	20.05%	3.25%

Correlation

The correlation between CVNX and TPYP is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.17
Correlation (All Time) Calculated using the full available price history since May 29, 2025	-0.16

Return for Risk

CVNX vs. TPYP — Risk / Return Rank

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

CVNX

CVNX Risk / Return Rank: 8
CVNX Sharpe Ratio Rank: 6
CVNX Sortino Ratio Rank: 11
CVNX Omega Ratio Rank: 11
CVNX Calmar Ratio Rank: 5
CVNX Martin Ratio Rank: 6

TPYP

TPYP Risk / Return Rank: 55
TPYP Sharpe Ratio Rank: 54
TPYP Sortino Ratio Rank: 52
TPYP Omega Ratio Rank: 48
TPYP Calmar Ratio Rank: 70
TPYP Martin Ratio Rank: 51

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. TPYP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long CVNA ETF (CVNX) and Tortoise North American Pipeline Fund (TPYP). 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	TPYP	Difference
Sharpe ratio: Return per unit of total volatility	-0.24	1.77	-2.00
Sortino ratio: Return per unit of downside risk	0.45	2.47	-2.02
Omega ratio: Gain probability vs. loss probability	1.06	1.30	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.40	3.42	-3.82
Martin ratio: Return relative to average drawdown	-0.73	8.48	-9.20

CVNX vs. TPYP - Sharpe Ratio Comparison

The current CVNX Sharpe Ratio is -0.24, which is lower than the TPYP Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of CVNX and TPYP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CVNX vs. TPYP - Drawdown Comparison

The maximum CVNX drawdown since its inception was -69.62%, which is greater than TPYP's maximum drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for CVNX and TPYP.

Drawdown Indicators

	CVNX	TPYP	Difference
Max Drawdown Largest peak-to-trough decline	-69.62%	-51.91%	-17.71%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-6.84%	-62.78%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.17%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.96%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.91%	—
Current Drawdown Current decline from peak	-57.59%	-5.28%	-52.31%
Average Drawdown Average peak-to-trough decline	-30.69%	-7.88%	-22.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.05%	2.76%	+35.29%

Volatility

CVNX vs. TPYP - Volatility Comparison

Defiance Daily Target 2X Long CVNA ETF (CVNX) has a higher volatility of 26.57% compared to Tortoise North American Pipeline Fund (TPYP) at 5.08%. This indicates that CVNX's price experiences larger fluctuations and is considered to be riskier than TPYP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVNX	TPYP	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.57%	5.08%	+21.49%
Volatility (6M) Calculated over the trailing 6-month period	84.77%	10.33%	+74.44%
Volatility (1Y) Calculated over the trailing 1-year period	116.97%	13.30%	+103.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	115.85%	17.39%	+98.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.85%	21.93%	+93.92%

CVNX vs. TPYP - Expense Ratio Comparison

CVNX has a 1.31% expense ratio, which is higher than TPYP's 0.40% expense ratio.

Dividends

CVNX vs. TPYP - Dividend Comparison

CVNX has not paid dividends to shareholders, while TPYP's dividend yield for the trailing twelve months is around 3.25%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
TPYP Tortoise North American Pipeline Fund	3.25%	3.91%	3.95%	4.83%	4.48%	4.86%	6.14%	4.45%	4.58%	3.71%	3.49%	2.56%

Frequently Asked Questions

Can I hold both CVNX and TPYP in my portfolio?

CVNX and TPYP have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVNX or TPYP?

CVNX has higher volatility (26.57%) compared to TPYP (5.08%). In terms of maximum drawdown, CVNX dropped -69.62% vs TPYP's -51.91%.

Which ETF is better, CVNX or TPYP?

On 1-year performance, TPYP leads with 23.32% vs -27.67% for CVNX. On fees, TPYP is cheaper at 0.40% per year. On volatility, TPYP has been the lower-risk option at 5.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVNX or TPYP?

Over the 1-year period, TPYP has performed better with a 23.32% return vs -27.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVNX or TPYP?

TPYP is cheaper with a 0.40% expense ratio, compared with 1.31% for CVNX.

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

TPYP has the higher dividend yield at 3.25%, compared with 0.00% for CVNX.

What is the main difference between CVNX and TPYP?

CVNX is categorized as Leveraged Equities, while TPYP is Energy Equities. They also come from different issuers: Defiance and Tortoise. Their fees differ too: 1.31% for CVNX and 0.40% for TPYP.

Which has better risk-adjusted returns?

TPYP currently has the higher Sharpe Ratio (1.76 vs -0.24), 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.