CVNX vs. TSLG

Last updated Jun 23, 2026

CVNX (Defiance Daily Target 2X Long CVNA ETF) and TSLG (Leverage Shares 2X Long TSLA Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, CVNX returned -27.67% vs 14.94% for TSLG. At a 0.25 correlation, their price movements are largely independent. CVNX charges 1.31%/yr vs 0.75%/yr for TSLG.

Performance

CVNX vs. TSLG - 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 TSLA Daily ETF (TSLG). 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 TSLG's -28.97% return.

CVNX

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

TSLG

• 1D: 2.16%
• 1M: -11.85%
• YTD: -28.97%
• 6M: -40.18%
• 1Y: 14.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVNX vs. TSLG - Yearly Performance Comparison

	2026 (YTD)	2025
CVNX Defiance Daily Target 2X Long CVNA ETF	-46.52%	29.94%
TSLG Leverage Shares 2X Long TSLA Daily ETF	-28.97%	26.00%

Correlation

The correlation between CVNX and TSLG is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since May 29, 2025	0.25

Return for Risk

CVNX vs. TSLG — 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

TSLG

TSLG Risk / Return Rank: 13
TSLG Sharpe Ratio Rank: 11
TSLG Sortino Ratio Rank: 16
TSLG Omega Ratio Rank: 15
TSLG Calmar Ratio Rank: 11
TSLG Martin Ratio Rank: 11

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. TSLG - 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 TSLA Daily ETF (TSLG). 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	TSLG	Difference
Sharpe ratio: Return per unit of total volatility	-0.24	0.17	-0.41
Sortino ratio: Return per unit of downside risk	0.45	0.88	-0.43
Omega ratio: Gain probability vs. loss probability	1.06	1.10	-0.04
Calmar ratio: Return relative to maximum drawdown	-0.40	0.27	-0.67
Martin ratio: Return relative to average drawdown	-0.73	0.54	-1.27

CVNX vs. TSLG - Sharpe Ratio Comparison

The current CVNX Sharpe Ratio is -0.24, which is lower than the TSLG Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of CVNX and TSLG, 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. TSLG - Drawdown Comparison

The maximum CVNX drawdown since its inception was -69.62%, smaller than the maximum TSLG drawdown of -82.86%. Use the drawdown chart below to compare losses from any high point for CVNX and TSLG.

Drawdown Indicators

	CVNX	TSLG	Difference
Max Drawdown Largest peak-to-trough decline	-69.62%	-82.86%	+13.24%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-54.61%	-15.01%
Current Drawdown Current decline from peak	-57.59%	-64.12%	+6.53%
Average Drawdown Average peak-to-trough decline	-30.69%	-58.75%	+28.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.05%	27.52%	+10.53%

Volatility

CVNX vs. TSLG - Volatility Comparison

Defiance Daily Target 2X Long CVNA ETF (CVNX) and Leverage Shares 2X Long TSLA Daily ETF (TSLG) have volatilities of 26.57% and 26.61%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVNX	TSLG	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.57%	26.61%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	84.77%	56.16%	+28.61%
Volatility (1Y) Calculated over the trailing 1-year period	116.97%	88.64%	+28.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	115.85%	114.81%	+1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.85%	114.81%	+1.04%

CVNX vs. TSLG - Expense Ratio Comparison

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

Dividends

CVNX vs. TSLG - Dividend Comparison

CVNX has not paid dividends to shareholders, while TSLG's dividend yield for the trailing twelve months is around 9.22%.

Position	TTM	2025
CVNX Defiance Daily Target 2X Long CVNA ETF	0.00%	0.00%
TSLG Leverage Shares 2X Long TSLA Daily ETF	9.22%	6.55%

Frequently Asked Questions

Can I hold both CVNX and TSLG in my portfolio?

CVNX and TSLG have a correlation of 0.28, 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 TSLG?

TSLG has higher volatility (26.61%) compared to CVNX (26.57%). In terms of maximum drawdown, CVNX dropped -69.62% vs TSLG's -82.86%.

Which ETF is better, CVNX or TSLG?

On 1-year performance, TSLG leads with 14.94% vs -27.67% for CVNX. On fees, TSLG is cheaper at 0.75% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVNX or TSLG?

Over the 1-year period, TSLG has performed better with a 14.94% 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 TSLG?

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

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

TSLG has the higher dividend yield at 9.22%, compared with 0.00% for CVNX.

What is the main difference between CVNX and TSLG?

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

Which has better risk-adjusted returns?

TSLG currently has the higher Sharpe Ratio (0.17 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.