CVNX vs. TSMG

Last updated Jun 23, 2026

CVNX (Defiance Daily Target 2X Long CVNA ETF) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, CVNX returned -27.67% vs 295.67% for TSMG. At a 0.31 correlation, their price movements are largely independent. CVNX charges 1.31%/yr vs 0.75%/yr for TSMG.

Performance

CVNX vs. TSMG - 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 TSM Daily ETF (TSMG). 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 TSMG's 108.52% return.

CVNX

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

TSMG

• 1D: 2.19%
• 1M: 30.51%
• YTD: 108.52%
• 6M: 123.61%
• 1Y: 295.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVNX vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
CVNX Defiance Daily Target 2X Long CVNA ETF	-46.52%	29.94%
TSMG Leverage Shares 2X Long TSM Daily ETF	108.52%	116.37%

Correlation

The correlation between CVNX and TSMG is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since May 29, 2025	0.31

Return for Risk

CVNX vs. TSMG — 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

TSMG

TSMG Risk / Return Rank: 90
TSMG Sharpe Ratio Rank: 96
TSMG Sortino Ratio Rank: 84
TSMG Omega Ratio Rank: 77
TSMG Calmar Ratio Rank: 96
TSMG Martin Ratio Rank: 95

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. TSMG - 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 TSM Daily ETF (TSMG). 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	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	-0.24	3.95	-4.18
Sortino ratio: Return per unit of downside risk	0.45	3.58	-3.13
Omega ratio: Gain probability vs. loss probability	1.06	1.44	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.40	8.44	-8.84
Martin ratio: Return relative to average drawdown	-0.73	27.04	-27.77

CVNX vs. TSMG - Sharpe Ratio Comparison

The current CVNX Sharpe Ratio is -0.24, which is lower than the TSMG Sharpe Ratio of 3.95. The chart below compares the historical Sharpe Ratios of CVNX and TSMG, 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. TSMG - Drawdown Comparison

The maximum CVNX drawdown since its inception was -69.62%, which is greater than TSMG's maximum drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for CVNX and TSMG.

Drawdown Indicators

	CVNX	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-69.62%	-63.67%	-5.95%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-35.29%	-34.33%
Current Drawdown Current decline from peak	-57.59%	0.00%	-57.59%
Average Drawdown Average peak-to-trough decline	-30.69%	-16.65%	-14.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.05%	10.99%	+27.06%

Volatility

CVNX vs. TSMG - Volatility Comparison

The current volatility for Defiance Daily Target 2X Long CVNA ETF (CVNX) is 26.57%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 29.04%. This indicates that CVNX experiences smaller price fluctuations and is considered to be less risky than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVNX	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.57%	29.04%	-2.47%
Volatility (6M) Calculated over the trailing 6-month period	84.77%	59.04%	+25.73%
Volatility (1Y) Calculated over the trailing 1-year period	116.97%	75.62%	+41.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	115.85%	82.51%	+33.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.85%	82.51%	+33.34%

CVNX vs. TSMG - Expense Ratio Comparison

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

Dividends

CVNX vs. TSMG - Dividend Comparison

CVNX has not paid dividends to shareholders, while TSMG's dividend yield for the trailing twelve months is around 5.51%.

Position	TTM	2025
CVNX Defiance Daily Target 2X Long CVNA ETF	0.00%	0.00%
TSMG Leverage Shares 2X Long TSM Daily ETF	5.51%	11.48%

Frequently Asked Questions

Can I hold both CVNX and TSMG in my portfolio?

CVNX and TSMG 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.

Which is riskier, CVNX or TSMG?

TSMG has higher volatility (29.04%) compared to CVNX (26.57%). In terms of maximum drawdown, CVNX dropped -69.62% vs TSMG's -63.67%.

Which ETF is better, CVNX or TSMG?

On 1-year performance, TSMG leads with 295.67% vs -27.67% for CVNX. On fees, TSMG is cheaper at 0.75% per year. On volatility, CVNX has been the lower-risk option at 26.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVNX or TSMG?

Over the 1-year period, TSMG has performed better with a 295.67% 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 TSMG?

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

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

TSMG has the higher dividend yield at 5.51%, compared with 0.00% for CVNX.

What is the main difference between CVNX and TSMG?

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

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (3.95 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.