CVNX vs. UGA

Last updated Jun 26, 2026

CVNX (Defiance Daily Target 2X Long CVNA ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - CVNX is a Leveraged Equities fund actively managed by Defiance, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. CVNX is actively managed, while UGA is passively managed. Over the past year, CVNX returned -26.14% vs 70.24% for UGA. At a correlation of -0.18, they often move in opposite directions. CVNX charges 1.31%/yr vs 0.75%/yr for UGA.

Performance

CVNX vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long CVNA ETF (CVNX) and United States Gasoline Fund LP (UGA). 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 UGA's 66.14% return.

CVNX

• 1D: 0.00%
• 1M: -3.27%
• YTD: -46.52%
• 6M: -51.31%
• 1Y: -26.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGA

• 1D: 4.14%
• 1M: -5.40%
• YTD: 66.14%
• 6M: 62.36%
• 1Y: 70.24%
• 3Y*: 19.22%
• 5Y*: 23.21%
• 10Y*: 14.74%

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

CVNX vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025
CVNX Defiance Daily Target 2X Long CVNA ETF	-46.52%	29.94%
UGA United States Gasoline Fund LP	66.14%	4.32%

Correlation

The correlation between CVNX and UGA is -0.20, 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	-0.20
Correlation (All Time) Calculated using the full available price history since May 29, 2025	-0.18

Return for Risk

CVNX vs. UGA — Risk / Return Rank

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

CVNX

CVNX Risk / Return Rank: 9
CVNX Sharpe Ratio Rank: 7
CVNX Sortino Ratio Rank: 11
CVNX Omega Ratio Rank: 12
CVNX Calmar Ratio Rank: 6
CVNX Martin Ratio Rank: 6

UGA

UGA Risk / Return Rank: 69
UGA Sharpe Ratio Rank: 73
UGA Sortino Ratio Rank: 63
UGA Omega Ratio Rank: 64
UGA Calmar Ratio Rank: 77
UGA Martin Ratio Rank: 67

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. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long CVNA ETF (CVNX) and United States Gasoline Fund LP (UGA). 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	UGA	Difference
Sharpe ratio: Return per unit of total volatility	-0.22	2.03	-2.26
Sortino ratio: Return per unit of downside risk	0.47	2.55	-2.08
Omega ratio: Gain probability vs. loss probability	1.06	1.34	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.38	3.47	-3.85
Martin ratio: Return relative to average drawdown	-0.68	10.69	-11.36

CVNX vs. UGA - Sharpe Ratio Comparison

The current CVNX Sharpe Ratio is -0.22, which is lower than the UGA Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of CVNX and UGA, 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. UGA - Drawdown Comparison

The maximum CVNX drawdown since its inception was -69.62%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for CVNX and UGA.

Drawdown Indicators

	CVNX	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-69.62%	-86.59%	+16.97%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-20.32%	-49.30%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	-57.59%	-17.02%	-40.57%
Average Drawdown Average peak-to-trough decline	-30.99%	-36.69%	+5.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.56%	6.59%	+31.97%

Volatility

CVNX vs. UGA - Volatility Comparison

Defiance Daily Target 2X Long CVNA ETF (CVNX) has a higher volatility of 23.33% compared to United States Gasoline Fund LP (UGA) at 8.84%. This indicates that CVNX's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVNX	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.33%	8.84%	+14.49%
Volatility (6M) Calculated over the trailing 6-month period	83.66%	30.92%	+52.74%
Volatility (1Y) Calculated over the trailing 1-year period	116.72%	34.74%	+81.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	115.20%	34.52%	+80.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.20%	37.24%	+77.96%

CVNX vs. UGA - Expense Ratio Comparison

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

Dividends

CVNX vs. UGA - Dividend Comparison

Neither CVNX nor UGA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CVNX and UGA in my portfolio?

CVNX and UGA have a correlation of -0.20, 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 UGA?

CVNX has higher volatility (23.33%) compared to UGA (8.84%). In terms of maximum drawdown, CVNX dropped -69.62% vs UGA's -86.59%.

Which ETF is better, CVNX or UGA?

On 1-year performance, UGA leads with 70.24% vs -26.14% for CVNX. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 8.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVNX or UGA?

Over the 1-year period, UGA has performed better with a 70.24% return vs -26.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVNX or UGA?

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

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

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

What is the main difference between CVNX and UGA?

CVNX is categorized as Leveraged Equities, while UGA is Oil & Gas. They also come from different issuers: Defiance and Concierge Technologies. Their fees differ too: 1.31% for CVNX and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (2.03 vs -0.22), 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.