CVNX vs. USL

Last updated Jun 6, 2026

CVNX (Defiance Daily Target 2X Long CVNA ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - CVNX is a Leveraged Equities fund actively managed by Defiance, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. CVNX is actively managed, while USL is passively managed. Over the past year, CVNX returned -44.41% vs 52.34% for USL. At a correlation of -0.23, they often move in opposite directions. CVNX charges 1.31%/yr vs 0.88%/yr for USL.

Performance

CVNX vs. USL - 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 12 Month Oil Fund LP (USL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVNX achieves a -51.18% return, which is significantly lower than USL's 57.21% return.

CVNX

• 1D: 0.63%
• 1M: -30.08%
• YTD: -51.18%
• 6M: -47.27%
• 1Y: -44.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USL

• 1D: -2.09%
• 1M: 2.40%
• YTD: 57.21%
• 6M: 51.69%
• 1Y: 52.34%
• 3Y*: 17.22%
• 5Y*: 16.56%
• 10Y*: 10.15%

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

CVNX vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025
CVNX Defiance Daily Target 2X Long CVNA ETF	-51.18%	31.03%
USL United States 12 Month Oil Fund LP	57.21%	-0.08%

Correlation

The correlation between CVNX and USL is -0.23, 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	-0.23
Correlation (All Time) Calculated using the full available price history since May 30, 2025	-0.23

Return for Risk

CVNX vs. USL — Risk / Return Rank

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

CVNX

CVNX Risk / Return Rank: 6
CVNX Sharpe Ratio Rank: 6
CVNX Sortino Ratio Rank: 9
CVNX Omega Ratio Rank: 9
CVNX Calmar Ratio Rank: 4
CVNX Martin Ratio Rank: 3

USL

USL Risk / Return Rank: 53
USL Sharpe Ratio Rank: 56
USL Sortino Ratio Rank: 51
USL Omega Ratio Rank: 51
USL Calmar Ratio Rank: 65
USL Martin Ratio Rank: 41

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. USL - 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 12 Month Oil Fund LP (USL). 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.

	CVNX	USL	Difference
Sharpe ratio: Return per unit of total volatility	-0.38	1.84	-2.21
Sortino ratio: Return per unit of downside risk	0.15	2.38	-2.23
Omega ratio: Gain probability vs. loss probability	1.02	1.31	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.64	3.14	-3.78
Martin ratio: Return relative to average drawdown	-1.22	6.33	-7.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVNX vs. USL - Sharpe Ratio Comparison

The current CVNX Sharpe Ratio is -0.38, which is lower than the USL Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of CVNX and USL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CVNX	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.38	1.84	-2.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.55	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.30	0.00	-0.31

Drawdowns

CVNX vs. USL - Drawdown Comparison

The maximum CVNX drawdown since its inception was -69.62%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for CVNX and USL.

Drawdown Indicators

	CVNX	USL	Difference
Max Drawdown Largest peak-to-trough decline	-69.62%	-89.06%	+19.44%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-16.76%	-52.86%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.33%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.82%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-61.28%	-40.38%	-20.90%
Average Drawdown Average peak-to-trough decline	-29.75%	-61.45%	+31.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.54%	8.29%	+28.25%

Volatility

CVNX vs. USL - Volatility Comparison

Defiance Daily Target 2X Long CVNA ETF (CVNX) has a higher volatility of 31.27% compared to United States 12 Month Oil Fund LP (USL) at 8.50%. This indicates that CVNX's price experiences larger fluctuations and is considered to be riskier than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVNX	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.27%	8.50%	+22.77%
Volatility (6M) Calculated over the trailing 6-month period	87.74%	23.47%	+64.27%
Volatility (1Y) Calculated over the trailing 1-year period	118.64%	28.66%	+89.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	117.95%	30.09%	+87.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	117.95%	32.35%	+85.60%

CVNX vs. USL - Expense Ratio Comparison

CVNX has a 1.31% expense ratio, which is higher than USL's 0.88% expense ratio.

Dividends

CVNX vs. USL - Dividend Comparison

Neither CVNX nor USL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CVNX and USL in my portfolio?

CVNX and USL have a correlation of -0.23, 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 USL?

CVNX has higher volatility (31.27%) compared to USL (8.50%). In terms of maximum drawdown, CVNX dropped -69.62% vs USL's -89.06%.

Which ETF is better, CVNX or USL?

On 1-year performance, USL leads with 52.34% vs -44.41% for CVNX. On fees, USL is cheaper at 0.88% per year. On volatility, USL has been the lower-risk option at 8.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVNX or USL?

Over the 1-year period, USL has performed better with a 52.34% return vs -44.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVNX or USL?

USL is cheaper with a 0.88% expense ratio, compared with 1.31% for CVNX.

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

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

What is the main difference between CVNX and USL?

CVNX is categorized as Leveraged Equities, while USL is Oil & Gas. They also come from different issuers: Defiance and Concierge Technologies. Their fees differ too: 1.31% for CVNX and 0.88% for USL.

Which has better risk-adjusted returns?

USL currently has the higher Sharpe Ratio (1.84 vs -0.38), 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.