CVNX vs. USO

Last updated Jun 6, 2026

CVNX (Defiance Daily Target 2X Long CVNA ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - CVNX is a Leveraged Equities fund actively managed by Defiance, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. CVNX is actively managed, while USO is passively managed. Over the past year, CVNX returned -44.41% vs 90.22% for USO. At a correlation of -0.23, they often move in opposite directions. CVNX charges 1.31%/yr vs 0.86%/yr for USO.

Performance

CVNX vs. USO - 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 Oil Fund LP (USO). 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 USO's 92.34% return.

CVNX

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

USO

• 1D: -2.72%
• 1M: -0.69%
• YTD: 92.34%
• 6M: 84.96%
• 1Y: 90.22%
• 3Y*: 27.76%
• 5Y*: 22.99%
• 10Y*: 3.13%

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

CVNX vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025
CVNX Defiance Daily Target 2X Long CVNA ETF	-51.18%	31.03%
USO United States Oil Fund LP	92.34%	2.93%

Correlation

The correlation between CVNX and USO 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. USO — 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

USO

USO Risk / Return Rank: 63
USO Sharpe Ratio Rank: 62
USO Sortino Ratio Rank: 58
USO Omega Ratio Rank: 58
USO Calmar Ratio Rank: 84
USO 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. USO - 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 Oil Fund LP (USO). 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	USO	Difference
Sharpe ratio: Return per unit of total volatility	-0.38	2.04	-2.42
Sortino ratio: Return per unit of downside risk	0.15	2.66	-2.51
Omega ratio: Gain probability vs. loss probability	1.02	1.35	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.64	4.45	-5.09
Martin ratio: Return relative to average drawdown	-1.22	8.33	-9.54
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. USO - Sharpe Ratio Comparison

The current CVNX Sharpe Ratio is -0.38, which is lower than the USO Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of CVNX and USO, 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	USO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.38	2.04	-2.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.64	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.08	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.30	-0.18	-0.12

Drawdowns

CVNX vs. USO - Drawdown Comparison

The maximum CVNX drawdown since its inception was -69.62%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for CVNX and USO.

Drawdown Indicators

	CVNX	USO	Difference
Max Drawdown Largest peak-to-trough decline	-69.62%	-98.19%	+28.57%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-20.39%	-49.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-36.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-86.75%	—
Current Drawdown Current decline from peak	-61.28%	-85.85%	+24.57%
Average Drawdown Average peak-to-trough decline	-29.75%	-75.30%	+45.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.54%	10.87%	+25.67%

Volatility

CVNX vs. USO - Volatility Comparison

Defiance Daily Target 2X Long CVNA ETF (CVNX) has a higher volatility of 31.27% compared to United States Oil Fund LP (USO) at 13.30%. This indicates that CVNX's price experiences larger fluctuations and is considered to be riskier than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVNX	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.27%	13.30%	+17.97%
Volatility (6M) Calculated over the trailing 6-month period	87.74%	38.49%	+49.25%
Volatility (1Y) Calculated over the trailing 1-year period	118.64%	44.41%	+74.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	117.95%	36.09%	+81.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	117.95%	39.01%	+78.94%

CVNX vs. USO - Expense Ratio Comparison

CVNX has a 1.31% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

CVNX vs. USO - Dividend Comparison

Neither CVNX nor USO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CVNX and USO in my portfolio?

CVNX and USO 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 USO?

CVNX has higher volatility (31.27%) compared to USO (13.30%). In terms of maximum drawdown, CVNX dropped -69.62% vs USO's -98.19%.

Which ETF is better, CVNX or USO?

On 1-year performance, USO leads with 90.22% vs -44.41% for CVNX. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 13.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVNX or USO?

Over the 1-year period, USO has performed better with a 90.22% 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 USO?

USO is cheaper with a 0.86% expense ratio, compared with 1.31% for CVNX.

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

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

What is the main difference between CVNX and USO?

CVNX is categorized as Leveraged Equities, while USO is Oil & Gas. They also come from different issuers: Defiance and USCF. Their fees differ too: 1.31% for CVNX and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (2.04 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.