CVNX vs. USOY

Last updated Jul 11, 2026

CVNX (Defiance Daily Target 2X Long CVNA ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - CVNX is a Leveraged Equities fund actively managed by Defiance, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, CVNX returned -37.31% vs 24.79% for USOY. At a correlation of -0.18, they often move in opposite directions. CVNX charges 1.31%/yr vs 1.22%/yr for USOY.

Performance

CVNX vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long CVNA ETF (CVNX) and Defiance Oil Enhanced Options Income ETF (USOY). 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 USOY's 32.71% return.

CVNX

• 1D: 0.00%
• 1M: 0.00%
• 6M: -55.03%
• YTD: -46.52%
• 1Y: -37.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: -0.15%
• 1M: -11.20%
• 6M: 31.53%
• YTD: 32.71%
• 1Y: 24.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVNX vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
CVNX Defiance Daily Target 2X Long CVNA ETF	-46.52%	29.94%
USOY Defiance Oil Enhanced Options Income ETF	32.71%	-1.53%

Correlation

The correlation between CVNX and USOY 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. USOY — Risk / Return Rank

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

CVNX

CVNX Risk / Return Rank: 7
CVNX Sharpe Ratio Rank: 6
CVNX Sortino Ratio Rank: 10
CVNX Omega Ratio Rank: 10
CVNX Calmar Ratio Rank: 5
CVNX Martin Ratio Rank: 5

USOY

USOY Risk / Return Rank: 27
USOY Sharpe Ratio Rank: 27
USOY Sortino Ratio Rank: 26
USOY Omega Ratio Rank: 29
USOY Calmar Ratio Rank: 25
USOY Martin Ratio Rank: 28

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. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long CVNA ETF (CVNX) and Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe ratio: Return per unit of total volatility	-0.32	0.82	-1.14
Sortino ratio: Return per unit of downside risk	0.25	1.21	-0.96
Omega ratio: Gain probability vs. loss probability	1.03	1.17	-0.14
Calmar ratio: Return relative to maximum drawdown	-0.54	1.01	-1.55
Martin ratio: Return relative to average drawdown	-0.93	3.15	-4.07

CVNX vs. USOY - Sharpe Ratio Comparison

The current CVNX Sharpe Ratio is -0.32, which is lower than the USOY Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of CVNX and USOY, 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. USOY - Drawdown Comparison

The maximum CVNX drawdown since its inception was -69.62%, which is greater than USOY's maximum drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for CVNX and USOY.

Drawdown Indicators

	CVNX	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-69.62%	-25.51%	-44.11%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-25.51%	-44.11%
Current Drawdown Current decline from peak	-57.59%	-22.35%	-35.24%
Average Drawdown Average peak-to-trough decline	-31.94%	-7.00%	-24.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.20%	8.20%	+32.00%

Volatility

CVNX vs. USOY - Volatility Comparison

The current volatility for Defiance Daily Target 2X Long CVNA ETF (CVNX) is 0.00%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 10.79%. This indicates that CVNX experiences smaller price fluctuations and is considered to be less risky than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVNX	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	10.79%	-10.79%
Volatility (6M) Calculated over the trailing 6-month period	81.07%	29.22%	+51.85%
Volatility (1Y) Calculated over the trailing 1-year period	115.26%	31.69%	+83.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	113.12%	26.73%	+86.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	113.12%	26.73%	+86.39%

CVNX vs. USOY - Expense Ratio Comparison

CVNX has a 1.31% expense ratio, which is higher than USOY's 1.22% expense ratio.

Dividends

CVNX vs. USOY - Dividend Comparison

CVNX has not paid dividends to shareholders, while USOY's dividend yield for the trailing twelve months is around 65.91%.

Position	TTM	2025	2024
CVNX Defiance Daily Target 2X Long CVNA ETF	0.00%	0.00%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	65.91%	104.32%	48.60%

Frequently Asked Questions

Can I hold both CVNX and USOY in my portfolio?

CVNX and USOY 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 USOY?

USOY has higher volatility (10.79%) compared to CVNX (0.00%). In terms of maximum drawdown, CVNX dropped -69.62% vs USOY's -25.51%.

Which ETF is better, CVNX or USOY?

On 1-year performance, USOY leads with 24.79% vs -37.31% for CVNX. On fees, USOY is cheaper at 1.22% per year. On volatility, CVNX has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVNX or USOY?

Over the 1-year period, USOY has performed better with a 24.79% return vs -37.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVNX or USOY?

USOY is cheaper with a 1.22% expense ratio, compared with 1.31% for CVNX.

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

USOY has the higher dividend yield at 65.91%, compared with 0.00% for CVNX.

What is the main difference between CVNX and USOY?

CVNX is categorized as Leveraged Equities, while USOY is Derivative Income. Their fees differ too: 1.31% for CVNX and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (0.82 vs -0.32), 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.