CVNX vs. XMAG

Last updated Jun 6, 2026

CVNX (Defiance Daily Target 2X Long CVNA ETF) and XMAG (Defiance Large Cap ex-Mag 7 ETF) are both exchange-traded funds - CVNX is a Leveraged Equities fund actively managed by Defiance, while XMAG is a Large Cap Blend Equities fund tracking the BITA US 500 ex Magnificent 7 Index. CVNX is actively managed, while XMAG is passively managed. Over the past year, CVNX returned -44.41% vs 21.76% for XMAG. At a 0.36 correlation, their price movements are largely independent. CVNX charges 1.31%/yr vs 0.35%/yr for XMAG.

Performance

CVNX vs. XMAG - 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 Large Cap ex-Mag 7 ETF (XMAG). 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 XMAG's 9.87% return.

CVNX

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

XMAG

• 1D: -2.37%
• 1M: 1.84%
• YTD: 9.87%
• 6M: 10.09%
• 1Y: 21.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVNX vs. XMAG - Yearly Performance Comparison

	2026 (YTD)	2025
CVNX Defiance Daily Target 2X Long CVNA ETF	-51.18%	31.03%
XMAG Defiance Large Cap ex-Mag 7 ETF	9.87%	11.81%

Correlation

The correlation between CVNX and XMAG is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since May 30, 2025	0.36

Return for Risk

CVNX vs. XMAG — 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

XMAG

XMAG Risk / Return Rank: 62
XMAG Sharpe Ratio Rank: 59
XMAG Sortino Ratio Rank: 60
XMAG Omega Ratio Rank: 56
XMAG Calmar Ratio Rank: 62
XMAG Martin Ratio Rank: 73

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. XMAG - 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 Large Cap ex-Mag 7 ETF (XMAG). 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	XMAG	Difference
Sharpe ratio: Return per unit of total volatility	-0.38	1.92	-2.30
Sortino ratio: Return per unit of downside risk	0.15	2.74	-2.59
Omega ratio: Gain probability vs. loss probability	1.02	1.34	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.64	3.00	-3.64
Martin ratio: Return relative to average drawdown	-1.22	13.33	-14.54
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. XMAG - Sharpe Ratio Comparison

The current CVNX Sharpe Ratio is -0.38, which is lower than the XMAG Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of CVNX and XMAG, 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	XMAG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.38	1.92	-2.30
Sharpe Ratio (All Time) Calculated using the full available price history	-0.30	0.98	-1.28

Drawdowns

CVNX vs. XMAG - Drawdown Comparison

The maximum CVNX drawdown since its inception was -69.62%, which is greater than XMAG's maximum drawdown of -16.17%. Use the drawdown chart below to compare losses from any high point for CVNX and XMAG.

Drawdown Indicators

	CVNX	XMAG	Difference
Max Drawdown Largest peak-to-trough decline	-69.62%	-16.17%	-53.45%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-7.29%	-62.33%
Current Drawdown Current decline from peak	-61.28%	-2.54%	-58.74%
Average Drawdown Average peak-to-trough decline	-29.75%	-2.12%	-27.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.54%	1.64%	+34.90%

Volatility

CVNX vs. XMAG - Volatility Comparison

Defiance Daily Target 2X Long CVNA ETF (CVNX) has a higher volatility of 31.27% compared to Defiance Large Cap ex-Mag 7 ETF (XMAG) at 3.74%. This indicates that CVNX's price experiences larger fluctuations and is considered to be riskier than XMAG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVNX	XMAG	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.27%	3.74%	+27.53%
Volatility (6M) Calculated over the trailing 6-month period	87.74%	8.97%	+78.77%
Volatility (1Y) Calculated over the trailing 1-year period	118.64%	11.37%	+107.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	117.95%	15.20%	+102.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	117.95%	15.20%	+102.75%

CVNX vs. XMAG - Expense Ratio Comparison

CVNX has a 1.31% expense ratio, which is higher than XMAG's 0.35% expense ratio.

Dividends

CVNX vs. XMAG - Dividend Comparison

CVNX has not paid dividends to shareholders, while XMAG's dividend yield for the trailing twelve months is around 0.47%.

Position	TTM	2025	2024
CVNX Defiance Daily Target 2X Long CVNA ETF	0.00%	0.00%	0.00%
XMAG Defiance Large Cap ex-Mag 7 ETF	0.47%	0.51%	0.24%

Frequently Asked Questions

Can I hold both CVNX and XMAG in my portfolio?

CVNX and XMAG have a correlation of 0.36, 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 XMAG?

CVNX has higher volatility (31.27%) compared to XMAG (3.74%). In terms of maximum drawdown, CVNX dropped -69.62% vs XMAG's -16.17%.

Which ETF is better, CVNX or XMAG?

On 1-year performance, XMAG leads with 21.76% vs -44.41% for CVNX. On fees, XMAG is cheaper at 0.35% per year. On volatility, XMAG has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVNX or XMAG?

Over the 1-year period, XMAG has performed better with a 21.76% 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 XMAG?

XMAG is cheaper with a 0.35% expense ratio, compared with 1.31% for CVNX.

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

XMAG has the higher dividend yield at 0.47%, compared with 0.00% for CVNX.

What is the main difference between CVNX and XMAG?

CVNX is categorized as Leveraged Equities, while XMAG is Large Cap Blend Equities. Their fees differ too: 1.31% for CVNX and 0.35% for XMAG.

Which has better risk-adjusted returns?

XMAG currently has the higher Sharpe Ratio (1.92 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.