CVNX vs. XTJL

Last updated Jul 11, 2026

CVNX (Defiance Daily Target 2X Long CVNA ETF) and XTJL (Innovator U.S. Equity Accelerated Plus ETF - July) are both Leveraged Equities funds. Both are actively managed. Over the past year, CVNX returned -37.31% vs 14.26% for XTJL. At a 0.38 correlation, their price movements are largely independent. CVNX charges 1.31%/yr vs 0.79%/yr for XTJL.

Performance

CVNX vs. XTJL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long CVNA ETF (CVNX) and Innovator U.S. Equity Accelerated Plus ETF - July (XTJL). 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 XTJL's 6.36% return.

CVNX

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

XTJL

• 1D: 0.32%
• 1M: 0.93%
• 6M: 5.53%
• YTD: 6.36%
• 1Y: 14.26%
• 3Y*: 14.77%
• 5Y*: 9.70%
• 10Y*: —

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

CVNX vs. XTJL - Yearly Performance Comparison

	2026 (YTD)	2025
CVNX Defiance Daily Target 2X Long CVNA ETF	-46.52%	29.94%
XTJL Innovator U.S. Equity Accelerated Plus ETF - July	6.36%	10.97%

Correlation

The correlation between CVNX and XTJL is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since May 29, 2025	0.38

Return for Risk

CVNX vs. XTJL — 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

XTJL

XTJL Risk / Return Rank: 81
XTJL Sharpe Ratio Rank: 76
XTJL Sortino Ratio Rank: 81
XTJL Omega Ratio Rank: 87
XTJL Calmar Ratio Rank: 69
XTJL Martin Ratio Rank: 89

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. XTJL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long CVNA ETF (CVNX) and Innovator U.S. Equity Accelerated Plus ETF - July (XTJL). 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	XTJL	Difference
Sharpe ratio: Return per unit of total volatility	-0.32	1.92	-2.25
Sortino ratio: Return per unit of downside risk	0.25	2.88	-2.63
Omega ratio: Gain probability vs. loss probability	1.03	1.43	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.54	2.77	-3.30
Martin ratio: Return relative to average drawdown	-0.93	15.67	-16.59

CVNX vs. XTJL - Sharpe Ratio Comparison

The current CVNX Sharpe Ratio is -0.32, which is lower than the XTJL Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of CVNX and XTJL, 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. XTJL - Drawdown Comparison

The maximum CVNX drawdown since its inception was -69.62%, which is greater than XTJL's maximum drawdown of -23.24%. Use the drawdown chart below to compare losses from any high point for CVNX and XTJL.

Drawdown Indicators

	CVNX	XTJL	Difference
Max Drawdown Largest peak-to-trough decline	-69.62%	-23.24%	-46.38%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-5.12%	-64.50%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.70%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.24%	—
Current Drawdown Current decline from peak	-57.59%	0.00%	-57.59%
Average Drawdown Average peak-to-trough decline	-31.94%	-3.96%	-27.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.20%	0.90%	+39.30%

Volatility

CVNX vs. XTJL - Volatility Comparison

The current volatility for Defiance Daily Target 2X Long CVNA ETF (CVNX) is 0.00%, while Innovator U.S. Equity Accelerated Plus ETF - July (XTJL) has a volatility of 1.10%. This indicates that CVNX experiences smaller price fluctuations and is considered to be less risky than XTJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVNX	XTJL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	1.10%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	81.07%	5.68%	+75.39%
Volatility (1Y) Calculated over the trailing 1-year period	115.26%	7.36%	+107.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	113.12%	15.09%	+98.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	113.12%	15.07%	+98.05%

CVNX vs. XTJL - Expense Ratio Comparison

CVNX has a 1.31% expense ratio, which is higher than XTJL's 0.79% expense ratio.

Dividends

CVNX vs. XTJL - Dividend Comparison

Neither CVNX nor XTJL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CVNX and XTJL in my portfolio?

CVNX and XTJL have a correlation of 0.40, 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 XTJL?

XTJL has higher volatility (1.10%) compared to CVNX (0.00%). In terms of maximum drawdown, CVNX dropped -69.62% vs XTJL's -23.24%.

Which ETF is better, CVNX or XTJL?

On 1-year performance, XTJL leads with 14.26% vs -37.31% for CVNX. On fees, XTJL is cheaper at 0.79% 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 XTJL?

Over the 1-year period, XTJL has performed better with a 14.26% 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 XTJL?

XTJL is cheaper with a 0.79% expense ratio, compared with 1.31% for CVNX.

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

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

What is the main difference between CVNX and XTJL?

They also come from different issuers: Defiance and Innovator. Their fees differ too: 1.31% for CVNX and 0.79% for XTJL.

Which has better risk-adjusted returns?

XTJL currently has the higher Sharpe Ratio (1.92 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.