HOOG vs. HOOX

Last updated Jun 23, 2026

HOOG (Leverage Shares 2X Long HOOD Daily ETF) and HOOX (Defiance Daily Target 2X Long HOOD ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, HOOG returned -5.85% vs -8.27% for HOOX. With a 1.00 correlation, they move nearly in lockstep. HOOG charges 0.75%/yr vs 1.31%/yr for HOOX.

Performance

HOOG vs. HOOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long HOOD Daily ETF (HOOG) and Defiance Daily Target 2X Long HOOD ETF (HOOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HOOG having a -37.65% return and HOOX slightly lower at -38.37%.

HOOG

• 1D: -4.37%
• 1M: 92.50%
• YTD: -37.65%
• 6M: -47.26%
• 1Y: -5.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HOOX

• 1D: -4.82%
• 1M: 92.25%
• YTD: -38.37%
• 6M: -47.93%
• 1Y: -8.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HOOG vs. HOOX - Yearly Performance Comparison

	2026 (YTD)	2025
HOOG Leverage Shares 2X Long HOOD Daily ETF	-37.65%	320.19%
HOOX Defiance Daily Target 2X Long HOOD ETF	-38.37%	295.94%

Correlation

The correlation between HOOG and HOOX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Mar 21, 2025	1.00

The correlation between HOOG and HOOX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

HOOG vs. HOOX — Risk / Return Rank

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

HOOG

HOOG Risk / Return Rank: 12
HOOG Sharpe Ratio Rank: 8
HOOG Sortino Ratio Rank: 18
HOOG Omega Ratio Rank: 17
HOOG Calmar Ratio Rank: 8
HOOG Martin Ratio Rank: 8

HOOX

HOOX Risk / Return Rank: 12
HOOX Sharpe Ratio Rank: 8
HOOX Sortino Ratio Rank: 18
HOOX Omega Ratio Rank: 17
HOOX Calmar Ratio Rank: 8
HOOX Martin Ratio Rank: 8

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.

HOOG vs. HOOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long HOOD Daily ETF (HOOG) and Defiance Daily Target 2X Long HOOD ETF (HOOX). 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.

	HOOG	HOOX	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	-0.06	+0.02
Sortino ratio: Return per unit of downside risk	0.98	0.96	+0.02
Omega ratio: Gain probability vs. loss probability	1.12	1.11	0.00
Calmar ratio: Return relative to maximum drawdown	-0.07	-0.10	+0.03
Martin ratio: Return relative to average drawdown	-0.11	-0.15	+0.04

HOOG vs. HOOX - Sharpe Ratio Comparison

The current HOOG Sharpe Ratio is -0.04, which is comparable to the HOOX Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of HOOG and HOOX, 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

HOOG vs. HOOX - Drawdown Comparison

The maximum HOOG drawdown since its inception was -86.94%, roughly equal to the maximum HOOX drawdown of -87.11%. Use the drawdown chart below to compare losses from any high point for HOOG and HOOX.

Drawdown Indicators

	HOOG	HOOX	Difference
Max Drawdown Largest peak-to-trough decline	-86.94%	-87.11%	+0.17%
Max Drawdown (1Y) Largest decline over 1 year	-86.94%	-87.11%	+0.17%
Current Drawdown Current decline from peak	-70.92%	-71.47%	+0.55%
Average Drawdown Average peak-to-trough decline	-38.94%	-38.85%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	55.79%	56.02%	-0.23%

Volatility

HOOG vs. HOOX - Volatility Comparison

Leverage Shares 2X Long HOOD Daily ETF (HOOG) and Defiance Daily Target 2X Long HOOD ETF (HOOX) have volatilities of 46.00% and 46.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HOOG	HOOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	46.00%	46.24%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	101.86%	102.28%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	139.56%	140.06%	-0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	144.89%	144.13%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	144.89%	144.13%	+0.76%

HOOG vs. HOOX - Expense Ratio Comparison

HOOG has a 0.75% expense ratio, which is lower than HOOX's 1.31% expense ratio.

Dividends

HOOG vs. HOOX - Dividend Comparison

HOOG's dividend yield for the trailing twelve months is around 19.73%, less than HOOX's 22.91% yield.

Position	TTM	2025
HOOG Leverage Shares 2X Long HOOD Daily ETF	19.73%	12.30%
HOOX Defiance Daily Target 2X Long HOOD ETF	22.91%	14.12%

Frequently Asked Questions

Can I hold both HOOG and HOOX in my portfolio?

With a correlation of 1.00, HOOG and HOOX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HOOG or HOOX?

HOOX has higher volatility (46.24%) compared to HOOG (46.00%). In terms of maximum drawdown, HOOG dropped -86.94% vs HOOX's -87.11%.

Which ETF is better, HOOG or HOOX?

On 1-year performance, HOOG leads with -5.85% vs -8.27% for HOOX. On fees, HOOG is cheaper at 0.75% per year. On volatility, HOOG has been the lower-risk option at 46.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HOOG or HOOX?

Over the 1-year period, HOOG has performed better with a -5.85% return vs -8.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HOOG or HOOX?

HOOG is cheaper with a 0.75% expense ratio, compared with 1.31% for HOOX.

Which ETF pays a higher dividend yield, HOOG or HOOX?

HOOX has the higher dividend yield at 22.91%, compared with 19.73% for HOOG.

What is the main difference between HOOG and HOOX?

They also come from different issuers: Leverage Shares and Defiance. Their fees differ too: 0.75% for HOOG and 1.31% for HOOX.

Which has better risk-adjusted returns?

HOOG currently has the higher Sharpe Ratio (-0.04 vs -0.06), 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.