LNOK vs. AIPO

Last updated Jul 4, 2026

LNOK (Defiance Daily Target 2X Long NOK ETF) and AIPO (Defiance AI & Power Infrastructure ETF) are both exchange-traded funds - LNOK is a Leveraged Equities fund actively managed by Defiance, while AIPO is a Building & Construction fund tracking the MarketVector™ US Listed AI and Power Infrastructure Index. LNOK is actively managed, while AIPO is passively managed. At a 0.46 correlation, their price movements are largely independent. LNOK charges 1.31%/yr vs 0.69%/yr for AIPO.

Performance

LNOK vs. AIPO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long NOK ETF (LNOK) and Defiance AI & Power Infrastructure ETF (AIPO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

LNOK

• 1D: -13.95%
• 1M: -52.49%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AIPO

• 1D: -3.12%
• 1M: -7.73%
• 6M: 34.04%
• YTD: 40.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LNOK vs. AIPO - Yearly Performance Comparison

	2026 (YTD)
LNOK Defiance Daily Target 2X Long NOK ETF	163.98%
AIPO Defiance AI & Power Infrastructure ETF	28.01%

Correlation

The correlation between LNOK and AIPO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 21, 2026	0.46

Return for Risk

LNOK vs. AIPO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long NOK ETF (LNOK) and Defiance AI & Power Infrastructure ETF (AIPO). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

LNOK vs. AIPO - Drawdown Comparison

The maximum LNOK drawdown since its inception was -52.64%, which is greater than AIPO's maximum drawdown of -17.31%. Use the drawdown chart below to compare losses from any high point for LNOK and AIPO.

Drawdown Indicators

	LNOK	AIPO	Difference
Max Drawdown Largest peak-to-trough decline	-52.64%	-17.31%	-35.33%
Current Drawdown Current decline from peak	-52.64%	-10.76%	-41.88%
Average Drawdown Average peak-to-trough decline	-10.57%	-4.51%	-6.06%

Volatility

Volatility by Period

	LNOK	AIPO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	132.16%	35.87%	+96.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	132.16%	35.87%	+96.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	132.16%	35.87%	+96.29%

LNOK vs. AIPO - Expense Ratio Comparison

LNOK has a 1.31% expense ratio, which is higher than AIPO's 0.69% expense ratio.

Dividends

LNOK vs. AIPO - Dividend Comparison

LNOK has not paid dividends to shareholders, while AIPO's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025
AIPO Defiance AI & Power Infrastructure ETF	0.01%	0.01%
LNOK Defiance Daily Target 2X Long NOK ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both LNOK and AIPO in my portfolio?

LNOK and AIPO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LNOK or AIPO?

On fees, AIPO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LNOK or AIPO?

AIPO is cheaper with a 0.69% expense ratio, compared with 1.31% for LNOK.

Which ETF pays a higher dividend yield, LNOK or AIPO?

AIPO has the higher dividend yield at 0.01%, compared with 0.00% for LNOK.

What is the main difference between LNOK and AIPO?

LNOK is categorized as Leveraged Equities, while AIPO is Building & Construction. Their fees differ too: 1.31% for LNOK and 0.69% for AIPO.