LNOK vs. OPEG
LNOK (Defiance Daily Target 2X Long NOK ETF) and OPEG (Leverage Shares 2X Long OPEN Daily ETF) are both Leveraged Equities funds. Both are actively managed. At a 0.09 correlation, their price movements are largely independent. LNOK charges 1.31%/yr vs 0.75%/yr for OPEG.
Performance
LNOK vs. OPEG - Performance Comparison
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Returns By Period
LNOK
- 1D
- -5.74%
- 1M
- -50.10%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OPEG
- 1D
- -3.13%
- 1M
- -3.86%
- 6M
- -67.59%
- YTD
- -60.46%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
LNOK vs. OPEG - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
LNOK Defiance Daily Target 2X Long NOK ETF | 78.63% |
OPEG Leverage Shares 2X Long OPEN Daily ETF | -64.63% |
Correlation
The correlation between LNOK and OPEG is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jan 21, 2026 | 0.09 |
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Return for Risk
LNOK vs. OPEG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long NOK ETF (LNOK) and Leverage Shares 2X Long OPEN Daily ETF (OPEG). 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.
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Drawdowns
LNOK vs. OPEG - Drawdown Comparison
The maximum LNOK drawdown since its inception was -67.95%, smaller than the maximum OPEG drawdown of -75.76%. Use the drawdown chart below to compare losses from any high point for LNOK and OPEG.
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Drawdown Indicators
| LNOK | OPEG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.95% | -75.76% | +7.81% |
Current DrawdownCurrent decline from peak | -67.95% | -73.72% | +5.77% |
Average DrawdownAverage peak-to-trough decline | -14.27% | -54.95% | +40.68% |
Volatility
LNOK vs. OPEG - Volatility Comparison
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Volatility by Period
| LNOK | OPEG | Difference | |
|---|---|---|---|
Volatility (1Y)Calculated over the trailing 1-year period | 135.17% | 147.09% | -11.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 135.17% | 147.09% | -11.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 135.17% | 147.09% | -11.92% |
LNOK vs. OPEG - Expense Ratio Comparison
LNOK has a 1.31% expense ratio, which is higher than OPEG's 0.75% expense ratio.
Dividends
LNOK vs. OPEG - Dividend Comparison
Neither LNOK nor OPEG has paid dividends to shareholders.
Frequently Asked Questions
LNOK and OPEG have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, OPEG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
OPEG is cheaper with a 0.75% expense ratio, compared with 1.31% for LNOK.
LNOK and OPEG have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Defiance and Leverage Shares. Their fees differ too: 1.31% for LNOK and 0.75% for OPEG.
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