LNOK vs. ORLG
LNOK (Defiance Daily Target 2X Long NOK ETF) and ORLG (Leverage Shares 2X Long ORLY Daily ETF) are both Leveraged Equities funds. LNOK is actively managed, while ORLG is passively managed. At a correlation of -0.15, they often move in opposite directions. LNOK charges 1.31%/yr vs 0.75%/yr for ORLG.
Performance
LNOK vs. ORLG - Performance Comparison
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Returns By Period
LNOK
- 1D
- -15.23%
- 1M
- -48.22%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ORLG
- 1D
- 8.37%
- 1M
- -11.93%
- 6M
- -23.86%
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
LNOK vs. ORLG - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
LNOK Defiance Daily Target 2X Long NOK ETF | 89.51% |
ORLG Leverage Shares 2X Long ORLY Daily ETF | -26.38% |
Correlation
The correlation between LNOK and ORLG is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jan 21, 2026 | -0.15 |
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Return for Risk
LNOK vs. ORLG - 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 ORLY Daily ETF (ORLG). 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. ORLG - Drawdown Comparison
The maximum LNOK drawdown since its inception was -66.00%, which is greater than ORLG's maximum drawdown of -39.93%. Use the drawdown chart below to compare losses from any high point for LNOK and ORLG.
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Drawdown Indicators
| LNOK | ORLG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.00% | -39.93% | -26.07% |
Current DrawdownCurrent decline from peak | -66.00% | -34.91% | -31.09% |
Average DrawdownAverage peak-to-trough decline | -13.83% | -20.65% | +6.82% |
Volatility
LNOK vs. ORLG - Volatility Comparison
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Volatility by Period
| LNOK | ORLG | Difference | |
|---|---|---|---|
Volatility (1Y)Calculated over the trailing 1-year period | 135.40% | 59.08% | +76.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 135.40% | 59.08% | +76.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 135.40% | 59.08% | +76.32% |
LNOK vs. ORLG - Expense Ratio Comparison
LNOK has a 1.31% expense ratio, which is higher than ORLG's 0.75% expense ratio.
Dividends
LNOK vs. ORLG - Dividend Comparison
Neither LNOK nor ORLG has paid dividends to shareholders.
Frequently Asked Questions
LNOK and ORLG have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ORLG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ORLG is cheaper with a 0.75% expense ratio, compared with 1.31% for LNOK.
LNOK and ORLG 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 ORLG.
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