LNOK vs. SPOG
LNOK (Defiance Daily Target 2X Long NOK ETF) and SPOG (Leverage Shares 2X Long SPOT Daily ETF) are both Leveraged Equities funds. Both are actively managed. At a 0.02 correlation, their price movements are largely independent. LNOK charges 1.31%/yr vs 0.75%/yr for SPOG.
Performance
LNOK vs. SPOG - Performance Comparison
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Returns By Period
LNOK
- 1D
- -15.23%
- 1M
- -48.22%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPOG
- 1D
- -4.20%
- 1M
- 0.55%
- 6M
- -28.66%
- YTD
- -45.69%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
LNOK vs. SPOG - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
LNOK Defiance Daily Target 2X Long NOK ETF | 89.51% |
SPOG Leverage Shares 2X Long SPOT Daily ETF | -28.69% |
Correlation
The correlation between LNOK and SPOG is 0.02, 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 | 0.02 |
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Return for Risk
LNOK vs. SPOG - 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 SPOT Daily ETF (SPOG). 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. SPOG - Drawdown Comparison
The maximum LNOK drawdown since its inception was -66.00%, roughly equal to the maximum SPOG drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for LNOK and SPOG.
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Drawdown Indicators
| LNOK | SPOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.00% | -64.41% | -1.59% |
Current DrawdownCurrent decline from peak | -66.00% | -56.30% | -9.70% |
Average DrawdownAverage peak-to-trough decline | -13.83% | -42.83% | +29.00% |
Volatility
LNOK vs. SPOG - Volatility Comparison
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Volatility by Period
| LNOK | SPOG | Difference | |
|---|---|---|---|
Volatility (1Y)Calculated over the trailing 1-year period | 135.40% | 97.10% | +38.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 135.40% | 97.10% | +38.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 135.40% | 97.10% | +38.30% |
LNOK vs. SPOG - Expense Ratio Comparison
LNOK has a 1.31% expense ratio, which is higher than SPOG's 0.75% expense ratio.
Dividends
LNOK vs. SPOG - Dividend Comparison
Neither LNOK nor SPOG has paid dividends to shareholders.
Frequently Asked Questions
LNOK and SPOG have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPOG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPOG is cheaper with a 0.75% expense ratio, compared with 1.31% for LNOK.
LNOK and SPOG 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 SPOG.
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