LNOK vs. XMAG
LNOK (Defiance Daily Target 2X Long NOK ETF) and XMAG (Defiance Large Cap ex-Mag 7 ETF) are both exchange-traded funds - LNOK is a Leveraged Equities fund actively managed by Defiance, while XMAG is a Large Cap Blend Equities fund tracking the BITA US 500 ex Magnificent 7 Index. LNOK is actively managed, while XMAG is passively managed. A 0.51 correlation means they provide meaningful diversification when combined. LNOK charges 1.31%/yr vs 0.35%/yr for XMAG.
Performance
LNOK vs. XMAG - Performance Comparison
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Returns By Period
LNOK
- 1D
- -11.95%
- 1M
- -53.04%
- 6M
- 61.09%
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
XMAG
- 1D
- -0.40%
- 1M
- -0.04%
- 6M
- 10.50%
- YTD
- 12.71%
- 1Y
- 18.81%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 15.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.20M | $13.35M | $27.15M | |
| $3.69M | $3.76M | $1.89M |
LNOK vs. XMAG - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
LNOK Defiance Daily Target 2X Long NOK ETF | 63.84% |
XMAG Defiance Large Cap ex-Mag 7 ETF | 12.00% |
Correlation
The correlation between LNOK and XMAG is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jan 21, 2026 | 0.51 |
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Return for Risk
LNOK vs. XMAG — Risk / Return Rank
LNOK
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
XMAG
LNOK vs. XMAG - 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 Large Cap ex-Mag 7 ETF (XMAG). 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.
| LNOK | XMAG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.27 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.59 | — |
| Martin ratioReturn relative to average drawdown | — | 10.88 | — |
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Drawdowns
LNOK vs. XMAG - Drawdown Comparison
The maximum LNOK drawdown since its inception was -70.61%, which is greater than XMAG's maximum drawdown of -16.17%. Use the drawdown chart below to compare losses from any high point for LNOK and XMAG.
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Drawdown Indicators
| LNOK | XMAG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.61% | -16.17% | -54.44% |
Max Drawdown (1Y)Largest decline over 1 year | — | -7.29% | — |
Current DrawdownCurrent decline from peak | -70.61% | -2.46% | -68.15% |
Average DrawdownAverage peak-to-trough decline | -15.95% | -2.06% | -13.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.73% | — |
Volatility
LNOK vs. XMAG - Volatility Comparison
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Volatility by Period
| LNOK | XMAG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.45% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 9.41% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 135.30% | 11.91% | +123.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 135.30% | 15.04% | +120.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 135.30% | 15.04% | +120.26% |
LNOK vs. XMAG - Expense Ratio Comparison
LNOK has a 1.31% expense ratio, which is higher than XMAG's 0.35% expense ratio.
Dividends
LNOK vs. XMAG - Dividend Comparison
LNOK has not paid dividends to shareholders, while XMAG's dividend yield for the trailing twelve months is around 0.46%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
LNOK Defiance Daily Target 2X Long NOK ETF | 0.00% | 0.00% | 0.00% |
XMAG Defiance Large Cap ex-Mag 7 ETF | 0.46% | 0.51% | 0.24% |
Frequently Asked Questions
LNOK and XMAG have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XMAG is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XMAG is cheaper with a 0.35% expense ratio, compared with 1.31% for LNOK.
XMAG has the higher dividend yield at 0.46%, compared with 0.00% for LNOK.
LNOK is categorized as Leveraged Equities, while XMAG is Large Cap Blend Equities. Their fees differ too: 1.31% for LNOK and 0.35% for XMAG.
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