NVOX vs. AIPO

Last updated Apr 1, 2026

Compare and contrast key facts about Defiance Daily Target 2X Long NVO ETF (NVOX) and Defiance AI & Power Infrastructure ETF (AIPO).

NVOX and AIPO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NVOX is an actively managed fund by Defiance. It was launched on Dec 2, 2024. AIPO is a passively managed fund by Defiance that tracks the performance of the MarketVector™ US Listed AI and Power Infrastructure Index. It was launched on Jul 24, 2025.

Performance

NVOX vs. AIPO - Performance Comparison

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

NVOX vs. AIPO - Yearly Performance Comparison

	2026 (YTD)	2025
NVOX Defiance Daily Target 2X Long NVO ETF	-53.27%	-59.52%
AIPO Defiance AI & Power Infrastructure ETF	12.84%	8.68%

Returns By Period

In the year-to-date period, NVOX achieves a -53.27% return, which is significantly lower than AIPO's 12.84% return.

NVOX

• 1D: 8.95%
• 1M: -0.39%
• YTD: -53.27%
• 6M: -63.77%
• 1Y: -82.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AIPO

• 1D: 4.70%
• 1M: -4.73%
• YTD: 12.84%
• 6M: 10.42%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVOX vs. AIPO - Expense Ratio Comparison

NVOX has a 1.29% expense ratio, which is higher than AIPO's 0.69% expense ratio.

NVOX

Defiance Daily Target 2X Long NVO ETF

AIPO

Defiance AI & Power Infrastructure ETF

Return for Risk

NVOX vs. AIPO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NVOX

NVOX Risk / Return Rank: 1
NVOX Sharpe Ratio Rank: 2
NVOX Sortino Ratio Rank: 1
NVOX Omega Ratio Rank: 1
NVOX Calmar Ratio Rank: 0
NVOX Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NVOX vs. AIPO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long NVO ETF (NVOX) 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.

	NVOX	AIPO	Difference
Sharpe ratio Return per unit of total volatility	-0.76	—	—
Sortino ratio Return per unit of downside risk	-1.26	—	—
Omega ratio Gain probability vs. loss probability	0.83	—	—
Calmar ratio Return relative to maximum drawdown	-0.94	—	—
Martin ratio Return relative to average drawdown	-1.41	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	NVOX	AIPO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.82	1.03	-1.85

Correlation

The correlation between NVOX and AIPO is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

NVOX vs. AIPO - Dividend Comparison

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

	TTM	2025
NVOX Defiance Daily Target 2X Long NVO ETF	0.00%	0.00%
AIPO Defiance AI & Power Infrastructure ETF	0.01%	0.01%

Drawdowns

NVOX vs. AIPO - Drawdown Comparison

The maximum NVOX drawdown since its inception was -94.50%, which is greater than AIPO's maximum drawdown of -17.31%. Use the drawdown chart below to compare losses from any high point for NVOX and AIPO.

Drawdown Indicators

	NVOX	AIPO	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-17.31%	-77.19%
Max Drawdown (1Y) Largest decline over 1 year	-87.05%	—	—
Current Drawdown Current decline from peak	-93.94%	-7.04%	-86.90%
Average Drawdown Average peak-to-trough decline	-71.93%	-5.03%	-66.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	57.91%	—	—

Volatility

Volatility by Period

	NVOX	AIPO	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.67%	—	—
Volatility (6M) Calculated over the trailing 6-month period	80.40%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	108.04%	34.05%	+73.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	107.36%	34.05%	+73.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	107.36%	34.05%	+73.31%