NVOX vs. AIPO

Last updated Jun 25, 2026

NVOX (Defiance Daily Target 2X Long NVO ETF) and AIPO (Defiance AI & Power Infrastructure ETF) are both exchange-traded funds - NVOX is a Leveraged Equities fund actively managed by Defiance, while AIPO is a Building & Construction fund tracking the MarketVector™ US Listed AI and Power Infrastructure Index. NVOX is actively managed, while AIPO is passively managed. At a 0.24 correlation, their price movements are largely independent. NVOX charges 1.29%/yr vs 0.69%/yr for AIPO.

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.

Returns By Period

In the year-to-date period, NVOX achieves a -27.91% return, which is significantly lower than AIPO's 48.78% return.

NVOX

• 1D: 0.13%
• 1M: 8.23%
• YTD: -27.91%
• 6M: -32.39%
• 1Y: -70.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AIPO

• 1D: -0.51%
• 1M: 1.70%
• YTD: 48.78%
• 6M: 44.99%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVOX vs. AIPO - Yearly Performance Comparison

	2026 (YTD)	2025
NVOX Defiance Daily Target 2X Long NVO ETF	-27.91%	-58.42%
AIPO Defiance AI & Power Infrastructure ETF	48.78%	9.46%

Correlation

The correlation between NVOX and AIPO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 25, 2025	0.24

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: 3
NVOX Sharpe Ratio Rank: 4
NVOX Sortino Ratio Rank: 4
NVOX Omega Ratio Rank: 3
NVOX Calmar Ratio Rank: 2
NVOX Martin Ratio Rank: 4

AIPO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

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.

	NVOX	AIPO	Difference
Sharpe ratio: Return per unit of total volatility	-0.69	—	—
Sortino ratio: Return per unit of downside risk	-0.79	—	—
Omega ratio: Gain probability vs. loss probability	0.89	—	—
Calmar ratio: Return relative to maximum drawdown	-0.86	—	—
Martin ratio: Return relative to average drawdown	-1.16	—	—

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	-82.84%	—	—
Current Drawdown Current decline from peak	-90.65%	-5.35%	-85.30%
Average Drawdown Average peak-to-trough decline	-74.78%	-4.45%	-70.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	60.85%	—	—

Volatility

Volatility by Period

	NVOX	AIPO	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.66%	—	—
Volatility (6M) Calculated over the trailing 6-month period	79.65%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	103.37%	35.52%	+67.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.02%	35.52%	+67.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	103.02%	35.52%	+67.50%

NVOX vs. AIPO - Expense Ratio Comparison

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

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%.

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

Frequently Asked Questions

Can I hold both NVOX and AIPO in my portfolio?

NVOX and AIPO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NVOX or AIPO?

On fees, AIPO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NVOX or AIPO?

AIPO is cheaper with a 0.69% expense ratio, compared with 1.29% for NVOX.

Which ETF pays a higher dividend yield, NVOX or AIPO?

AIPO has the higher dividend yield at 0.01%, compared with 0.00% for NVOX.

What is the main difference between NVOX and AIPO?

NVOX is categorized as Leveraged Equities, while AIPO is Building & Construction. Their fees differ too: 1.29% for NVOX and 0.69% for AIPO.