NVOX vs. CMGG
NVOX (Defiance Daily Target 2X Long NVO ETF) and CMGG (Leverage Shares 2X Long CMG Daily ETF) are both Leveraged Equities funds. Both are actively managed. At a 0.23 correlation, their price movements are largely independent. NVOX charges 1.29%/yr vs 0.75%/yr for CMGG.
Performance
NVOX vs. CMGG - Performance Comparison
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Returns By Period
In the year-to-date period, NVOX achieves a -28.00% return, which is significantly higher than CMGG's -37.52% return.
NVOX
- 1D
- 6.34%
- 1M
- 8.09%
- YTD
- -28.00%
- 6M
- -30.27%
- 1Y
- -69.97%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CMGG
- 1D
- 2.82%
- 1M
- -12.95%
- YTD
- -37.52%
- 6M
- -40.08%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NVOX vs. CMGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NVOX Defiance Daily Target 2X Long NVO ETF | -28.00% | 6.88% |
CMGG Leverage Shares 2X Long CMG Daily ETF | -37.52% | 36.20% |
Correlation
The correlation between NVOX and CMGG is 0.23, 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 Nov 17, 2025 | 0.23 |
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Return for Risk
NVOX vs. CMGG — Risk / Return Rank
NVOX
CMGG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
NVOX vs. CMGG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long NVO ETF (NVOX) and Leverage Shares 2X Long CMG Daily ETF (CMGG). 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 | CMGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.89 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | — | — |
| Martin ratioReturn relative to average drawdown | -1.15 | — | — |
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Drawdowns
NVOX vs. CMGG - Drawdown Comparison
The maximum NVOX drawdown since its inception was -94.50%, which is greater than CMGG's maximum drawdown of -56.75%. Use the drawdown chart below to compare losses from any high point for NVOX and CMGG.
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Drawdown Indicators
| NVOX | CMGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.50% | -56.75% | -37.75% |
Max Drawdown (1Y)Largest decline over 1 year | -82.84% | — | — |
Current DrawdownCurrent decline from peak | -90.66% | -48.19% | -42.47% |
Average DrawdownAverage peak-to-trough decline | -74.74% | -23.37% | -51.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 60.68% | — | — |
Volatility
NVOX vs. CMGG - Volatility Comparison
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Volatility by Period
| NVOX | CMGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.75% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 79.69% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 103.93% | 68.93% | +35.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.16% | 68.93% | +34.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 103.16% | 68.93% | +34.23% |
NVOX vs. CMGG - Expense Ratio Comparison
NVOX has a 1.29% expense ratio, which is higher than CMGG's 0.75% expense ratio.
Dividends
NVOX vs. CMGG - Dividend Comparison
Neither NVOX nor CMGG has paid dividends to shareholders.
Frequently Asked Questions
NVOX and CMGG have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CMGG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMGG is cheaper with a 0.75% expense ratio, compared with 1.29% for NVOX.
NVOX and CMGG have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Defiance and Leverage Shares. Their fees differ too: 1.29% for NVOX and 0.75% for CMGG.
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