NVOX vs. CSHP
NVOX (Defiance Daily Target 2X Long NVO ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - NVOX is a Leveraged Equities fund actively managed by Defiance, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, NVOX returned -66.57% vs 3.72% for CSHP. At a correlation of -0.07, they often move in opposite directions. NVOX charges 1.29%/yr vs 0.20%/yr for CSHP.
Performance
NVOX vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, NVOX achieves a -23.02% return, which is significantly lower than CSHP's 1.87% return.
NVOX
- 1D
- -0.94%
- 1M
- 23.62%
- 6M
- -43.65%
- YTD
- -23.02%
- 1Y
- -66.57%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CSHP
- 1D
- -0.21%
- 1M
- 0.17%
- 6M
- 1.77%
- YTD
- 1.87%
- 1Y
- 3.72%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NVOX vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NVOX Defiance Daily Target 2X Long NVO ETF | -23.02% | -76.65% | -43.69% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.87% | 4.10% | 0.35% |
Correlation
The correlation between NVOX and CSHP is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024 | -0.07 |
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Return for Risk
NVOX vs. CSHP — Risk / Return Rank
NVOX
CSHP
NVOX vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long NVO ETF (NVOX) and iShares Enhanced Short-Term Bond Active ETF (CSHP). 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 | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -7.64 | ||
| Sortino ratioReturn per unit of downside risk | -11.64 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 4.03 | -3.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 16.12 | -16.93 |
| Martin ratioReturn relative to average drawdown | -1.06 | 162.20 | -163.27 |
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Drawdowns
NVOX vs. CSHP - Drawdown Comparison
The maximum NVOX drawdown since its inception was -94.50%, which is greater than CSHP's maximum drawdown of -0.23%. Use the drawdown chart below to compare losses from any high point for NVOX and CSHP.
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Drawdown Indicators
| NVOX | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.50% | -0.23% | -94.27% |
Max Drawdown (1Y)Largest decline over 1 year | -82.84% | -0.23% | -82.61% |
Current DrawdownCurrent decline from peak | -90.01% | -0.23% | -89.78% |
Average DrawdownAverage peak-to-trough decline | -75.24% | -0.01% | -75.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 62.65% | 0.02% | +62.63% |
Volatility
NVOX vs. CSHP - Volatility Comparison
Defiance Daily Target 2X Long NVO ETF (NVOX) has a higher volatility of 17.52% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.43%. This indicates that NVOX's price experiences larger fluctuations and is considered to be riskier than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NVOX | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.52% | 0.43% | +17.09% |
Volatility (6M)Calculated over the trailing 6-month period | 77.92% | 0.48% | +77.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 103.33% | 0.53% | +102.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 101.84% | 0.50% | +101.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.84% | 0.50% | +101.34% |
NVOX vs. CSHP - Expense Ratio Comparison
NVOX has a 1.29% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
NVOX vs. CSHP - Dividend Comparison
NVOX has not paid dividends to shareholders, while CSHP's dividend yield for the trailing twelve months is around 4.02%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 4.02% | 5.39% | 1.96% |
NVOX Defiance Daily Target 2X Long NVO ETF | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NVOX and CSHP have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVOX has higher volatility (17.52%) compared to CSHP (0.43%). In terms of maximum drawdown, NVOX dropped -94.50% vs CSHP's -0.23%.
On 1-year performance, CSHP leads with 3.72% vs -66.57% for NVOX. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CSHP has performed better with a 3.72% return vs -66.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSHP is cheaper with a 0.20% expense ratio, compared with 1.29% for NVOX.
CSHP has the higher dividend yield at 4.02%, compared with 0.00% for NVOX.
NVOX is categorized as Leveraged Equities, while CSHP is Ultrashort Bond. They also come from different issuers: Defiance and iShares. Their fees differ too: 1.29% for NVOX and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (7.00 vs -0.65), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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