NVOX vs. ERX

Last updated Jun 3, 2026

NVOX (Defiance Daily Target 2X Long NVO ETF) and ERX (Direxion Daily Energy Bull 2X Shares) are both Leveraged Equities funds. NVOX is actively managed, while ERX is passively managed. Over the past year, NVOX returned -77.30% vs 90.02% for ERX. At a 0.04 correlation, their price movements are largely independent. NVOX charges 1.29%/yr vs 1.09%/yr for ERX.

Performance

NVOX vs. ERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long NVO ETF (NVOX) and Direxion Daily Energy Bull 2X Shares (ERX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVOX achieves a -39.61% return, which is significantly lower than ERX's 62.58% return.

NVOX

• 1D: -5.30%
• 1M: -5.91%
• YTD: -39.61%
• 6M: -32.00%
• 1Y: -77.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ERX

• 1D: 2.25%
• 1M: -4.14%
• YTD: 62.58%
• 6M: 61.46%
• 1Y: 90.02%
• 3Y*: 22.61%
• 5Y*: 28.38%
• 10Y*: -9.03%

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

NVOX vs. ERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVOX Defiance Daily Target 2X Long NVO ETF	-39.61%	-76.65%	-41.92%
ERX Direxion Daily Energy Bull 2X Shares	62.58%	2.79%	-17.04%

Correlation

The correlation between NVOX and ERX is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.00
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	0.04

Return for Risk

NVOX vs. ERX — Risk / Return Rank

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

NVOX

NVOX Risk / Return Rank: 2
NVOX Sharpe Ratio Rank: 3
NVOX Sortino Ratio Rank: 2
NVOX Omega Ratio Rank: 2
NVOX Calmar Ratio Rank: 1
NVOX Martin Ratio Rank: 3

ERX

ERX Risk / Return Rank: 62
ERX Sharpe Ratio Rank: 65
ERX Sortino Ratio Rank: 54
ERX Omega Ratio Rank: 51
ERX Calmar Ratio Rank: 78
ERX Martin Ratio Rank: 62

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. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long NVO ETF (NVOX) and Direxion Daily Energy Bull 2X Shares (ERX). 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	ERX	Difference
Sharpe ratio Return per unit of total volatility	-0.75	2.20	-2.95
Sortino ratio Return per unit of downside risk	-1.09	2.61	-3.70
Omega ratio Gain probability vs. loss probability	0.85	1.32	-0.48
Calmar ratio Return relative to maximum drawdown	-0.88	4.08	-4.95
Martin ratio Return relative to average drawdown	-1.15	11.16	-12.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVOX vs. ERX - Sharpe Ratio Comparison

The current NVOX Sharpe Ratio is -0.75, which is lower than the ERX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of NVOX and ERX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NVOX	ERX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.75	2.20	-2.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.55	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.13	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	-0.09	-0.70

Drawdowns

NVOX vs. ERX - Drawdown Comparison

The maximum NVOX drawdown since its inception was -94.50%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for NVOX and ERX.

Drawdown Indicators

	NVOX	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-99.54%	+5.04%
Max Drawdown (1Y) Largest decline over 1 year	-87.05%	-23.34%	-63.71%
Max Drawdown (3Y) Largest decline over 3 years	—	-42.34%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.90%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-98.59%	—
Current Drawdown Current decline from peak	-92.16%	-91.79%	-0.37%
Average Drawdown Average peak-to-trough decline	-74.27%	-67.01%	-7.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	66.67%	8.52%	+58.15%

Volatility

NVOX vs. ERX - Volatility Comparison

The current volatility for Defiance Daily Target 2X Long NVO ETF (NVOX) is 15.50%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 16.37%. This indicates that NVOX experiences smaller price fluctuations and is considered to be less risky than ERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVOX	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.50%	16.37%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	78.56%	33.42%	+45.14%
Volatility (1Y) Calculated over the trailing 1-year period	103.37%	41.14%	+62.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.68%	51.97%	+51.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	103.68%	69.19%	+34.49%

NVOX vs. ERX - Expense Ratio Comparison

NVOX has a 1.29% expense ratio, which is higher than ERX's 1.09% expense ratio.

Dividends

NVOX vs. ERX - Dividend Comparison

NVOX has not paid dividends to shareholders, while ERX's dividend yield for the trailing twelve months is around 1.65%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERX Direxion Daily Energy Bull 2X Shares	1.65%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%
NVOX Defiance Daily Target 2X Long NVO ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NVOX and ERX in my portfolio?

NVOX and ERX have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVOX or ERX?

ERX has higher volatility (16.37%) compared to NVOX (15.50%). In terms of maximum drawdown, NVOX dropped -94.50% vs ERX's -99.54%.

Which ETF is better, NVOX or ERX?

On 1-year performance, ERX leads with 90.02% vs -77.30% for NVOX. On fees, ERX is cheaper at 1.09% per year. On volatility, NVOX has been the lower-risk option at 15.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVOX or ERX?

Over the 1-year period, ERX has performed better with a 90.02% return vs -77.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVOX or ERX?

ERX is cheaper with a 1.09% expense ratio, compared with 1.29% for NVOX.

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

ERX has the higher dividend yield at 1.65%, compared with 0.00% for NVOX.

What is the main difference between NVOX and ERX?

They also come from different issuers: Defiance and Direxion. Their fees differ too: 1.29% for NVOX and 1.09% for ERX.

Which has better risk-adjusted returns?

ERX currently has the higher Sharpe Ratio (2.20 vs -0.75), 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.