NVOX vs. GSG
NVOX (Defiance Daily Target 2X Long NVO ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - NVOX is a Leveraged Equities fund actively managed by Defiance, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. NVOX is actively managed, while GSG is passively managed. Over the past year, NVOX returned -66.57% vs 34.57% for GSG. At a correlation of -0.11, they often move in opposite directions. NVOX charges 1.29%/yr vs 0.75%/yr for GSG.
Performance
NVOX vs. GSG - 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 GSG's 32.35% return.
NVOX
- 1D
- -0.94%
- 1M
- 23.62%
- 6M
- -43.65%
- YTD
- -23.02%
- 1Y
- -66.57%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- 3.60%
- 1M
- -0.20%
- 6M
- 28.24%
- YTD
- 32.35%
- 1Y
- 34.57%
- 3Y*
- 14.41%
- 5Y*
- 13.83%
- 10Y*
- 7.40%
NVOX vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NVOX Defiance Daily Target 2X Long NVO ETF | -23.02% | -76.65% | -43.69% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.35% | 5.93% | 3.67% |
Correlation
The correlation between NVOX and GSG is -0.13, 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 | -0.13 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024 | -0.11 |
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Return for Risk
NVOX vs. GSG — Risk / Return Rank
NVOX
GSG
NVOX vs. GSG - 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 S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.13 | ||
| Sortino ratioReturn per unit of downside risk | -2.69 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.27 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 1.85 | -2.65 |
| Martin ratioReturn relative to average drawdown | -1.06 | 6.29 | -7.36 |
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Drawdowns
NVOX vs. GSG - Drawdown Comparison
The maximum NVOX drawdown since its inception was -94.50%, which is greater than GSG's maximum drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for NVOX and GSG.
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Drawdown Indicators
| NVOX | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.50% | -89.62% | -4.88% |
Max Drawdown (1Y)Largest decline over 1 year | -82.84% | -18.81% | -64.03% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.81% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -90.01% | -60.04% | -29.97% |
Average DrawdownAverage peak-to-trough decline | -75.24% | -63.69% | -11.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 62.65% | 5.51% | +57.14% |
Volatility
NVOX vs. GSG - Volatility Comparison
Defiance Daily Target 2X Long NVO ETF (NVOX) has a higher volatility of 17.52% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 7.35%. This indicates that NVOX's price experiences larger fluctuations and is considered to be riskier than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NVOX | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.52% | 7.35% | +10.17% |
Volatility (6M)Calculated over the trailing 6-month period | 77.92% | 21.50% | +56.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 103.33% | 23.48% | +79.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 101.84% | 22.80% | +79.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.84% | 22.00% | +79.84% |
NVOX vs. GSG - Expense Ratio Comparison
NVOX has a 1.29% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
NVOX vs. GSG - Dividend Comparison
Neither NVOX nor GSG has paid dividends to shareholders.
Frequently Asked Questions
NVOX and GSG have a correlation of -0.13, 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 GSG (7.35%). In terms of maximum drawdown, NVOX dropped -94.50% vs GSG's -89.62%.
On 1-year performance, GSG leads with 34.57% vs -66.57% for NVOX. On fees, GSG is cheaper at 0.75% per year. On volatility, GSG has been the lower-risk option at 7.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GSG has performed better with a 34.57% return vs -66.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 1.29% for NVOX.
NVOX and GSG have nearly identical dividend yields, around 0.00%.
NVOX is categorized as Leveraged Equities, while GSG is Commodities. They also come from different issuers: Defiance and iShares. Their fees differ too: 1.29% for NVOX and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.48 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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