NVOX vs. IWMY

Last updated Apr 2, 2026

Compare and contrast key facts about Defiance Daily Target 2X Long NVO ETF (NVOX) and Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY).

NVOX and IWMY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NVOX is an actively managed fund by Defiance. It was launched on Dec 2, 2024. IWMY is a passively managed fund by Defiance that tracks the performance of the Russell 2000 Index. It was launched on Oct 30, 2023.

Performance

NVOX vs. IWMY - 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 R2000 Enhanced Options & 0DTE Income ETF (IWMY). The values are adjusted to include any dividend payments, if applicable.

NVOX vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVOX Defiance Daily Target 2X Long NVO ETF	-54.23%	-76.65%	-41.92%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	-0.96%	10.18%	-4.39%

Returns By Period

In the year-to-date period, NVOX achieves a -54.23% return, which is significantly lower than IWMY's -0.96% return.

NVOX

• 1D: -2.05%
• 1M: -3.93%
• YTD: -54.23%
• 6M: -68.69%
• 1Y: -81.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMY

• 1D: 0.61%
• 1M: -5.59%
• YTD: -0.96%
• 6M: -5.14%
• 1Y: 12.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVOX vs. IWMY - Expense Ratio Comparison

NVOX has a 1.29% expense ratio, which is higher than IWMY's 0.99% expense ratio.

NVOX

Defiance Daily Target 2X Long NVO ETF

IWMY

Defiance R2000 Enhanced Options & 0DTE Income ETF

Return for Risk

NVOX vs. IWMY — Risk / Return Rank

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

NVOX

NVOX Risk / Return Rank: 1
NVOX Sharpe Ratio Rank: 2
NVOX Sortino Ratio Rank: 1
NVOX Omega Ratio Rank: 1
NVOX Calmar Ratio Rank: 0
NVOX Martin Ratio Rank: 1

IWMY

IWMY Risk / Return Rank: 33
IWMY Sharpe Ratio Rank: 34
IWMY Sortino Ratio Rank: 31
IWMY Omega Ratio Rank: 31
IWMY Calmar Ratio Rank: 36
IWMY Martin Ratio Rank: 33

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. IWMY - 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 R2000 Enhanced Options & 0DTE Income ETF (IWMY). 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	IWMY	Difference
Sharpe ratio Return per unit of total volatility	-0.76	0.68	-1.44
Sortino ratio Return per unit of downside risk	-1.24	0.95	-2.18
Omega ratio Gain probability vs. loss probability	0.83	1.13	-0.30
Calmar ratio Return relative to maximum drawdown	-0.95	0.97	-1.92
Martin ratio Return relative to average drawdown	-1.42	3.02	-4.44
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. IWMY - Sharpe Ratio Comparison

The current NVOX Sharpe Ratio is -0.76, which is lower than the IWMY Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of NVOX and IWMY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NVOX	IWMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.76	0.68	-1.44
Sharpe Ratio (All Time) Calculated using the full available price history	-0.82	0.66	-1.48

Correlation

The correlation between NVOX and IWMY is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

NVOX vs. IWMY - Dividend Comparison

NVOX has not paid dividends to shareholders, while IWMY's dividend yield for the trailing twelve months is around 57.52%.

	TTM	2025	2024	2023
NVOX Defiance Daily Target 2X Long NVO ETF	0.00%	0.00%	0.00%	0.00%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	57.52%	63.33%	107.92%	11.34%

Drawdowns

NVOX vs. IWMY - Drawdown Comparison

The maximum NVOX drawdown since its inception was -94.50%, which is greater than IWMY's maximum drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for NVOX and IWMY.

Drawdown Indicators

	NVOX	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-18.72%	-75.78%
Max Drawdown (1Y) Largest decline over 1 year	-87.05%	-12.55%	-74.50%
Current Drawdown Current decline from peak	-94.06%	-7.98%	-86.08%
Average Drawdown Average peak-to-trough decline	-72.00%	-3.07%	-68.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	58.03%	4.04%	+53.99%

Volatility

NVOX vs. IWMY - Volatility Comparison

Defiance Daily Target 2X Long NVO ETF (NVOX) has a higher volatility of 18.87% compared to Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) at 7.26%. This indicates that NVOX's price experiences larger fluctuations and is considered to be riskier than IWMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVOX	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.87%	7.26%	+11.61%
Volatility (6M) Calculated over the trailing 6-month period	80.41%	12.32%	+68.09%
Volatility (1Y) Calculated over the trailing 1-year period	107.99%	17.74%	+90.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	107.21%	15.62%	+91.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	107.21%	15.62%	+91.59%