NVOX vs. IWMY

Last updated Jun 4, 2026

NVOX (Defiance Daily Target 2X Long NVO ETF) and IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) are both exchange-traded funds - NVOX is a Leveraged Equities fund actively managed by Defiance, while IWMY is a Options Trading fund tracking the Russell 2000 Index. NVOX is actively managed, while IWMY is passively managed. Over the past year, NVOX returned -77.12% vs 23.33% for IWMY. At a 0.37 correlation, their price movements are largely independent. NVOX charges 1.29%/yr vs 0.99%/yr for IWMY.

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.

Returns By Period

In the year-to-date period, NVOX achieves a -42.21% return, which is significantly lower than IWMY's 12.25% return.

NVOX

• 1D: -4.31%
• 1M: -12.27%
• YTD: -42.21%
• 6M: -35.19%
• 1Y: -77.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMY

• 1D: -1.36%
• 1M: 3.06%
• YTD: 12.25%
• 6M: 10.99%
• 1Y: 23.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVOX vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVOX Defiance Daily Target 2X Long NVO ETF	-42.21%	-76.65%	-41.92%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	12.25%	10.18%	-4.39%

Correlation

The correlation between NVOX and IWMY is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	0.37

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

IWMY

IWMY Risk / Return Rank: 40
IWMY Sharpe Ratio Rank: 42
IWMY Sortino Ratio Rank: 38
IWMY Omega Ratio Rank: 39
IWMY Calmar Ratio Rank: 41
IWMY Martin Ratio Rank: 41

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	-0.75	1.49	-2.24
Sortino ratio: Return per unit of downside risk	-1.08	2.02	-3.10
Omega ratio: Gain probability vs. loss probability	0.85	1.26	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.89	2.03	-2.91
Martin ratio: Return relative to average drawdown	-1.15	6.66	-7.81
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 -0.75, which is lower than the IWMY Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of NVOX and IWMY, 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	IWMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.75	1.49	-2.24
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	0.95	-1.75

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%	-11.57%	-75.48%
Current Drawdown Current decline from peak	-92.50%	-1.36%	-91.14%
Average Drawdown Average peak-to-trough decline	-74.32%	-2.98%	-71.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	66.88%	3.51%	+63.37%

Volatility

NVOX vs. IWMY - Volatility Comparison

Defiance Daily Target 2X Long NVO ETF (NVOX) has a higher volatility of 15.71% compared to Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) at 5.42%. 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	15.71%	5.42%	+10.29%
Volatility (6M) Calculated over the trailing 6-month period	78.61%	12.62%	+65.99%
Volatility (1Y) Calculated over the trailing 1-year period	103.37%	15.69%	+87.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.59%	15.75%	+87.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	103.59%	15.75%	+87.84%

NVOX vs. IWMY - Expense Ratio Comparison

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

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 45.96%.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	45.96%	63.33%	107.92%	11.34%
NVOX Defiance Daily Target 2X Long NVO ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NVOX and IWMY in my portfolio?

NVOX and IWMY have a correlation of 0.38, 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 IWMY?

NVOX has higher volatility (15.71%) compared to IWMY (5.42%). In terms of maximum drawdown, NVOX dropped -94.50% vs IWMY's -18.72%.

Which ETF is better, NVOX or IWMY?

On 1-year performance, IWMY leads with 23.33% vs -77.12% for NVOX. On fees, IWMY is cheaper at 0.99% per year. On volatility, IWMY has been the lower-risk option at 5.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVOX or IWMY?

Over the 1-year period, IWMY has performed better with a 23.33% return vs -77.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVOX or IWMY?

IWMY is cheaper with a 0.99% expense ratio, compared with 1.29% for NVOX.

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

IWMY has the higher dividend yield at 45.96%, compared with 0.00% for NVOX.

What is the main difference between NVOX and IWMY?

NVOX is categorized as Leveraged Equities, while IWMY is Options Trading. Their fees differ too: 1.29% for NVOX and 0.99% for IWMY.

Which has better risk-adjusted returns?

IWMY currently has the higher Sharpe Ratio (1.49 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.