NVOX vs. NVO

Last updated Apr 2, 2026

Compare and contrast key facts about Defiance Daily Target 2X Long NVO ETF (NVOX) and Novo Nordisk A/S (NVO).

NVOX is an actively managed fund by Defiance. It was launched on Dec 2, 2024.

Performance

NVOX vs. NVO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long NVO ETF (NVOX) and Novo Nordisk A/S (NVO). The values are adjusted to include any dividend payments, if applicable.

NVOX vs. NVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVOX Defiance Daily Target 2X Long NVO ETF	-54.23%	-76.65%	-41.92%
NVO Novo Nordisk A/S	-25.80%	-39.22%	-21.23%

Returns By Period

In the year-to-date period, NVOX achieves a -54.23% return, which is significantly lower than NVO's -25.80% return.

NVOX

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

NVO

• 1D: -0.73%
• 1M: -0.01%
• YTD: -25.80%
• 6M: -36.19%
• 1Y: -43.88%
• 3Y*: -20.88%
• 5Y*: 3.69%
• 10Y*: 5.04%

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

Return for Risk

NVOX vs. NVO — 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

NVO

NVO Risk / Return Rank: 10
NVO Sharpe Ratio Rank: 8
NVO Sortino Ratio Rank: 11
NVO Omega Ratio Rank: 10
NVO Calmar Ratio Rank: 11
NVO Martin Ratio Rank: 11

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. NVO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long NVO ETF (NVOX) and Novo Nordisk A/S (NVO). 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	NVO	Difference
Sharpe ratio Return per unit of total volatility	-0.76	-0.81	+0.05
Sortino ratio Return per unit of downside risk	-1.24	-0.99	-0.24
Omega ratio Gain probability vs. loss probability	0.83	0.86	-0.03
Calmar ratio Return relative to maximum drawdown	-0.95	-0.82	-0.13
Martin ratio Return relative to average drawdown	-1.42	-1.41	-0.01
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. NVO - Sharpe Ratio Comparison

The current NVOX Sharpe Ratio is -0.76, which is comparable to the NVO Sharpe Ratio of -0.81. The chart below compares the historical Sharpe Ratios of NVOX and NVO, 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	NVO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.76	-0.81	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.10	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.82	0.46	-1.28

Correlation

The correlation between NVOX and NVO is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

NVOX vs. NVO - Dividend Comparison

NVOX has not paid dividends to shareholders, while NVO's dividend yield for the trailing twelve months is around 4.94%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
NVO Novo Nordisk A/S	4.94%	3.31%	1.68%	1.00%	1.20%	1.35%	1.87%	2.14%	1.45%	1.52%	2.87%	0.92%

Drawdowns

NVOX vs. NVO - Drawdown Comparison

The maximum NVOX drawdown since its inception was -94.50%, which is greater than NVO's maximum drawdown of -74.70%. Use the drawdown chart below to compare losses from any high point for NVOX and NVO.

Drawdown Indicators

	NVOX	NVO	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-74.70%	-19.80%
Max Drawdown (1Y) Largest decline over 1 year	-87.05%	-55.03%	-32.02%
Max Drawdown (5Y) Largest decline over 5 years	—	-74.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-74.70%	—
Current Drawdown Current decline from peak	-94.06%	-73.49%	-20.57%
Average Drawdown Average peak-to-trough decline	-72.00%	-17.56%	-54.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	58.03%	31.83%	+26.20%

Volatility

NVOX vs. NVO - Volatility Comparison

Defiance Daily Target 2X Long NVO ETF (NVOX) has a higher volatility of 18.87% compared to Novo Nordisk A/S (NVO) at 9.39%. This indicates that NVOX's price experiences larger fluctuations and is considered to be riskier than NVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVOX	NVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.87%	9.39%	+9.48%
Volatility (6M) Calculated over the trailing 6-month period	80.41%	38.79%	+41.62%
Volatility (1Y) Calculated over the trailing 1-year period	107.99%	54.16%	+53.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	107.21%	37.82%	+69.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	107.21%	32.28%	+74.93%