NVOX vs. NVO
NVOX (Defiance Daily Target 2X Long NVO ETF) is Leveraged Equities fund actively managed by Defiance, while NVO (Novo Nordisk A/S) is a stock. Over the past year, NVOX returned -69.97% vs -28.81% for NVO. With a 1.00 correlation, they move nearly in lockstep.
Performance
NVOX vs. NVO - Performance Comparison
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Returns By Period
In the year-to-date period, NVOX achieves a -28.00% return, which is significantly lower than NVO's -3.54% return.
NVOX
- 1D
- 6.34%
- 1M
- 8.09%
- YTD
- -28.00%
- 6M
- -30.27%
- 1Y
- -69.97%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NVO
- 1D
- 3.36%
- 1M
- 5.47%
- YTD
- -3.54%
- 6M
- -4.91%
- 1Y
- -28.81%
- 3Y*
- -13.64%
- 5Y*
- 5.10%
- 10Y*
- 8.62%
NVOX vs. NVO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NVOX Defiance Daily Target 2X Long NVO ETF | -28.00% | -76.65% | -43.69% |
NVO Novo Nordisk A/S | -3.54% | -39.22% | -20.84% |
Correlation
The correlation between NVOX and NVO is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024 | 1.00 |
The correlation between NVOX and NVO has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
NVOX vs. NVO — Risk / Return Rank
NVOX
NVO
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.
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 | NVO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.93 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | -0.59 | -0.26 |
| Martin ratioReturn relative to average drawdown | -1.15 | -0.93 | -0.22 |
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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.
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Drawdown Indicators
| NVOX | NVO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.50% | -74.70% | -19.80% |
Max Drawdown (1Y)Largest decline over 1 year | -82.84% | -49.17% | -33.67% |
Max Drawdown (3Y)Largest decline over 3 years | — | -74.70% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -74.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -74.70% | — |
Current DrawdownCurrent decline from peak | -90.66% | -65.54% | -25.12% |
Average DrawdownAverage peak-to-trough decline | -74.74% | -17.81% | -56.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 60.68% | 30.87% | +29.81% |
Volatility
NVOX vs. NVO - Volatility Comparison
Defiance Daily Target 2X Long NVO ETF (NVOX) has a higher volatility of 23.75% compared to Novo Nordisk A/S (NVO) at 12.04%. 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.
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Volatility by Period
| NVOX | NVO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.75% | 12.04% | +11.71% |
Volatility (6M)Calculated over the trailing 6-month period | 79.69% | 38.41% | +41.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 103.93% | 52.06% | +51.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.16% | 38.48% | +64.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 103.16% | 32.58% | +70.58% |
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 3.80%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NVO Novo Nordisk A/S | 3.80% | 3.31% | 1.68% | 1.00% | 1.20% | 1.35% | 1.87% | 2.14% | 1.45% | 1.52% | 2.87% | 0.92% |
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% |
Frequently Asked Questions
With a correlation of 1.00, NVOX and NVO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
NVOX has higher volatility (23.75%) compared to NVO (12.04%). In terms of maximum drawdown, NVOX dropped -94.50% vs NVO's -74.70%.
NVO currently has the higher Sharpe Ratio (-0.56 vs -0.68), 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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