NVOX vs. TSLG

Last updated Jun 24, 2026

NVOX (Defiance Daily Target 2X Long NVO ETF) and TSLG (Leverage Shares 2X Long TSLA Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, NVOX returned -69.97% vs -12.69% for TSLG. At a 0.18 correlation, their price movements are largely independent. NVOX charges 1.29%/yr vs 0.75%/yr for TSLG.

Performance

NVOX vs. TSLG - Performance Comparison

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

Returns By Period

In the year-to-date period, NVOX achieves a -28.00% return, which is significantly higher than TSLG's -37.23% return.

NVOX

• 1D: 6.34%
• 1M: 8.09%
• YTD: -28.00%
• 6M: -30.27%
• 1Y: -69.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSLG

• 1D: -11.63%
• 1M: -22.10%
• YTD: -37.23%
• 6M: -46.41%
• 1Y: -12.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVOX vs. TSLG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVOX Defiance Daily Target 2X Long NVO ETF	-28.00%	-76.65%	-41.02%
TSLG Leverage Shares 2X Long TSLA Daily ETF	-37.23%	-26.70%	-14.82%

Correlation

The correlation between NVOX and TSLG is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Dec 13, 2024	0.18

Return for Risk

NVOX vs. TSLG — Risk / Return Rank

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

NVOX

NVOX Risk / Return Rank: 3
NVOX Sharpe Ratio Rank: 4
NVOX Sortino Ratio Rank: 4
NVOX Omega Ratio Rank: 3
NVOX Calmar Ratio Rank: 2
NVOX Martin Ratio Rank: 3

TSLG

TSLG Risk / Return Rank: 8
TSLG Sharpe Ratio Rank: 7
TSLG Sortino Ratio Rank: 11
TSLG Omega Ratio Rank: 10
TSLG Calmar Ratio Rank: 7
TSLG Martin Ratio Rank: 7

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. TSLG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long NVO ETF (NVOX) and Leverage Shares 2X Long TSLA Daily ETF (TSLG). 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	TSLG	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	-0.15	-0.53
Sortino ratio: Return per unit of downside risk	-0.76	0.41	-1.16
Omega ratio: Gain probability vs. loss probability	0.89	1.05	-0.15
Calmar ratio: Return relative to maximum drawdown	-0.85	-0.23	-0.61
Martin ratio: Return relative to average drawdown	-1.15	-0.47	-0.69

NVOX vs. TSLG - Sharpe Ratio Comparison

The current NVOX Sharpe Ratio is -0.68, which is lower than the TSLG Sharpe Ratio of -0.15. The chart below compares the historical Sharpe Ratios of NVOX and TSLG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NVOX vs. TSLG - Drawdown Comparison

The maximum NVOX drawdown since its inception was -94.50%, which is greater than TSLG's maximum drawdown of -82.86%. Use the drawdown chart below to compare losses from any high point for NVOX and TSLG.

Drawdown Indicators

	NVOX	TSLG	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-82.86%	-11.64%
Max Drawdown (1Y) Largest decline over 1 year	-82.84%	-54.61%	-28.23%
Current Drawdown Current decline from peak	-90.66%	-68.29%	-22.37%
Average Drawdown Average peak-to-trough decline	-74.74%	-58.78%	-15.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	60.68%	27.68%	+33.00%

Volatility

NVOX vs. TSLG - Volatility Comparison

The current volatility for Defiance Daily Target 2X Long NVO ETF (NVOX) is 23.75%, while Leverage Shares 2X Long TSLA Daily ETF (TSLG) has a volatility of 29.15%. This indicates that NVOX experiences smaller price fluctuations and is considered to be less risky than TSLG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVOX	TSLG	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.75%	29.15%	-5.40%
Volatility (6M) Calculated over the trailing 6-month period	79.69%	57.01%	+22.68%
Volatility (1Y) Calculated over the trailing 1-year period	103.93%	89.25%	+14.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.16%	115.05%	-11.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	103.16%	115.05%	-11.89%

NVOX vs. TSLG - Expense Ratio Comparison

NVOX has a 1.29% expense ratio, which is higher than TSLG's 0.75% expense ratio.

Dividends

NVOX vs. TSLG - Dividend Comparison

NVOX has not paid dividends to shareholders, while TSLG's dividend yield for the trailing twelve months is around 10.43%.

Position	TTM	2025
NVOX Defiance Daily Target 2X Long NVO ETF	0.00%	0.00%
TSLG Leverage Shares 2X Long TSLA Daily ETF	10.43%	6.55%

Frequently Asked Questions

Can I hold both NVOX and TSLG in my portfolio?

NVOX and TSLG have a correlation of 0.25, 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 TSLG?

TSLG has higher volatility (29.15%) compared to NVOX (23.75%). In terms of maximum drawdown, NVOX dropped -94.50% vs TSLG's -82.86%.

Which ETF is better, NVOX or TSLG?

On 1-year performance, TSLG leads with -12.69% vs -69.97% for NVOX. On fees, TSLG is cheaper at 0.75% per year. On volatility, NVOX has been the lower-risk option at 23.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVOX or TSLG?

Over the 1-year period, TSLG has performed better with a -12.69% return vs -69.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVOX or TSLG?

TSLG is cheaper with a 0.75% expense ratio, compared with 1.29% for NVOX.

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

TSLG has the higher dividend yield at 10.43%, compared with 0.00% for NVOX.

What is the main difference between NVOX and TSLG?

They also come from different issuers: Defiance and Leverage Shares. Their fees differ too: 1.29% for NVOX and 0.75% for TSLG.

Which has better risk-adjusted returns?

TSLG currently has the higher Sharpe Ratio (-0.15 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.