NVOX vs. YSPY

Last updated Apr 1, 2026

Compare and contrast key facts about Defiance Daily Target 2X Long NVO ETF (NVOX) and GraniteShares YieldBOOST SPY ETF (YSPY).

NVOX and YSPY 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. YSPY is an actively managed fund by GraniteShares. It was launched on Feb 25, 2025.

Performance

NVOX vs. YSPY - Performance Comparison

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

NVOX vs. YSPY - Yearly Performance Comparison

	2026 (YTD)	2025
NVOX Defiance Daily Target 2X Long NVO ETF	-53.27%	-77.37%
YSPY GraniteShares YieldBOOST SPY ETF	-6.65%	9.17%

Returns By Period

In the year-to-date period, NVOX achieves a -53.27% return, which is significantly lower than YSPY's -6.65% return.

NVOX

• 1D: 8.95%
• 1M: -0.39%
• YTD: -53.27%
• 6M: -63.77%
• 1Y: -82.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YSPY

• 1D: 0.52%
• 1M: -11.39%
• YTD: -6.65%
• 6M: -5.59%
• 1Y: 13.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVOX vs. YSPY - Expense Ratio Comparison

NVOX has a 1.29% expense ratio, which is higher than YSPY's 1.07% expense ratio.

NVOX

Defiance Daily Target 2X Long NVO ETF

YSPY

GraniteShares YieldBOOST SPY ETF

Return for Risk

NVOX vs. YSPY — 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: 2

YSPY

YSPY Risk / Return Rank: 33
YSPY Sharpe Ratio Rank: 30
YSPY Sortino Ratio Rank: 28
YSPY Omega Ratio Rank: 33
YSPY Calmar Ratio Rank: 35
YSPY Martin Ratio Rank: 39

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. YSPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long NVO ETF (NVOX) and GraniteShares YieldBOOST SPY ETF (YSPY). 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	YSPY	Difference
Sharpe ratio Return per unit of total volatility	-0.76	0.61	-1.37
Sortino ratio Return per unit of downside risk	-1.26	0.87	-2.13
Omega ratio Gain probability vs. loss probability	0.83	1.14	-0.31
Calmar ratio Return relative to maximum drawdown	-0.94	0.94	-1.87
Martin ratio Return relative to average drawdown	-1.41	3.80	-5.21
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. YSPY - Sharpe Ratio Comparison

The current NVOX Sharpe Ratio is -0.76, which is lower than the YSPY Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of NVOX and YSPY, 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	YSPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.76	0.61	-1.37
Sharpe Ratio (All Time) Calculated using the full available price history	-0.82	0.08	-0.90

Correlation

The correlation between NVOX and YSPY is 0.36, 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. YSPY - Dividend Comparison

NVOX has not paid dividends to shareholders, while YSPY's dividend yield for the trailing twelve months is around 63.03%.

	TTM	2025
NVOX Defiance Daily Target 2X Long NVO ETF	0.00%	0.00%
YSPY GraniteShares YieldBOOST SPY ETF	63.03%	45.57%

Drawdowns

NVOX vs. YSPY - Drawdown Comparison

The maximum NVOX drawdown since its inception was -94.50%, which is greater than YSPY's maximum drawdown of -18.74%. Use the drawdown chart below to compare losses from any high point for NVOX and YSPY.

Drawdown Indicators

	NVOX	YSPY	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-18.74%	-75.76%
Max Drawdown (1Y) Largest decline over 1 year	-87.05%	-14.60%	-72.45%
Current Drawdown Current decline from peak	-93.94%	-11.93%	-82.01%
Average Drawdown Average peak-to-trough decline	-71.93%	-5.01%	-66.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	57.91%	3.60%	+54.31%

Volatility

NVOX vs. YSPY - Volatility Comparison

Defiance Daily Target 2X Long NVO ETF (NVOX) has a higher volatility of 19.67% compared to GraniteShares YieldBOOST SPY ETF (YSPY) at 7.90%. This indicates that NVOX's price experiences larger fluctuations and is considered to be riskier than YSPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVOX	YSPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.67%	7.90%	+11.77%
Volatility (6M) Calculated over the trailing 6-month period	80.40%	16.86%	+63.54%
Volatility (1Y) Calculated over the trailing 1-year period	108.04%	21.81%	+86.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	107.36%	22.59%	+84.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	107.36%	22.59%	+84.77%