OOQB vs. HOOX

Last updated Jun 4, 2026

OOQB (Volatility Shares One+One Nasdaq-100® and Bitcoin ETF) and HOOX (Defiance Daily Target 2X Long HOOD ETF) are both exchange-traded funds - OOQB is a Nasdaq-100 fund actively managed by Volatility Shares, while HOOX is a Leveraged Equities fund actively managed by Defiance. Both are actively managed. Over the past year, OOQB returned -27.35% vs -31.77% for HOOX. A 0.60 correlation means they provide meaningful diversification when combined. OOQB charges 0.75%/yr vs 1.31%/yr for HOOX.

Performance

OOQB vs. HOOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares One+One Nasdaq-100® and Bitcoin ETF (OOQB) and Defiance Daily Target 2X Long HOOD ETF (HOOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OOQB achieves a -18.43% return, which is significantly higher than HOOX's -60.76% return.

OOQB

• 1D: 0.00%
• 1M: 0.00%
• YTD: -18.43%
• 6M: -24.99%
• 1Y: -27.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HOOX

• 1D: -12.45%
• 1M: 10.42%
• YTD: -60.76%
• 6M: -72.98%
• 1Y: -31.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OOQB vs. HOOX - Yearly Performance Comparison

	2026 (YTD)	2025
OOQB Volatility Shares One+One Nasdaq-100® and Bitcoin ETF	-18.43%	12.21%
HOOX Defiance Daily Target 2X Long HOOD ETF	-60.76%	312.21%

Correlation

The correlation between OOQB and HOOX is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (All Time) Calculated using the full available price history since Mar 20, 2025	0.60

The correlation between OOQB and HOOX has been stable across timeframes, ranging from 0.57 to 0.60 - a consistent structural relationship.

Return for Risk

OOQB vs. HOOX — Risk / Return Rank

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

OOQB

OOQB Risk / Return Rank: 4
OOQB Sharpe Ratio Rank: 4
OOQB Sortino Ratio Rank: 5
OOQB Omega Ratio Rank: 4
OOQB Calmar Ratio Rank: 4
OOQB Martin Ratio Rank: 5

HOOX

HOOX Risk / Return Rank: 9
HOOX Sharpe Ratio Rank: 6
HOOX Sortino Ratio Rank: 13
HOOX Omega Ratio Rank: 13
HOOX Calmar Ratio Rank: 6
HOOX Martin Ratio Rank: 6

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.

OOQB vs. HOOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares One+One Nasdaq-100® and Bitcoin ETF (OOQB) and Defiance Daily Target 2X Long HOOD ETF (HOOX). 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.

	OOQB	HOOX	Difference
Sharpe ratio: Return per unit of total volatility	-0.53	-0.23	-0.30
Sortino ratio: Return per unit of downside risk	-0.50	0.60	-1.10
Omega ratio: Gain probability vs. loss probability	0.94	1.07	-0.13
Calmar ratio: Return relative to maximum drawdown	-0.51	-0.37	-0.15
Martin ratio: Return relative to average drawdown	-0.91	-0.60	-0.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OOQB vs. HOOX - Sharpe Ratio Comparison

The current OOQB Sharpe Ratio is -0.53, which is lower than the HOOX Sharpe Ratio of -0.23. The chart below compares the historical Sharpe Ratios of OOQB and HOOX, 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

	OOQB	HOOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.53	-0.23	-0.30
Sharpe Ratio (All Time) Calculated using the full available price history	-0.41	0.34	-0.75

Drawdowns

OOQB vs. HOOX - Drawdown Comparison

The maximum OOQB drawdown since its inception was -53.44%, smaller than the maximum HOOX drawdown of -87.11%. Use the drawdown chart below to compare losses from any high point for OOQB and HOOX.

Drawdown Indicators

	OOQB	HOOX	Difference
Max Drawdown Largest peak-to-trough decline	-53.44%	-87.11%	+33.67%
Max Drawdown (1Y) Largest decline over 1 year	-53.44%	-87.11%	+33.67%
Current Drawdown Current decline from peak	-43.69%	-81.84%	+38.15%
Average Drawdown Average peak-to-trough decline	-23.26%	-37.46%	+14.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.11%	53.44%	-23.33%

Volatility

OOQB vs. HOOX - Volatility Comparison

The current volatility for Volatility Shares One+One Nasdaq-100® and Bitcoin ETF (OOQB) is 0.00%, while Defiance Daily Target 2X Long HOOD ETF (HOOX) has a volatility of 41.73%. This indicates that OOQB experiences smaller price fluctuations and is considered to be less risky than HOOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OOQB	HOOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	41.73%	-41.73%
Volatility (6M) Calculated over the trailing 6-month period	39.39%	101.05%	-61.66%
Volatility (1Y) Calculated over the trailing 1-year period	51.57%	137.62%	-86.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.12%	144.08%	-85.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.12%	144.08%	-85.96%

OOQB vs. HOOX - Expense Ratio Comparison

OOQB has a 0.75% expense ratio, which is lower than HOOX's 1.31% expense ratio.

Dividends

OOQB vs. HOOX - Dividend Comparison

OOQB's dividend yield for the trailing twelve months is around 11.62%, less than HOOX's 35.99% yield.

Position	TTM	2025
HOOX Defiance Daily Target 2X Long HOOD ETF	35.99%	14.12%
OOQB Volatility Shares One+One Nasdaq-100® and Bitcoin ETF	11.62%	9.53%

Frequently Asked Questions

Can I hold both OOQB and HOOX in my portfolio?

OOQB and HOOX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OOQB or HOOX?

HOOX has higher volatility (41.73%) compared to OOQB (0.00%). In terms of maximum drawdown, OOQB dropped -53.44% vs HOOX's -87.11%.

Which ETF is better, OOQB or HOOX?

On 1-year performance, OOQB leads with -27.35% vs -31.77% for HOOX. On fees, OOQB is cheaper at 0.75% per year. On volatility, OOQB has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OOQB or HOOX?

Over the 1-year period, OOQB has performed better with a -27.35% return vs -31.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OOQB or HOOX?

OOQB is cheaper with a 0.75% expense ratio, compared with 1.31% for HOOX.

Which ETF pays a higher dividend yield, OOQB or HOOX?

HOOX has the higher dividend yield at 35.99%, compared with 11.62% for OOQB.

What is the main difference between OOQB and HOOX?

OOQB is categorized as Nasdaq-100, while HOOX is Leveraged Equities. They also come from different issuers: Volatility Shares and Defiance. Their fees differ too: 0.75% for OOQB and 1.31% for HOOX.

Which has better risk-adjusted returns?

HOOX currently has the higher Sharpe Ratio (-0.23 vs -0.53), 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.