TWOX vs. NVDO

Last updated Jun 4, 2026

TWOX (iShares Large Cap Accelerated Outcome ETF) and NVDO (Leverage Shares 2x Capped Accelerated NVDA Monthly ETF) are both Defined Outcome funds. Both are actively managed. A 0.54 correlation means they provide meaningful diversification when combined. TWOX charges 0.50%/yr vs 0.77%/yr for NVDO.

Performance

TWOX vs. NVDO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Accelerated Outcome ETF (TWOX) and Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TWOX achieves a 2.15% return, which is significantly lower than NVDO's 18.85% return.

TWOX

• 1D: 0.00%
• 1M: 1.50%
• YTD: 2.15%
• 6M: 3.54%
• 1Y: 16.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDO

• 1D: -2.46%
• 1M: 14.15%
• YTD: 18.85%
• 6M: 29.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TWOX vs. NVDO - Yearly Performance Comparison

	2026 (YTD)	2025
TWOX iShares Large Cap Accelerated Outcome ETF	2.15%	7.47%
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	18.85%	11.12%

Correlation

The correlation between TWOX and NVDO is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 14, 2025	0.54

Return for Risk

TWOX vs. NVDO — Risk / Return Rank

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

TWOX

TWOX Risk / Return Rank: 45
TWOX Sharpe Ratio Rank: 45
TWOX Sortino Ratio Rank: 43
TWOX Omega Ratio Rank: 53
TWOX Calmar Ratio Rank: 35
TWOX Martin Ratio Rank: 49

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.

TWOX vs. NVDO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Accelerated Outcome ETF (TWOX) and Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). 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.

	TWOX	NVDO	Difference
Sharpe ratio: Return per unit of total volatility	1.55	—	—
Sortino ratio: Return per unit of downside risk	2.14	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	1.70	—	—
Martin ratio: Return relative to average drawdown	8.04	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TWOX	NVDO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	1.30	-0.63

Drawdowns

TWOX vs. NVDO - Drawdown Comparison

The maximum TWOX drawdown since its inception was -19.35%, which is greater than NVDO's maximum drawdown of -16.25%. Use the drawdown chart below to compare losses from any high point for TWOX and NVDO.

Drawdown Indicators

	TWOX	NVDO	Difference
Max Drawdown Largest peak-to-trough decline	-19.35%	-16.25%	-3.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	—	—
Current Drawdown Current decline from peak	-0.02%	-2.68%	+2.66%
Average Drawdown Average peak-to-trough decline	-2.64%	-4.99%	+2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	—	—

Volatility

Volatility by Period

	TWOX	NVDO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.49%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.25%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.44%	31.93%	-21.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.78%	31.93%	-15.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.78%	31.93%	-15.15%

TWOX vs. NVDO - Expense Ratio Comparison

TWOX has a 0.50% expense ratio, which is lower than NVDO's 0.77% expense ratio.

Dividends

TWOX vs. NVDO - Dividend Comparison

TWOX's dividend yield for the trailing twelve months is around 0.55%, less than NVDO's 14.02% yield.

Position	TTM	2025
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	14.02%	16.66%
TWOX iShares Large Cap Accelerated Outcome ETF	0.55%	0.57%

Frequently Asked Questions

Can I hold both TWOX and NVDO in my portfolio?

TWOX and NVDO have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TWOX or NVDO?

On fees, TWOX is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TWOX or NVDO?

TWOX is cheaper with a 0.50% expense ratio, compared with 0.77% for NVDO.

Which ETF pays a higher dividend yield, TWOX or NVDO?

NVDO has the higher dividend yield at 14.02%, compared with 0.55% for TWOX.

What is the main difference between TWOX and NVDO?

They also come from different issuers: iShares and Leverage Shares. Their fees differ too: 0.50% for TWOX and 0.77% for NVDO.