Which came closer to its stated multiple, NVOC or NVOX?

Over the window to Sep 30, 2026, NVOC finished 1.1 points from what its multiple implies and NVOX finished 0.9 points from its own, so NVOX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are NVOC and NVOX levered on the same thing?

Yes. Both are levered on Novo Nordisk A/S, NVOC at +2 times and NVOX at +2 times the daily move.

Which one decays faster, NVOC or NVOX?

Decay follows how much the underlying moves about. Over this window NVOC’s moved at 38% annualized and NVOX’s at 38%, so NVOC has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold NVOC or NVOX for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, NVOC or NVOX?

NVOC charges 0.45% a year and NVOX charges 1.31%, so NVOC is cheaper. Fees come from each fund's prospectus.

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NVOC vs NVOX: which held to its multiple?

Over the days both have traded, NVOC finished 1.1 points from its stated multiple and NVOX 0.7. Corgi NVO 2x Daily ETF and Defiance Daily Target 2X Long NVO ETF.

−42.7%

NVOC returned, since launch

−43.5%

NVOX returned, 3 months

+0.8 pts

NVOC from its stated multiple

−0.9 pts

NVOX from its stated multiple

NVOC · 1 month to Sep 30, 20261.1 pts ahead of its stated multiple

NVOC returned −31.6% while 2 times NVO's move would have been −32.7%

NVOX · 3 months to Sep 30, 20260.9 pts short of its stated multiple

NVOX returned −43.5% while 2 times NVO's move would have been −42.5%

Performance, window by window

	Total return		Multiple would give		Difference
Window	NVOC	NVOX	NVOC	NVOX	NVOC	NVOX
1 month	−31.6%	−32.0%	−32.7%	−32.7%	+1.1 pts	+0.7 pts
3 months	not published	−43.5%	not published	−42.5%	not published	−0.9 pts
6 months	not published	−6.1%	not published	+10.5%	not published	−16.6 pts
1 year	not published	−66.7%	not published	−56.8%	not published	−9.9 pts
Since launch NVOC Jul 2026 · NVOX Dec 2024	−42.7%	−94.2%	−43.5%	−125.3%	+0.8 pts	+31.1 pts

NVOC and NVOX over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

NVOC

Corgi NVO 2x Daily ETF · Aims to return twice the daily move of Novo Nordisk A/S (NVO)

NVOX

Defiance Daily Target 2X Long NVO ETF · Aims to return twice the daily move of Novo Nordisk A/S (NVO)

Issuer Corgi Defiance

Sets out to return +2x +2x

Underlying asset NVO NVO

Segment company company

Fund returned, 3 months or since launch −31.6% −43.5%

Underlying returned, over that window −16.4% −21.3%

What the stated multiple implies, over that window −32.7% −42.5%

Difference from stated, over that window +1.1 pts −0.9 pts

Fund returned, 1 year or since launch −42.7% −66.7%

Difference from stated, over that window +0.8 pts −9.9 pts

Underlying volatility 38% 38%

Difference over the days both have traded +1.1 pts +0.7 pts

Expense ratio 0.45% 1.31%

Launched Jul 14, 2026 Dec 3, 2024

Net assets $213,115 $37m

NVOC and NVOX on the same fields, as of Sep 30, 2026. Source: ETFIQ.

NVOC in plain words

One month to Sep 30, 2026: NVOC returned −31.6% where its own daily promise gave −31.1%, 0.6 points short. Read the multiple against the whole window instead and 2 times NVO's −16.4% implies −32.7%, which makes NVOC look 1.1 points over. 1.7 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. NVOC aims to return +2 times NVO's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. NVO moved at 38% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

NVOX in plain words

Three months to Sep 30, 2026: NVOX returned −43.5% where its own daily promise gave −40.5%, 3.0 points short. Read the multiple against the whole window instead and 2 times NVO's −21.3% implies −42.5%, which makes NVOX look 0.9 points short. 2.1 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. NVOX aims to return +2 times NVO's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, NVOC or NVOX?: Over the window to Sep 30, 2026, NVOC finished 1.1 points from what its multiple implies and NVOX finished 0.9 points from its own, so NVOX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are NVOC and NVOX levered on the same thing?: Yes. Both are levered on Novo Nordisk A/S, NVOC at +2 times and NVOX at +2 times the daily move.
Which one decays faster, NVOC or NVOX?: Decay follows how much the underlying moves about. Over this window NVOC’s moved at 38% annualized and NVOX’s at 38%, so NVOC has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold NVOC or NVOX for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, NVOC or NVOX?: NVOC charges 0.45% a year and NVOX charges 1.31%, so NVOC is cheaper. Fees come from each fund's prospectus.

Other comparisons

NVOC on its own →NVOX on its own →How every figure is computed →Standards and sources →

Where these figures came from

NVOC filings on SEC EDGAR ↗NVOC prospectus with the expense ratio (SEC) ↗Corgi website ↗NVOX filings on SEC EDGAR ↗NVOX prospectus with the expense ratio (SEC) ↗Defiance page for NVOX ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, NVOC against NVOX, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/nvoc-vs-nvox

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.