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NVOX vs UNHG

Defiance Daily Target 2X Long NVO ETF

NVOXCNYSE Arca

Leverage Shares 2x Long UNH Daily ETF

UNHGANasdaq

Overlap

Expense ratio

UNHG −0.54pt a year

NVOX1.31%UNHG0.77%

Avg volume · 30D

UNHG 1.8×the volume

NVOX403KUNHG726K

NVOX vs UNHG Performance

Oct 31, 2025 – Oct 30, 2026

−53.1%NVOX+11.9%UNHG

Oct 31, 2025 to Oct 30, 2026. NVOX −53.1%. UNHG +11.9%. Use the arrow keys to read each point.−25%25%50%Oct 2025Apr 2026Oct 2026
Expense ratio
NVOX 1.31%
UNHG 0.77%, better
Fund size
NVOX $39M
UNHG $63M
1Y total return
NVOX −53.1%
UNHG +11.9%, better
Holdings
NVOX 9
UNHG 5
Avg volume (30D)
NVOX 403K sh
UNHG 726K sh, better
NAV per share
NVOX $10.30
UNHG $20.57
52W range

ETF.net Grade

NVOX: Cost 25, Risk 59, Mission 97, Tradability 70, Holdings not scored, Durability 77. UNHG: Cost 60, Risk 83, Mission 90, Tradability 91, Holdings not scored, Durability 66.
Pillar letters and Scores for NVOX, UNHG, with each pillar’s weight
PillarNVOXUNHG
Cost30% weightD25B60Higher
Mission25% weightA97HigherA90
Risk15% weightB59A83Higher
Tradability15% weightA70A91Higher
Holdings10% weightNot scoredNot scored
Durability5% weightA77HigherB66

Rank among Single-Stock Long Leveraged funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. NVOX and UNHG are both graded against the same 315 Single-Stock Long Leveraged funds, so their Grades compare head to head.

Single-Stock Long Leveraged⁠

Category · 315 funds
See all 315 ›

UNHG ranks 2nd and NVOX 95th of 315 funds in the Single-Stock Long Leveraged Category.

  1. Rank 1ATSMGLeverage Shares 2x Long TSM Daily ETFScore 73
  2. Rank 2AUNHGLeverage Shares 2x Long UNH Daily ETFScore 72
  3. Rank 3AOKTGLeverage Shares 2x Long OKTA Daily ETFScore 70
  4. Rank 95CAEHGLeverage Shares 2X Long AEHR Daily ETFScore 47
  5. Rank 95CNVOXDefiance Daily Target 2X Long NVO ETFScore 47
  6. Rank 97CHYNXT-REX 2X Long SK Hynix Daily Target ETFScore 46

Our read on each fund

ETF.net Research

NVOXCDefiance Daily Target 2X Long NVO ETF

UNHGALeverage Shares 2x Long UNH Daily ETF

In short

NVOX The first 2x leveraged single-stock ETF on Novo Nordisk: a one-ticker, daily-reset amplifier on the weight-loss drug giant's US-listed shares, built from swaps and priced at 1.31%.

UNHG Two times UnitedHealth's daily move, reset every night: a managed-care insurer in a category stuffed with chip and AI names. UNHG got there first, and it charges 0.77%.

Stated mandate

NVOX The Fund seeks daily leveraged results equal to twice the daily percentage change in the share price of NOVO Nordisk A/S - ADR.

UNHG The fund seeks daily investment results equal to twice the daily performance of UnitedHealth Group Incorporated stock, before fees and expenses.

Why people hold it

  • NVOX Aims for twice NVO's daily percentage move and resets each day. One ticker, no margin account, no options chain to manage.defianceetfs.com
  • Launched December 2024 as the first 2x leveraged single-stock fund on Novo Nordisk, the company at the center of the weight-loss drug market.yahoo.com
  • The leverage lives inside the fund, assembled from total return swaps with bank counterparties rather than borrowed cash in your brokerage account.defianceetfs.comsec.gov
  • Day to day it has stayed close to its stated 2x target, and it stands in the upper half of a crowded leveraged single-stock field.
  • UNHG At 0.77%, the cheaper of the only two 2x UNH funds: Direxion's UNHU runs 0.97% net of a waiver through September 1, 2027. Both sit below the category's typical fee.
  • First to the 2x UNH trade, listed July 2025, months before Direxion's version arrived in March 2026. It trades actively for a single-stock leveraged fund.direxion.com
  • Exposure comes from total return swaps reset at each close, and day-to-day it has stayed close to its 2x target. One of the better-built funds in a crowded bull field.leverageshares.comsec.gov

Worth knowing

  • NVOX At 1.31%, the fee sits above the category median and above 2x peers such as TSMG (0.76%) and UNHG (0.77%), with swap financing costs layered on top.
  • The daily reset makes multi-day results path-dependent: a choppy stretch can grind value down even if NVO finishes where it started.defianceetfs.com
  • Small, young, and hitched to one drugmaker, so trial data or guidance lands at double size. It has also already run a reverse share split.defianceetfs.com
  • UNHG Daily reset means multi-day results depend on the path UNH takes, not just its direction. Choppy stretches can erode value even if the stock ends where it started.leverageshares.com
  • Swap-based exposure carries counterparty risk, and everything rides on one managed-care company's news, from earnings to policy headlines.leverageshares.com
  • Listed in 2025, so there is little history to judge it across a full market cycle.

Full NVOX profile⁠

Full UNHG profile⁠

NVOX vs UNHG Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

NVOX vs UNHG Cost

Overpaying NVOX vs UNHG

$8,690

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • NVOX 1.31%

    $23,519

  • UNHG 0.77%

    $14,829

$10,000
30 years

Cost over time

  • NVOX 1.31%
  • UNHG 0.77%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530NVOX $23,519UNHG $14,829

Year by year

YearNVOXUNHGOverpaying
10$2,280$1,371$909
20$8,450$5,205$3,245
30$23,519$14,829$8,690

Expense ratio

  • 1.31%NVOX
  • 0.77%UNHG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

UNHG 135th cheapest of 315 funds

NVOX 236th cheapest of 315 funds

NVOX vs UNHG Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
NVOX None
UNHG No data
Last payment
NVOX No data
UNHG $1.90
Ex-dividend
NVOX No data
UNHG Dec 30, 2025
Paid on
NVOX No data
UNHG Jan 2, 2026
Frequency
NVOX No data
UNHG Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

NVOXAll NVOX payments⁠

No distribution history available.

UNHGIrregular · 1 paymentAll UNHG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $1.90. Use the arrow keys to read each point.$0$22026YTD

NVOX vs UNHG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
NVOX 92.6%since Jan 2025UNHG 98.1%since Aug 2025
Return per unit of riskSharpe ratio, 3 years
NVOX −0.69since Jan 2025UNHG 0.90since Aug 2025
Worst fallMax drawdown, 5 years
NVOX −94.6%since Dec 2024UNHG −57.1%since Jul 2025
Market sensitivityBeta, 5 years
NVOX 2.49UNHG 5.53

Popular comparisons

  • NVOXCvsTSMGA

    Defiance Daily Target 2X Long NVO ETF · Leverage Shares 2x Long TSM Daily ETF

    Expense ratio
    1.31% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • UNHGAvsTSMGA

    Leverage Shares 2x Long UNH Daily ETF · Leverage Shares 2x Long TSM Daily ETF

    Expense ratio
    0.77% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • NVOXCvsOKTGA

    Defiance Daily Target 2X Long NVO ETF · Leverage Shares 2x Long OKTA Daily ETF

    Expense ratio
    1.31% · 0.75%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • UNHGAvsOKTGA

    Leverage Shares 2x Long UNH Daily ETF · Leverage Shares 2x Long OKTA Daily ETF

    Expense ratio
    0.77% · 0.75%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • NVOXCvsPANGA

    Defiance Daily Target 2X Long NVO ETF · Leverage Shares 2x Long PANW Daily ETF

    Expense ratio
    1.31% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • UNHGAvsPANGA

    Leverage Shares 2x Long UNH Daily ETF · Leverage Shares 2x Long PANW Daily ETF

    Expense ratio
    0.77% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.