An actively managed ETF: aims for twice the daily return of NVO shares, using swaps and listed options. Because it resets daily, longer-term returns can differ a lot from twice NVO's.
NVOX, the Defiance Daily Target 2X Long NVO ETF, is a $37 million ETF whose main story is the biology trade. Over the past year it returned −71.2%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
The biology trade →
Health care from drugmakers and insurers to genomics: the science that gets approved, and who pays for it.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | XLV | 36.3% | $43.39bn | +18.0% | 0.08% |
| 2 | VHT | 15.3% | $18.31bn | +18.9% | 0.09% |
| 3 | IBB | 9.4% | $11.20bn | +37.5% | 0.44% |
| 4 | XBI | 8.7% | $10.36bn | +51.2% | 0.35% |
| 5 | IXJ | 3.6% | $4.32bn | +11.8% | – |
| 87 other ETFs | 26.7% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 92 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| NVOX | −38.2% | −48.7% | −58.4% | −71.2% | – | – |
| The biology tradeits narrative | −3.5% | +2.1% | +13.7% | +24.2% | +15.2% | +6.7% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on December 3, 2024: −79.2% a year.
$10,000 invested December 31, 2024
Year by year
Total return in each calendar year; this year is year to date. A year appears only if NVOX traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
NVOX moves largely apart from the market. When the market has moved 1%, NVOX has tended to move 2.31%.
NVOX moves partly with the biology trade. When the biology trade has moved 1%, NVOX has tended to move 2.93%.
Weekly returns over 95 weeks. The narrative is measured without NVOX in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in The biology trade
Each dot is one of 58 unlevered ETFs whose main narrative is the biology trade, placed by its return (up) and how much it swung (right) over the last year. NVOX is levered or inverse, so it is shown against them but not counted among them.
Risk
Cost against its peers
NVOX is levered or inverse, so it is shown against the unlevered ETFs but not ranked among them.
How it is built
Seeks 2x the daily return of its exposure. It carries the narrative but does not count toward Share of Narrative, because only unlevered long exposure does.
Narrative exposure
Common questions
What story is NVOX selling?
NVOX’s main story is the biology trade, which covers health care from drugmakers and insurers to genomics: the science that gets approved, and who pays for it.
Which ETFs compete with NVOX?
The ETFs whose weekly returns move most like NVOX’s over the past 3 years are NVOH (0.99), EDEN (0.81) and OZEM (0.70).
How has NVOX performed against its story?
Over the past year NVOX returned −71.2%, the ETFs carrying the biology trade +24.2% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.46 with the story. Past performance only.
Run an ETF in the biology trade? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.
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