CVNX vs SPY
Defiance Daily Target 2X Long CVNA ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CVNX or SPY?
Trading-Leveraged Equity against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CVNX | SPY |
|---|---|---|
| Expense Ratio | 1.29% | 0.09%Best |
| AUM | $3M | $804.7B |
| Dividend Yield | 0.00% | 0.98% |
| Holdings | 8 | 505 |
| Volatility (annualized) | 96.8% | 13.3%Best |
| Max Drawdown | -69.6% | -8.9%Best |
| $10,000 over 1 years | $7,072 | $12,594Best |
| Fund Family | Defiance ETFs, LLC | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Trading-Leveraged Equity | Large Cap Blend |
| Inception | May 28, 2025 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 109 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. CVNX has data through Jun 8, 2026 and SPY through Sep 25, 2026.
Volatility and max drawdown, and the $10,000 over 1 years row, are measured over the window both funds cover: May 29, 2025 to Jun 8, 2026 (1 years).
Risk: Volatility and Drawdowns
CVNX has been the more volatile fund, with annualized monthly volatility of 96.8% compared with 13.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -69.6% for CVNX and -8.9% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.42. They move together some of the time, and apart the rest.
Fees and Cost Over Time
CVNX charges 1.29% per year while SPY charges 0.09%. On a $10,000 position that is $129 vs $9 annually, a gap of $120 per year that compounds over a long holding period. On income, CVNX currently yields 0.00% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 2 holdings in CVNX and 504 in SPY, totalling 29.9% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 124 days apart, CVNX as of Apr 30, 2026 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 2 positions we hold weights for in CVNX and 504 in SPY, against full books of 8 and 505.
You are not choosing between two funds in isolation.
Whichever of CVNX and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CVNX or SPY?
CVNX has an expense ratio of 1.29% while SPY charges 0.09%. SPY is the cheaper option, by $120 a year on a $10,000 investment.
Which is riskier, CVNX or SPY?
CVNX has been the more volatile fund at 96.8% annualized versus 13.3% for SPY. Worst drawdown: CVNX -69.6% vs SPY -8.9%.
Should I hold both CVNX and SPY?
CVNX and SPY have a monthly-return correlation of 0.42, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, CVNX or SPY?
CVNX yields 0.00% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than CVNX?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.