Data as of .
AAOX vs AAOZ: which held to its multiple?
Over a month against its own daily promise, AAOX finished 1.2 points short and AAOZ 0.5 points over.
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| AAOX | AAOZ | AAOX | AAOZ | AAOX | AAOZ | |
| 1 month | −49.0% | +28.4% | −47.4% | +47.4% | −1.6 pts | −19.0 pts |
| 3 months | −76.3% | not published | −75.4% | not published | −0.9 pts | not published |
| Since launch | −69.2% | −57.4% | −15.0% | +6.8% | −54.2 pts | −64.3 pts |
| AAOX Tradr 2X Long AAOI Daily ETF Aims to return twice the daily move of AAOI | AAOZ Tradr 2X Short AAOI Daily ETF Aims to return twice the opposite of the daily move of AAOI | |
|---|---|---|
| Issuer | Tradr | Tradr |
| Sets out to return | +2x | -2x |
| On | AAOI | AAOI |
| Segment | company | company |
| Fund returned, 3 months | −76.3% | +28.4% |
| Underlying returned, 3 months | −37.7% | −23.7% |
| What the stated multiple implies, 3 months | −75.4% | +47.4% |
| Difference from stated, 3 months | −0.9 pts | −19.0 pts |
| Fund returned, 1 year or since launch | −69.2% | −57.4% |
| Difference from stated, over that window | −54.2 pts | −64.3 pts |
| Underlying volatility | 131% | 107% |
| Difference over the days both have traded | −0.9 pts | no shared window |
| Expense ratio | 1.49% | 1.49% |
| Launched | Mar 24, 2026 | Jul 15, 2026 |
AAOX in plain words
Three months to Sep 11, 2026: AAOX returned −76.3% where its own daily promise gave −74.7%, 1.7 points short. Read the multiple against the whole window instead and +2 times AAOI's −37.7% implies −75.4%, which makes AAOX look 0.9 points short. 0.7 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. AAOX aims to return +2 times AAOI'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. AAOI moved at 131% 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.
AAOZ in plain words
One month to Sep 11, 2026: AAOZ returned +28.4% where its own daily promise gave +27.8%, 0.5 points over. Read the multiple against the whole window instead and −2 times AAOI's −23.7% implies +47.4%, which makes AAOZ look 19.0 points short. 19.6 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. AAOZ aims to return -2 times AAOI's move each day, then resets. 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. AAOI moved at 107% annualized over that window.
Questions people ask
- Which came closer to its stated multiple, AAOX or AAOZ?
- Over the window to Sep 11, 2026, AAOX finished 0.9 points from what its multiple implies and AAOZ finished 19.0 points from its own, so AAOX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are AAOX and AAOZ levered on the same thing?
- Yes. Both are levered on AAOI, AAOX at +2 times and AAOZ at -2 times the daily move.
- Which one decays faster, AAOX or AAOZ?
- Decay follows how much the underlying moves about. Over this window AAOX’s moved at 131% annualized and AAOZ’s at 107%, so AAOX has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold AAOX or AAOZ 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, AAOX or AAOZ?
- AAOX charges 1.49% a year and AAOZ charges 1.49%, so AAOX is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, AAOX against AAOZ, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/AAOX-AAOZ Free to use with attribution; the underlying files are at Open data.