Data as of .
IONL vs IONZ: which held to its multiple?
Over three months against its own daily promise, IONL finished 1.7 points short and IONZ 25.4 points short.
ETFIQ Decay Resistance Score: IONL scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 391 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| IONL | IONZ | IONL | IONZ | IONL | IONZ | |
| 1 month | −37.7% | +23.7% | −37.4% | +37.4% | −0.3 pts | −13.7 pts |
| 3 months | −67.3% | +26.7% | −72.9% | +72.9% | +5.6 pts | −46.2 pts |
| 6 months | −25.6% | −85.2% | +22.9% | −22.9% | −48.4 pts | −62.3 pts |
| 1 year | −78.9% | −95.3% | −43.8% | +43.8% | −35.1 pts | −139.0 pts |
| Since launch | −54.2% | −97.5% | +87.7% | +20.1% | −141.9 pts | −117.6 pts |
| IONL GraniteShares 2x Long IONQ Daily ETF Aims to return twice the daily move of IONQ | IONZ Defiance Daily Target 2X Short IONQ ETF Aims to return twice the opposite of the daily move of IONQ | |
|---|---|---|
| Issuer | GraniteShares | Defiance |
| Sets out to return | +2x | -2x |
| On | IONQ | IONQ |
| Segment | company | company |
| Fund returned, 3 months | −67.3% | +26.7% |
| Underlying returned, 3 months | −36.5% | −36.5% |
| What the stated multiple implies, 3 months | −72.9% | +72.9% |
| Difference from stated, 3 months | +5.6 pts | −46.2 pts |
| Fund returned, 1 year or since launch | −78.9% | −95.3% |
| Difference from stated, over that window | −35.1 pts | −139.0 pts |
| Underlying volatility | 80% | 80% |
| Difference over the days both have traded | −0.3 pts | no shared window |
| Expense ratio | 1.50% | 1.91% |
| Launched | Mar 25, 2025 | Jun 24, 2025 |
IONL in plain words
Three months to Sep 11, 2026: IONL returned −67.3% where its own daily promise gave −65.6%, 1.7 points short. Read the multiple against the whole window instead and +2 times IONQ's −36.5% implies −72.9%, which makes IONL look 5.6 points over. 7.3 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. IONL aims to return +2 times IONQ'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. IONQ moved at 80% 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.
IONZ in plain words
Three months to Sep 11, 2026: IONZ returned +26.7% where its own daily promise gave +52.1%, 25.4 points short. Read the multiple against the whole window instead and −2 times IONQ's −36.5% implies +72.9%, which makes IONZ look 46.2 points short. 20.8 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. IONZ aims to return -2 times IONQ'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.
Questions people ask
- Which came closer to its stated multiple, IONL or IONZ?
- Over the window to Sep 11, 2026, IONL finished 5.6 points from what its multiple implies and IONZ finished 46.2 points from its own, so IONL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are IONL and IONZ levered on the same thing?
- Yes. Both are levered on IONQ, IONL at +2 times and IONZ at -2 times the daily move.
- Which one decays faster, IONL or IONZ?
- Decay follows how much the underlying moves about. Over this window IONL’s moved at 80% annualized and IONZ’s at 80%, so IONL has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold IONL or IONZ 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, IONL or IONZ?
- IONL charges 1.50% a year and IONZ charges 1.91%, so IONL 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, IONL against IONZ, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/IONL-IONZ Free to use with attribution; the underlying files are at Open data.