Data as of .
IONX vs IONZ: which held to its multiple?
Over three months against its own daily promise, IONX finished 2.8 points short and IONZ 25.4 points short.
ETFIQ Decay Resistance Score: IONX 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 | |||
|---|---|---|---|---|---|---|
| IONX | IONZ | IONX | IONZ | IONX | IONZ | |
| 1 month | −38.3% | +23.7% | −37.4% | +37.4% | −0.9 pts | −13.7 pts |
| 3 months | −68.4% | +26.7% | −72.9% | +72.9% | +4.5 pts | −46.2 pts |
| 6 months | −30.1% | −85.2% | +22.9% | −22.9% | −52.9 pts | −62.3 pts |
| 1 year | −81.3% | −95.3% | −43.8% | +43.8% | −37.5 pts | −139.0 pts |
| Since launch | −49.1% | −97.5% | +136.8% | +20.1% | −186.0 pts | −117.6 pts |
| IONX Defiance Daily Target 2X Long IONQ 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 | Defiance | Defiance |
| Sets out to return | +2x | -2x |
| On | IONQ | IONQ |
| Segment | company | company |
| Fund returned, 3 months | −68.4% | +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 | +4.5 pts | −46.2 pts |
| Fund returned, 1 year or since launch | −81.3% | −95.3% |
| Difference from stated, over that window | −37.5 pts | −139.0 pts |
| Underlying volatility | 80% | 80% |
| Difference over the days both have traded | −0.9 pts | no shared window |
| Expense ratio | 1.38% | 1.91% |
| Launched | Mar 12, 2025 | Jun 24, 2025 |
IONX in plain words
Three months to Sep 11, 2026: IONX returned −68.4% where its own daily promise gave −65.6%, 2.8 points short. Read the multiple against the whole window instead and +2 times IONQ's −36.5% implies −72.9%, which makes IONX look 4.5 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. IONX 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, IONX or IONZ?
- Over the window to Sep 11, 2026, IONX finished 4.5 points from what its multiple implies and IONZ finished 46.2 points from its own, so IONX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are IONX and IONZ levered on the same thing?
- Yes. Both are levered on IONQ, IONX at +2 times and IONZ at -2 times the daily move.
- Which one decays faster, IONX or IONZ?
- Decay follows how much the underlying moves about. Over this window IONX’s moved at 80% annualized and IONZ’s at 80%, so IONX has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold IONX 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, IONX or IONZ?
- IONX charges 1.38% a year and IONZ charges 1.91%, so IONX 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, IONX against IONZ, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/IONX-IONZ Free to use with attribution; the underlying files are at Open data.