Data as of .
IRE vs IREZ: which held to its multiple?
Over three months against its own daily promise, IRE finished 4.0 points short and IREZ 0.3 points short.
ETFIQ Decay Resistance Score: IRE 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 | |||
|---|---|---|---|---|---|---|
| IRE | IREZ | IRE | IREZ | IRE | IREZ | |
| 1 month | −7.8% | −15.0% | +0.7% | −0.7% | −8.6 pts | −14.3 pts |
| 3 months | −63.8% | −40.3% | −53.3% | +53.3% | −10.5 pts | −93.6 pts |
| 6 months | −47.3% | −87.1% | +10.8% | −10.8% | −58.1 pts | −76.3 pts |
| Since launch | −84.4% | −88.9% | −41.2% | +32.3% | −43.2 pts | −121.2 pts |
| IRE Defiance Daily Target 2X Long IREN ETF Aims to return twice the daily move of IREN | IREZ Tradr 2X Short IREN Daily ETF Aims to return twice the opposite of the daily move of IREN | |
|---|---|---|
| Issuer | Defiance | Tradr |
| Sets out to return | +2x | -2x |
| On | IREN | IREN |
| Segment | company | company |
| Fund returned, 3 months | −63.8% | −40.3% |
| Underlying returned, 3 months | −26.7% | −26.7% |
| What the stated multiple implies, 3 months | −53.3% | +53.3% |
| Difference from stated, 3 months | −10.5 pts | −93.6 pts |
| Fund returned, 1 year or since launch | −84.4% | −88.9% |
| Difference from stated, over that window | −43.2 pts | −121.2 pts |
| Underlying volatility | 115% | 115% |
| Difference over the days both have traded | −8.6 pts | no shared window |
| Expense ratio | 1.35% | 1.49% |
| Launched | Oct 21, 2025 | Jan 22, 2026 |
IRE in plain words
Three months to Sep 11, 2026: IRE returned −63.8% where its own daily promise gave −59.8%, 4.0 points short. Read the multiple against the whole window instead and +2 times IREN's −26.7% implies −53.3%, which makes IRE look 10.5 points short. 6.5 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. IRE aims to return +2 times IREN'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. IREN moved at 115% 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.
IREZ in plain words
Three months to Sep 11, 2026: IREZ returned −40.3% where its own daily promise gave −40.0%, 0.3 points short. Read the multiple against the whole window instead and −2 times IREN's −26.7% implies +53.3%, which makes IREZ look 93.6 points short. 93.3 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. IREZ aims to return -2 times IREN'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, IRE or IREZ?
- Over the window to Sep 11, 2026, IRE finished 10.5 points from what its multiple implies and IREZ finished 93.6 points from its own, so IRE came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are IRE and IREZ levered on the same thing?
- Yes. Both are levered on IREN, IRE at +2 times and IREZ at -2 times the daily move.
- Which one decays faster, IRE or IREZ?
- Decay follows how much the underlying moves about. Over this window IRE’s moved at 115% annualized and IREZ’s at 115%, so IRE has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold IRE or IREZ 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, IRE or IREZ?
- IRE charges 1.35% a year and IREZ charges 1.49%, so IRE 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, IRE against IREZ, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/IRE-IREZ Free to use with attribution; the underlying files are at Open data.