Which came closer to its stated multiple, IREC or IREZ?

Over the window to Sep 11, 2026, IREC finished 8.6 points from what its multiple implies and IREZ finished 93.6 points from its own, so IREC came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are IREC and IREZ levered on the same thing?

Yes. Both are levered on IREN, IREC at +2 times and IREZ at -2 times the daily move.

Which one decays faster, IREC or IREZ?

Decay follows how much the underlying moves about. Over this window IREC’s moved at 80% annualized and IREZ’s at 115%, so IREZ has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold IREC 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.

ETFIQetfiq.com · independent ETF data

Data as of Sep 11, 2026.

IREC vs IREZ: which held to its multiple?

Over a month against its own daily promise, IREC finished 2.9 points short and IREZ 0.3 points over.

Corgi IREN 2x Daily ETF and Tradr 2X Short IREN Daily ETF, side by side, leveraged ETFs on ETFIQ.

−2.8%IREC returned, 3 months

−40.3%IREZ returned, 3 months

−30.0 ptsIREC from its stated multiple

−93.6 ptsIREZ from its stated multiple

IREC8.6 pts short of its label · 1 month to Sep 11, 2026

IREZ93.6 pts short of its label · 3 months to Sep 11, 2026

Performance, window by window

IREC and IREZ over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ.
Window	Total return		Multiple would give		Difference
Window	IREC	IREZ	IREC	IREZ	IREC	IREZ
1 month	−7.8%	−15.0%	+0.7%	−0.7%	−8.6 pts	−14.3 pts
3 months	not published	−40.3%	not published	+53.3%	not published	−93.6 pts
6 months	not published	−87.1%	not published	−10.8%	not published	−76.3 pts
Since launch	−2.8%	−88.9%	+27.2%	+32.3%	−30.0 pts	−121.2 pts

Open the live comparison on ETFIQ

IREC and IREZ on the same fields, as of Sep 11, 2026. Source: ETFIQ.
	IREC Corgi IREN 2x Daily 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	Corgi	Tradr
Sets out to return	+2x	-2x
On	IREN	IREN
Segment	company	company
Fund returned, 3 months	−7.8%	−40.3%
Underlying returned, 3 months	+0.4%	−26.7%
What the stated multiple implies, 3 months	+0.7%	+53.3%
Difference from stated, 3 months	−8.6 pts	−93.6 pts
Fund returned, 1 year or since launch	−2.8%	−88.9%
Difference from stated, over that window	−30.0 pts	−121.2 pts
Underlying volatility	80%	115%
Difference over the days both have traded	−8.6 pts	no shared window
Expense ratio	not published	1.49%
Launched	Jul 14, 2026	Jan 22, 2026

IREC in plain words

One month to Sep 11, 2026: IREC returned −7.8% where its own daily promise gave −4.9%, 2.9 points short. Read the multiple against the whole window instead and +2 times IREN's 0.4% implies +0.7%, which makes IREC look 8.6 points short. 5.6 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. IREC 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 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.

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. IREN moved at 115% annualized over that window.

Questions people ask

Which came closer to its stated multiple, IREC or IREZ?: Over the window to Sep 11, 2026, IREC finished 8.6 points from what its multiple implies and IREZ finished 93.6 points from its own, so IREC came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are IREC and IREZ levered on the same thing?: Yes. Both are levered on IREN, IREC at +2 times and IREZ at -2 times the daily move.
Which one decays faster, IREC or IREZ?: Decay follows how much the underlying moves about. Over this window IREC’s moved at 80% annualized and IREZ’s at 115%, so IREZ has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold IREC 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.

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.

IREC against IREZ, ETFIQ, data as of Sep 11, 2026. Every figure is arithmetic on a named public source; the method is at etfiq.com/methodology. A comparison is not a recommendation.

Cite this page. ETFIQ, IREC against IREZ, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/IREC-IREZ Free to use with attribution; the underlying files are at Open data.

How every figure is computed · Standards and sources