Data as of .
ONDG vs ONDL: which held to its multiple?
Over the days both have traded, ONDG finished 2.5 points from its stated multiple and ONDL 1.7.
ETFIQ Decay Resistance Score: ONDG 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 | |||
|---|---|---|---|---|---|---|
| ONDG | ONDL | ONDG | ONDL | ONDG | ONDL | |
| 1 month | −49.5% | −50.3% | −52.0% | −52.0% | +2.5 pts | +1.7 pts |
| 3 months | −52.4% | −55.7% | −45.0% | −45.0% | −7.4 pts | −10.7 pts |
| 6 months | −70.7% | −74.5% | −57.7% | −57.7% | −13.1 pts | −16.9 pts |
| Since launch | −87.4% | −76.6% | −95.9% | −39.2% | +8.5 pts | −37.5 pts |
| ONDG Leverage Shares 2X Long ONDS Daily ETF Aims to return twice the daily move of ONDS | ONDL Defiance Daily Target 2X Long ONDS ETF Aims to return twice the daily move of ONDS | |
|---|---|---|
| Issuer | Leverage Shares | Defiance |
| Sets out to return | +2x | +2x |
| On | ONDS | ONDS |
| Segment | company | company |
| Fund returned, 3 months | −52.4% | −55.7% |
| Underlying returned, 3 months | −22.5% | −22.5% |
| What the stated multiple implies, 3 months | −45.0% | −45.0% |
| Difference from stated, 3 months | −7.4 pts | −10.7 pts |
| Fund returned, 1 year or since launch | −87.4% | −76.6% |
| Difference from stated, over that window | +8.5 pts | −37.5 pts |
| Underlying volatility | 81% | 81% |
| Difference over the days both have traded | +2.5 pts | +1.7 pts |
| Expense ratio | 0.75% | 1.32% |
| Launched | Jan 13, 2026 | Dec 30, 2025 |
ONDG in plain words
Three months to Sep 11, 2026: ONDG returned −52.4% where its own daily promise gave −49.3%, 3.1 points short. Read the multiple against the whole window instead and +2 times ONDS's −22.5% implies −45.0%, which makes ONDG look 7.4 points short. 4.3 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. ONDG aims to return +2 times ONDS'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. ONDS moved at 81% 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.
ONDL in plain words
Three months to Sep 11, 2026: ONDL returned −55.7% where its own daily promise gave −49.3%, 6.4 points short. Read the multiple against the whole window instead and +2 times ONDS's −22.5% implies −45.0%, which makes ONDL look 10.7 points short. ONDL aims to return +2 times ONDS's move each day, then resets.
Questions people ask
- Which came closer to its stated multiple, ONDG or ONDL?
- Over the window to Sep 11, 2026, ONDG finished 7.4 points from what its multiple implies and ONDL finished 10.7 points from its own, so ONDG came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are ONDG and ONDL levered on the same thing?
- Yes. Both are levered on ONDS, ONDG at +2 times and ONDL at +2 times the daily move.
- Which one decays faster, ONDG or ONDL?
- Decay follows how much the underlying moves about. Over this window ONDG’s moved at 81% annualized and ONDL’s at 81%, so ONDG has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold ONDG or ONDL 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, ONDG or ONDL?
- ONDG charges 0.75% a year and ONDL charges 1.32%, so ONDG 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, ONDG against ONDL, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/ONDG-ONDL Free to use with attribution; the underlying files are at Open data.