Data as of .
ONDL vs ONDU: which held to its multiple?
Over the days both have traded, ONDL finished 1.7 points from its stated multiple and ONDU 2.8.
ETFIQ Decay Resistance Score: ONDU 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 | |||
|---|---|---|---|---|---|---|
| ONDL | ONDU | ONDL | ONDU | ONDL | ONDU | |
| 1 month | −50.3% | −49.2% | −52.0% | −52.0% | +1.7 pts | +2.8 pts |
| 3 months | −55.7% | −51.9% | −45.0% | −45.0% | −10.7 pts | −6.9 pts |
| 6 months | −74.5% | −70.3% | −57.7% | −57.7% | −16.9 pts | −12.6 pts |
| Since launch | −76.6% | −87.8% | −39.2% | −95.9% | −37.5 pts | +8.1 pts |
| ONDL Defiance Daily Target 2X Long ONDS ETF Aims to return twice the daily move of ONDS | ONDU Tradr 2X Long ONDS Daily ETF Aims to return twice the daily move of ONDS | |
|---|---|---|
| Issuer | Defiance | Tradr |
| Sets out to return | +2x | +2x |
| On | ONDS | ONDS |
| Segment | company | company |
| Fund returned, 3 months | −55.7% | −51.9% |
| Underlying returned, 3 months | −22.5% | −22.5% |
| What the stated multiple implies, 3 months | −45.0% | −45.0% |
| Difference from stated, 3 months | −10.7 pts | −6.9 pts |
| Fund returned, 1 year or since launch | −76.6% | −87.8% |
| Difference from stated, over that window | −37.5 pts | +8.1 pts |
| Underlying volatility | 81% | 81% |
| Difference over the days both have traded | +1.7 pts | +2.8 pts |
| Expense ratio | 1.32% | 1.49% |
| Launched | Dec 30, 2025 | Jan 13, 2026 |
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. 4.3 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. ONDL 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.
ONDU in plain words
Three months to Sep 11, 2026: ONDU returned −51.9% where its own daily promise gave −49.3%, 2.6 points short. Read the multiple against the whole window instead and +2 times ONDS's −22.5% implies −45.0%, which makes ONDU look 6.9 points short. ONDU aims to return +2 times ONDS's move each day, then resets.
Questions people ask
- Which came closer to its stated multiple, ONDL or ONDU?
- Over the window to Sep 11, 2026, ONDL finished 10.7 points from what its multiple implies and ONDU finished 6.9 points from its own, so ONDU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are ONDL and ONDU levered on the same thing?
- Yes. Both are levered on ONDS, ONDL at +2 times and ONDU at +2 times the daily move.
- Which one decays faster, ONDL or ONDU?
- Decay follows how much the underlying moves about. Over this window ONDL’s moved at 81% annualized and ONDU’s at 81%, so ONDL has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold ONDL or ONDU 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, ONDL or ONDU?
- ONDL charges 1.32% a year and ONDU charges 1.49%, so ONDL 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, ONDL against ONDU, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/ONDL-ONDU Free to use with attribution; the underlying files are at Open data.