Data as of .
RKLX vs RKLZ: which held to its multiple?
Over three months against its own daily promise, RKLX finished 2.2 points short and RKLZ 25.1 points short.
ETFIQ Decay Resistance Score: RKLX 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 | |||
|---|---|---|---|---|---|---|
| RKLX | RKLZ | RKLX | RKLZ | RKLX | RKLZ | |
| 1 month | −42.2% | +44.1% | −44.9% | +44.9% | +2.7 pts | −0.8 pts |
| 3 months | −70.2% | +36.5% | −77.0% | +77.0% | +6.8 pts | −40.6 pts |
| 6 months | −54.9% | −84.8% | −16.0% | +16.0% | −38.9 pts | −100.8 pts |
| 1 year | −46.0% | not published | +60.0% | not published | −105.9 pts | not published |
| Since launch | +172.5% | −97.5% | not meaningful | −94.3% | not meaningful | −3.2 pts |
| RKLX Defiance Daily Target 2X Long RKLB ETF Aims to return twice the daily move of RKLB | RKLZ Defiance Daily Target 2X Short RKLB ETF Aims to return twice the opposite of the daily move of RKLB | |
|---|---|---|
| Issuer | Defiance | Defiance |
| Sets out to return | +2x | -2x |
| On | RKLB | RKLB |
| Segment | company | company |
| Fund returned, 3 months | −70.2% | +36.5% |
| Underlying returned, 3 months | −38.5% | −38.5% |
| What the stated multiple implies, 3 months | −77.0% | +77.0% |
| Difference from stated, 3 months | +6.8 pts | −40.6 pts |
| Fund returned, 1 year or since launch | −46.0% | −97.5% |
| Difference from stated, over that window | −105.9 pts | −3.2 pts |
| Underlying volatility | 80% | 80% |
| Difference over the days both have traded | +2.7 pts | no shared window |
| Expense ratio | 1.63% | 1.29% |
| Launched | Mar 13, 2025 | Nov 18, 2025 |
RKLX in plain words
Three months to Sep 11, 2026: RKLX returned −70.2% where its own daily promise gave −68.0%, 2.2 points short. Read the multiple against the whole window instead and +2 times RKLB's −38.5% implies −77.0%, which makes RKLX look 6.8 points over. 9.1 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. RKLX aims to return +2 times RKLB'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. RKLB 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.
RKLZ in plain words
Three months to Sep 11, 2026: RKLZ returned +36.5% where its own daily promise gave +61.6%, 25.1 points short. Read the multiple against the whole window instead and −2 times RKLB's −38.5% implies +77.0%, which makes RKLZ look 40.6 points short. 15.4 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. RKLZ aims to return -2 times RKLB'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, RKLX or RKLZ?
- Over the window to Sep 11, 2026, RKLX finished 6.8 points from what its multiple implies and RKLZ finished 40.6 points from its own, so RKLX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are RKLX and RKLZ levered on the same thing?
- Yes. Both are levered on RKLB, RKLX at +2 times and RKLZ at -2 times the daily move.
- Which one decays faster, RKLX or RKLZ?
- Decay follows how much the underlying moves about. Over this window RKLX’s moved at 80% annualized and RKLZ’s at 80%, so RKLX has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold RKLX or RKLZ 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, RKLX or RKLZ?
- RKLX charges 1.63% a year and RKLZ charges 1.29%, so RKLZ 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, RKLX against RKLZ, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/RKLX-RKLZ Free to use with attribution; the underlying files are at Open data.