Which came closer to its stated multiple, AAOX or AAOZ?

Over the window to Sep 30, 2026, AAOX finished 9.6 points from what its multiple implies and AAOZ finished 9.1 points from its own, so AAOZ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are AAOX and AAOZ levered on the same thing?

Yes. Both are levered on Applied Optoelectronics, AAOX at +2 times and AAOZ at -2 times the daily move.

Which one decays faster, AAOX or AAOZ?

Decay follows how much the underlying moves about. Over this window AAOX’s moved at 122% annualized and AAOZ’s at 64%, so AAOX has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold AAOX or AAOZ 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, AAOX or AAOZ?

AAOX charges 1.49% a year and AAOZ charges 1.49%, so AAOX is cheaper. Fees come from each fund's prospectus.

Share on X Download as PDF Open live

AAOX vs AAOZ: which held to its multiple?

Over a month against its own daily promise, AAOX finished 1.5 points short and AAOZ 0.2 points over. Tradr 2X Long AAOI Daily ETF and Tradr 2X Short AAOI Daily ETF.

−66.8%

AAOX returned, 3 months

−55.2%

AAOZ returned, since launch

−9.6 pts

AAOX from its stated multiple

−73.2 pts

AAOZ from its stated multiple

AAOX · 3 months to Sep 30, 20269.6 pts short of its stated multiple

AAOX returned −66.8% while 2 times AAOI's move would have been −57.2%

AAOZ · 1 month to Sep 30, 20269.1 pts short of its stated multiple

AAOZ returned +6.5% while −2 times AAOI's move would have been +15.7%

Performance, window by window

	Total return		Multiple would give		Difference
Window	AAOX	AAOZ	AAOX	AAOZ	AAOX	AAOZ
1 month	−19.5%	+6.5%	−15.7%	+15.7%	−3.8 pts	−9.1 pts
3 months	−66.8%	not published	−57.2%	not published	−9.6 pts	not published
6 months	−51.1%	not published	+29.9%	not published	−81.0 pts	not published
Since launch AAOX Mar 2026 · AAOZ Jul 2026	−73.6%	−55.2%	−25.7%	+18.0%	−47.9 pts	−73.2 pts

AAOX and AAOZ over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

AAOX

Tradr 2X Long AAOI Daily ETF · Aims to return twice the daily move of Applied Optoelectronics (AAOI)

AAOZ

Tradr 2X Short AAOI Daily ETF · Aims to return twice the opposite of the daily move of Applied Optoelectronics (AAOI)

Issuer Tradr Tradr

Sets out to return +2x -2x

Underlying asset AAOI AAOI

Segment company company

Fund returned, 3 months or since launch −66.8% +6.5%

Underlying returned, over that window −28.6% −7.8%

What the stated multiple implies, over that window −57.2% +15.7%

Difference from stated, over that window −9.6 pts −9.1 pts

Fund returned, 1 year or since launch −73.6% −55.2%

Difference from stated, over that window −47.9 pts −73.2 pts

Underlying volatility 122% 64%

Difference over the days both have traded −9.6 pts no shared window

Expense ratio 1.49% 1.49%

Launched Mar 24, 2026 Jul 15, 2026

Net assets $233m $6m

AAOX and AAOZ on the same fields, as of Sep 30, 2026. Source: ETFIQ.

AAOX in plain words

Three months to Sep 30, 2026: AAOX returned −66.8% where its own daily promise gave −64.9%, 1.9 points short. Read the multiple against the whole window instead and 2 times AAOI's −28.6% implies −57.2%, which makes AAOX look 9.6 points short. 7.7 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. AAOX aims to return +2 times AAOI'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. AAOI moved at 122% 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.

AAOZ in plain words

One month to Sep 30, 2026: AAOZ returned +6.5% where its own daily promise gave +6.4%, 0.2 points over. Read the multiple against the whole window instead and −2 times AAOI's −7.8% implies +15.7%, which makes AAOZ look 9.1 points short. 9.3 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. AAOZ aims to return -2 times AAOI'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. AAOI moved at 64% annualized over that window.

Questions people ask

Which came closer to its stated multiple, AAOX or AAOZ?: Over the window to Sep 30, 2026, AAOX finished 9.6 points from what its multiple implies and AAOZ finished 9.1 points from its own, so AAOZ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are AAOX and AAOZ levered on the same thing?: Yes. Both are levered on Applied Optoelectronics, AAOX at +2 times and AAOZ at -2 times the daily move.
Which one decays faster, AAOX or AAOZ?: Decay follows how much the underlying moves about. Over this window AAOX’s moved at 122% annualized and AAOZ’s at 64%, so AAOX has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold AAOX or AAOZ 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, AAOX or AAOZ?: AAOX charges 1.49% a year and AAOZ charges 1.49%, so AAOX is cheaper. Fees come from each fund's prospectus.

Other comparisons

AAOX vs AAOG AAOZ vs AAOG

AAOX on its own →AAOZ on its own →How every figure is computed →Standards and sources →

Where these figures came from

AAOX and AAOZ filings on SEC EDGAR ↗AAOX prospectus with the expense ratio (SEC) ↗Tradr website ↗AAOZ prospectus with the expense ratio (SEC) ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, AAOX against AAOZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/aaox-vs-aaoz

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.