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DRAL vs RAML: which held to its multiple?

Over the days both have traded, DRAL finished 3.7 points from its stated multiple and RAML 3.8. Defiance Daily Target 2X Long DRAM ETF and Leverage Shares 2X Long Memory Daily ETF.

−32.5%
DRAL returned, 3 months
−6.4%
RAML returned, since launch
−15.8 pts
DRAL from its stated multiple
−13.4 pts
RAML from its stated multiple
DRAL · 3 months to Sep 30, 202615.8 pts short of its stated multiple
15.8 pts short of its stated multipleDRAL returned −32.5% while 2 times DRAM's move would have been −16.7%DRAM −8.3% ×2 implies−16.7%DRAL returned−32.5%15.8 pts short of its stated multipleDRAL returned −32.5% while 2 times DRAM's move would have been −16.7%DRAM −8.3% ×2 implies−16.7%DRAL returned−32.5%

DRAL returned −32.5% while 2 times DRAM's move would have been −16.7%

RAML · 1 month to Sep 30, 20263.8 pts short of its stated multiple
3.8 pts short of its stated multipleRAML returned +8.3% while 2 times DRAM's move would have been +12.2%DRAM +6.1% ×2 implies+12.2%RAML returned+8.3%3.8 pts short of its stated multipleRAML returned +8.3% while 2 times DRAM's move would have been +12.2%DRAM +6.1% ×2 implies+12.2%RAML returned+8.3%

RAML returned +8.3% while 2 times DRAM's move would have been +12.2%

Performance, window by window

Total returnMultiple would giveDifference
WindowDRALRAMLDRALRAMLDRALRAML
1 month+8.4%+8.3%+12.2%+12.2%−3.7 pts−3.8 pts
3 months−32.5%not published−16.7%not published−15.8 ptsnot published
Since launch
DRAL Jun 2026 · RAML Jul 2026
−44.1%−6.4%−32.2%+7.1%−11.9 pts−13.4 pts

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

On the same fields

DRAL
Defiance Daily Target 2X Long DRAM ETF · Aims to return twice the daily move of Roundhill Memory ETF (DRAM)
RAML
Leverage Shares 2X Long Memory Daily ETF · Aims to return twice the daily move of Roundhill Memory ETF (DRAM)
Issuer Defiance Leverage Shares
Sets out to return +2x +2x
Underlying asset DRAM DRAM
Segment sector sector
Fund returned, 3 months or since launch −32.5% +8.3%
Underlying returned, over that window −8.3% +6.1%
What the stated multiple implies, over that window −16.7% +12.2%
Difference from stated, over that window −15.8 pts −3.8 pts
Fund returned, 1 year or since launch −44.1% −6.4%
Difference from stated, over that window −11.9 pts −13.4 pts
Underlying volatility 80% 52%
Difference over the days both have traded −3.7 pts −3.8 pts
Expense ratio 1.31% 0.99%
Launched Jun 29, 2026 Jul 23, 2026
Net assets $17m $2m

DRAL and RAML on the same fields, as of Sep 30, 2026. Source: ETFIQ.

DRAL in plain words

Three months to Sep 30, 2026: DRAL returned −32.5% where its own daily promise gave −28.5%, 4.1 points short. Read the multiple against the whole window instead and 2 times DRAM's −8.3% implies −16.7%, which makes DRAL look 15.8 points short. 11.8 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. DRAL aims to return +2 times DRAM'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. DRAM 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.

RAML in plain words

One month to Sep 30, 2026: RAML returned +8.3% where its own daily promise gave +9.9%, 1.6 points short. Read the multiple against the whole window instead and 2 times DRAM's 6.1% implies +12.2%, which makes RAML look 3.8 points short. 2.2 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. RAML aims to return +2 times DRAM's move each day, then resets. DRAM moved at 52% annualized over that window.

Questions people ask

Which came closer to its stated multiple, DRAL or RAML?
Over the window to Sep 30, 2026, DRAL finished 15.8 points from what its multiple implies and RAML finished 3.8 points from its own, so RAML came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are DRAL and RAML levered on the same thing?
Yes. Both are levered on Roundhill Memory ETF, DRAL at +2 times and RAML at +2 times the daily move.
Which one decays faster, DRAL or RAML?
Decay follows how much the underlying moves about. Over this window DRAL’s moved at 80% annualized and RAML’s at 52%, so DRAL has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold DRAL or RAML 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, DRAL or RAML?
DRAL charges 1.31% a year and RAML charges 0.99%, so RAML is cheaper. Fees come from each fund's prospectus.
Other comparisons
DRAL vs RAMDRAL vs RAMZRAML vs RAMZRAML vs RAM
DRAM →DRAL on its own →RAML on its own →How every figure is computed →Standards and sources →
Where these figures came from
DRAL filings on SEC EDGAR ↗DRAL prospectus with the expense ratio (SEC) ↗Defiance page for DRAL ↗RAML filings on SEC EDGAR ↗RAML prospectus with the expense ratio (SEC) ↗Leverage Shares website ↗

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, DRAL against RAML, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/dral-vs-raml

Open data

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