Which came closer to its stated multiple, DRAL or RAMZ?

Over the window to Sep 30, 2026, DRAL finished 15.8 points from what its multiple implies and RAMZ finished 4.7 points from its own, so RAMZ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are DRAL and RAMZ levered on the same thing?

Yes. Both are levered on Roundhill Memory ETF, DRAL at +2 times and RAMZ at -2 times the daily move.

Which one decays faster, DRAL or RAMZ?

Decay follows how much the underlying moves about. Over this window DRAL’s moved at 80% annualized and RAMZ’s at 52%, so DRAL has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold DRAL or RAMZ 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 RAMZ?

DRAL charges 1.31% a year and RAMZ charges 1.50%, so DRAL is cheaper. Fees come from each fund's prospectus.

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DRAL vs RAMZ: which held to its multiple?

Over a month against its own daily promise, DRAL finished 1.5 points short and RAMZ 0.3 points over. Defiance Daily Target 2X Long DRAM ETF and T-REX 2X INVERSE DRAM DAILY TARGET ETF.

−32.5%

DRAL returned, 3 months

−53.2%

RAMZ returned, since launch

−15.8 pts

DRAL from its stated multiple

−0.5 pts

RAMZ from its stated multiple

DRAL · 3 months to Sep 30, 202615.8 pts short of its stated multiple

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

RAMZ · 1 month to Sep 30, 20264.7 pts short of its stated multiple

RAMZ returned −16.8% while −2 times DRAM's move would have been −12.2%

Performance, window by window

	Total return		Multiple would give		Difference
Window	DRAL	RAMZ	DRAL	RAMZ	DRAL	RAMZ
1 month	+8.4%	−16.8%	+12.2%	−12.2%	−3.7 pts	−4.7 pts
3 months	−32.5%	not published	−16.7%	not published	−15.8 pts	not published
Since launch DRAL Jun 2026 · RAMZ Jul 2026	−44.1%	−53.2%	−32.2%	−52.7%	−11.9 pts	−0.5 pts

DRAL and RAMZ 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)

RAMZ

T-REX 2X INVERSE DRAM DAILY TARGET ETF · Aims to return twice the opposite of the daily move of Roundhill Memory ETF (DRAM)

Issuer Defiance T-REX

Sets out to return +2x -2x

Underlying asset DRAM DRAM

Segment sector sector

Fund returned, 3 months or since launch −32.5% −16.8%

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 −4.7 pts

Fund returned, 1 year or since launch −44.1% −53.2%

Difference from stated, over that window −11.9 pts −0.5 pts

Underlying volatility 80% 52%

Difference over the days both have traded −3.7 pts no shared window

Expense ratio 1.31% 1.50%

Launched Jun 29, 2026 Jul 28, 2026

Net assets $17m $7m

DRAL and RAMZ 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.

RAMZ in plain words

One month to Sep 30, 2026: RAMZ returned −16.8% where its own daily promise gave −17.1%, 0.3 points over. Read the multiple against the whole window instead and −2 times DRAM's 6.1% implies −12.2%, which makes RAMZ look 4.7 points short. 4.9 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. RAMZ aims to return -2 times DRAM'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. DRAM moved at 52% annualized over that window.

Questions people ask

Which came closer to its stated multiple, DRAL or RAMZ?: Over the window to Sep 30, 2026, DRAL finished 15.8 points from what its multiple implies and RAMZ finished 4.7 points from its own, so RAMZ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are DRAL and RAMZ levered on the same thing?: Yes. Both are levered on Roundhill Memory ETF, DRAL at +2 times and RAMZ at -2 times the daily move.
Which one decays faster, DRAL or RAMZ?: Decay follows how much the underlying moves about. Over this window DRAL’s moved at 80% annualized and RAMZ’s at 52%, so DRAL has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold DRAL or RAMZ 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 RAMZ?: DRAL charges 1.31% a year and RAMZ charges 1.50%, so DRAL is cheaper. Fees come from each fund's prospectus.

Other comparisons

DRAL vs RAM DRAL vs RAML RAMZ vs RAM RAMZ vs RAML

DRAM →DRAL on its own →RAMZ 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 ↗RAMZ filings on SEC EDGAR ↗RAMZ prospectus with the expense ratio (SEC) ↗T-REX page for RAMZ ↗

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 RAMZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/dral-vs-ramz

Open data

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