Which came closer to its stated multiple, IONC or IONL?

Over the window to Sep 30, 2026, IONC finished 9.8 points from what its multiple implies and IONL finished 10.2 points from its own, so IONC came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are IONC and IONL levered on the same thing?

Yes. Both are levered on IONQ, IONC at +2 times and IONL at +2 times the daily move.

Which one decays faster, IONC or IONL?

Decay follows how much the underlying moves about. Over this window IONC’s moved at 76% annualized and IONL’s at 76%, so IONC has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold IONC or IONL 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, IONC or IONL?

IONC charges 0.45% a year and IONL charges 1.50%, so IONC is cheaper. Fees come from each fund's prospectus.

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IONC vs IONL: which held to its multiple?

Over the days both have traded, IONC finished 9.8 points from its stated multiple and IONL 10.2. Corgi IONQ 2x Daily ETF and GraniteShares 2x Long IONQ Daily ETF.

−39.1%

IONC returned, 3 months

−39.6%

IONL returned, 3 months

−9.8 pts

IONC from its stated multiple

−10.2 pts

IONL from its stated multiple

IONC · 3 months to Sep 30, 20269.8 pts short of its stated multiple

IONC returned −39.1% while 2 times IONQ's move would have been −29.3%

IONL · 3 months to Sep 30, 202610.2 pts short of its stated multiple

IONL returned −39.6% while 2 times IONQ's move would have been −29.3%

ETFIQ Decay Resistance Score · IONC scores higherDid it keep up with its own daily multiple, compounded day by day?

IONC 62.6

IONL 48.2

0.1, the lowest in this set99.9, the highest

A percentile among the 470 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

	Total return		Multiple would give		Difference
Window	IONC	IONL	IONC	IONL	IONC	IONL
1 month	+20.0%	+20.2%	+23.1%	+23.1%	−3.2 pts	−3.0 pts
3 months	−39.1%	−39.6%	−29.3%	−29.3%	−9.8 pts	−10.2 pts
6 months	not published	+50.9%	not published	+115.7%	not published	−64.8 pts
1 year	not published	−81.9%	not published	−57.4%	not published	−24.6 pts
Since launch IONC Jun 2026 · IONL Mar 2025	−43.5%	−36.2%	−35.3%	+143.3%	−8.2 pts	−179.5 pts

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

On the same fields

IONC

Corgi IONQ 2x Daily ETF · Aims to return twice the daily move of IONQ

IONL

GraniteShares 2x Long IONQ Daily ETF · Aims to return twice the daily move of IONQ

Issuer Corgi GraniteShares

Sets out to return +2x +2x

Underlying asset IONQ IONQ

Segment company company

Fund returned, 3 months or since launch −39.1% −39.6%

Underlying returned, over that window −14.7% −14.7%

What the stated multiple implies, over that window −29.3% −29.3%

Difference from stated, over that window −9.8 pts −10.2 pts

Fund returned, 1 year or since launch −43.5% −81.9%

Difference from stated, over that window −8.2 pts −24.6 pts

Underlying volatility 76% 76%

Difference over the days both have traded −9.8 pts −10.2 pts

Expense ratio 0.45% 1.50%

Launched Jun 30, 2026 Mar 25, 2025

Net assets $348,593 $85m

IONC and IONL on the same fields, as of Sep 30, 2026. Source: ETFIQ.

IONC in plain words

Three months to Sep 30, 2026: IONC returned −39.1% where its own daily promise gave −36.9%, 2.2 points short. Read the multiple against the whole window instead and 2 times IONQ's −14.7% implies −29.3%, which makes IONC look 9.8 points short. 7.5 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. IONC aims to return +2 times IONQ'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. IONQ moved at 76% 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.

IONL in plain words

Three months to Sep 30, 2026: IONL returned −39.6% where its own daily promise gave −36.9%, 2.7 points short. Read the multiple against the whole window instead and 2 times IONQ's −14.7% implies −29.3%, which makes IONL look 10.2 points short. IONL aims to return +2 times IONQ's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, IONC or IONL?: Over the window to Sep 30, 2026, IONC finished 9.8 points from what its multiple implies and IONL finished 10.2 points from its own, so IONC came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are IONC and IONL levered on the same thing?: Yes. Both are levered on IONQ, IONC at +2 times and IONL at +2 times the daily move.
Which one decays faster, IONC or IONL?: Decay follows how much the underlying moves about. Over this window IONC’s moved at 76% annualized and IONL’s at 76%, so IONC has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold IONC or IONL 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, IONC or IONL?: IONC charges 0.45% a year and IONL charges 1.50%, so IONC is cheaper. Fees come from each fund's prospectus.

Other comparisons

IONC vs IONX IONC vs IONZ IONL vs IONX IONL vs IONZ

IONC on its own →IONL on its own →How every figure is computed →Standards and sources →

Where these figures came from

IONC filings on SEC EDGAR ↗IONC prospectus with the expense ratio (SEC) ↗Corgi website ↗IONL filings on SEC EDGAR ↗IONL prospectus with the expense ratio (SEC) ↗GraniteShares page for IONL ↗

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, IONC against IONL, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/ionc-vs-ionl

Open data

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