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

Over the window to Sep 30, 2026, IONL finished 10.2 points from what its multiple implies and IONX finished 12.7 points from its own, so IONL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are IONL and IONX levered on the same thing?

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

Which one decays faster, IONL or IONX?

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

Can I hold IONL or IONX 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, IONL or IONX?

IONL charges 1.50% a year and IONX charges 1.38%, so IONX is cheaper. Fees come from each fund's prospectus.

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IONL vs IONX: which held to its multiple?

Over the days both have traded, IONL finished 10.2 points from its stated multiple and IONX 12.7. GraniteShares 2x Long IONQ Daily ETF and Defiance Daily Target 2X Long IONQ ETF.

−39.6%

IONL returned, 3 months

−42.0%

IONX returned, 3 months

−10.2 pts

IONL from its stated multiple

−12.7 pts

IONX from its stated multiple

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%

IONX · 3 months to Sep 30, 202612.7 pts short of its stated multiple

IONX returned −42.0% while 2 times IONQ's move would have been −29.3%

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

IONL 48.2

IONX 13.7

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	IONL	IONX	IONL	IONX	IONL	IONX
1 month	+20.2%	+19.0%	+23.1%	+23.1%	−3.0 pts	−4.2 pts
3 months	−39.6%	−42.0%	−29.3%	−29.3%	−10.2 pts	−12.7 pts
6 months	+50.9%	+41.9%	+115.7%	+115.7%	−64.8 pts	−73.8 pts
1 year	−81.9%	−84.0%	−57.4%	−57.4%	−24.6 pts	−26.6 pts
Since launch IONL Mar 2025 · IONX Mar 2025	−36.2%	−29.6%	+143.3%	not meaningful	−179.5 pts	not meaningful

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

On the same fields

IONL

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

IONX

Defiance Daily Target 2X Long IONQ ETF · Aims to return twice the daily move of IONQ

Issuer GraniteShares Defiance

Sets out to return +2x +2x

Underlying asset IONQ IONQ

Segment company company

Fund returned, 3 months or since launch −39.6% −42.0%

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 −10.2 pts −12.7 pts

Fund returned, 1 year or since launch −81.9% −84.0%

Difference from stated, over that window −24.6 pts −26.6 pts

Underlying volatility 76% 76%

Difference over the days both have traded −10.2 pts −12.7 pts

Expense ratio 1.50% 1.38%

Launched Mar 25, 2025 Mar 12, 2025

Net assets $85m $210m

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

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. 7.5 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. IONL 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.

IONX in plain words

Three months to Sep 30, 2026: IONX returned −42.0% where its own daily promise gave −36.9%, 5.1 points short. Read the multiple against the whole window instead and 2 times IONQ's −14.7% implies −29.3%, which makes IONX look 12.7 points short. IONX aims to return +2 times IONQ's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, IONL or IONX?: Over the window to Sep 30, 2026, IONL finished 10.2 points from what its multiple implies and IONX finished 12.7 points from its own, so IONL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are IONL and IONX levered on the same thing?: Yes. Both are levered on IONQ, IONL at +2 times and IONX at +2 times the daily move.
Which one decays faster, IONL or IONX?: Decay follows how much the underlying moves about. Over this window IONL’s moved at 76% annualized and IONX’s at 76%, so IONL has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold IONL or IONX 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, IONL or IONX?: IONL charges 1.50% a year and IONX charges 1.38%, so IONX is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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

Where these figures came from

IONL filings on SEC EDGAR ↗IONL prospectus with the expense ratio (SEC) ↗GraniteShares page for IONL ↗IONX filings on SEC EDGAR ↗IONX prospectus with the expense ratio (SEC) ↗Defiance page for IONX ↗

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

Open data

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