{"url":"https://etfiq.com/compare/leverage/ionl-vs-ionx","section":"compare","title":"IONL vs IONX: which held to its multiple? | ETFIQ","description":"IONL sets out to return +2 times IONQ each day and IONX +2 times. Over the three months to Sep 30, 2026 they finished \u221210.2 pts and \u221212.7 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, IONL or IONX?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"Are IONL and IONX levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on IONQ, IONL at +2 times and IONX at +2 times the daily move."}},{"@type":"Question","name":"Which one decays faster, IONL or IONX?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window IONL\u2019s moved at 76% annualized and IONX\u2019s at 76%, so IONL has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold IONL or IONX for a year?","acceptedAnswer":{"@type":"Answer","text":"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\u2019s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way."}},{"@type":"Question","name":"Which is cheaper, IONL or IONX?","acceptedAnswer":{"@type":"Answer","text":"IONL charges 1.50% a year and IONX charges 1.38%, so IONX is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Leveraged ETFs","item":"https://etfiq.com/leverage/"},{"@type":"ListItem","position":3,"name":"IONL vs IONX","item":"https://etfiq.com/compare/leverage/ionl-vs-ionx"}]},{"@type":"WebPage","name":"IONL vs IONX: which held to its multiple?","description":"IONL sets out to return +2 times IONQ each day and IONX +2 times. Over the three months to Sep 30, 2026 they finished \u221210.2 pts and \u221212.7 pts away.","url":"https://etfiq.com/compare/leverage/ionl-vs-ionx","dateModified":"2026-09-30","abstract":"Over the days both have traded, IONL finished 10.2 points from its stated multiple and IONX 12.7.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of IONL and IONX","description":"IONL sets out to return +2 times IONQ each day and IONX +2 times. Over the three months to Sep 30, 2026 they finished \u221210.2 pts and \u221212.7 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/ionl-vs-ionx","license":"https://etfiq.com/standards/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/leverage.json"}],"variableMeasured":["Stated multiple","Underlying return","What the stated multiple implies","Fund total return","Difference against the label","Volatility of the underlying","Expense ratio"],"keywords":["exchange-traded funds","ETF","Leveraged ETFs","fund data","SEC filings"]}],"characters":6530,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / IONL vs IONX \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n IONL vs IONX: which held to its multiple?\n\n Over the days both have traded, IONL finished 10.2 points from its stated multiple and IONX 12.7.\n Copy this for sharing \n \n GraniteShares 2x Long IONQ Daily ETF and Defiance Daily Target 2X Long IONQ ETF.\n\n Download as PDF \n\n \u221239.6% IONL returned, 3 months \n \u221242.0% IONX returned, 3 months \n \u221210.2 pts IONL from its stated multiple \n \u221212.7 pts IONX from its stated multiple \n\n ETFIQ Decay Resistance Score: IONL scores higher\n Did","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","citation":"ETFIQ, as of Sep 30, 2026. https://etfiq.com/compare/leverage/ionl-vs-ionx","a":{"ticker":"IONL","name":"GraniteShares 2x Long IONQ Daily ETF","issuer":"GraniteShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: IONL returned \u221239.6% where its own daily promise gave \u221236.9%, 2.7 points short.","url":"https://etfiq.com/funds/ionl","key_facts":[{"label":"What IONQ did","value":"\u221214.7%","as_of":"2026-09-30","source":null},{"label":"What 2 times a day gives","value":"\u221236.9%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u221239.6%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22122.7 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$85m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"1.50%","as_of":"2026-09-30","source":"485BPOS XBRL, Oct 24, 2025"}]},"b":{"ticker":"IONX","name":"Defiance Daily Target 2X Long IONQ ETF","issuer":"Defiance","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: IONX returned \u221242.0% where its own daily promise gave \u221236.9%, 5.1 points short.","url":"https://etfiq.com/funds/ionx","key_facts":[{"label":"What IONQ did","value":"\u221214.7%","as_of":"2026-09-30","source":null},{"label":"What 2 times a day gives","value":"\u221236.9%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u221242.0%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22125.1 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$210m","as_of":"2026-09-30","source":"the issuer\u2019s own daily fund list, as of Sep 30, 2026"},{"label":"Expense ratio","value":"1.38%","as_of":"2026-09-30","source":"485BPOS XBRL, Aug 26, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/leverage/ionl-vs-ionx"}