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

Over the window to Sep 30, 2026, IONL finished 10.2 points from what its multiple implies and IONZ finished 55.5 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 IONZ levered on the same thing?

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

Which one decays faster, IONL or IONZ?

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

Can I hold IONL or IONZ 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 IONZ?

IONL charges 1.50% a year and IONZ charges 1.91%, so IONL is cheaper. Fees come from each fund's prospectus.

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IONL vs IONZ: which held to its multiple?

Over three months against its own daily promise, IONL finished 2.7 points short and IONZ 14.0 points short. GraniteShares 2x Long IONQ Daily ETF and Defiance Daily Target 2X Short IONQ ETF.

−39.6%

IONL returned, 3 months

−26.1%

IONZ returned, 3 months

−10.2 pts

IONL from its stated multiple

−55.5 pts

IONZ 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%

IONZ · 3 months to Sep 30, 202655.5 pts short of its stated multiple

IONZ returned −26.1% 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 among the 470 leveraged ETFs, long, over three months

IONL 48.2

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

IONZ among the 125 inverse ETFs over three months

IONZ 2

0.4, the lowest in this set99.6, the highest

A percentile among the 470 leveraged ETFs, long, over three months. IONZ is a percentile among the 125 inverse ETFs over three months, a different set, so the two marks are not on one scale. 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	IONZ	IONL	IONZ	IONL	IONZ
1 month	+20.2%	−28.4%	+23.1%	−23.1%	−3.0 pts	−5.3 pts
3 months	−39.6%	−26.1%	−29.3%	+29.3%	−10.2 pts	−55.5 pts
6 months	+50.9%	−92.3%	+115.7%	−115.7%	−64.8 pts	+23.4 pts
1 year	−81.9%	−93.4%	−57.4%	+57.4%	−24.6 pts	−150.8 pts
Since launch IONL Mar 2025 · IONZ Jun 2025	−36.2%	−98.3%	+143.3%	−14.7%	−179.5 pts	−83.7 pts

IONL and IONZ 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

IONZ

Defiance Daily Target 2X Short IONQ ETF · Aims to return twice the opposite of 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% −26.1%

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 −55.5 pts

Fund returned, 1 year or since launch −81.9% −93.4%

Difference from stated, over that window −24.6 pts −150.8 pts

Underlying volatility 76% 76%

Difference over the days both have traded −10.2 pts no shared window

Expense ratio 1.50% 1.91%

Launched Mar 25, 2025 Jun 24, 2025

Net assets $85m $14m

IONL and IONZ 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.

IONZ in plain words

Three months to Sep 30, 2026: IONZ returned −26.1% where its own daily promise gave −12.1%, 14.0 points short. Read the multiple against the whole window instead and −2 times IONQ's −14.7% implies +29.3%, which makes IONZ look 55.5 points short. 41.5 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. IONZ aims to return -2 times IONQ'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.

Questions people ask

Which came closer to its stated multiple, IONL or IONZ?: Over the window to Sep 30, 2026, IONL finished 10.2 points from what its multiple implies and IONZ finished 55.5 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 IONZ levered on the same thing?: Yes. Both are levered on IONQ, IONL at +2 times and IONZ at -2 times the daily move.
Which one decays faster, IONL or IONZ?: Decay follows how much the underlying moves about. Over this window IONL’s moved at 76% annualized and IONZ’s at 76%, so IONL has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold IONL or IONZ 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 IONZ?: IONL charges 1.50% a year and IONZ charges 1.91%, so IONL is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

IONL on its own →IONZ 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 ↗IONZ filings on SEC EDGAR ↗IONZ prospectus with the expense ratio (SEC) ↗Defiance page for IONZ ↗

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 IONZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/ionl-vs-ionz

Open data

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