{"url":"https://etfiq.com/compare/leverage/ionl-vs-ionz","section":"compare","title":"IONL vs IONZ: which held to its multiple? | ETFIQ","description":"IONL sets out to return +2 times IONQ each day and IONZ -2 times. Over the three months to Sep 30, 2026 they finished \u221210.2 pts and \u221255.5 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, IONL or IONZ?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"Are IONL and IONZ levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on IONQ, IONL at +2 times and IONZ at -2 times the daily move."}},{"@type":"Question","name":"Which one decays faster, IONL or IONZ?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window IONL\u2019s moved at 76% annualized and IONZ\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 IONZ 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 IONZ?","acceptedAnswer":{"@type":"Answer","text":"IONL charges 1.50% a year and IONZ charges 1.91%, so IONL 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 IONZ","item":"https://etfiq.com/compare/leverage/ionl-vs-ionz"}]},{"@type":"WebPage","name":"IONL vs IONZ: which held to its multiple?","description":"IONL sets out to return +2 times IONQ each day and IONZ -2 times. Over the three months to Sep 30, 2026 they finished \u221210.2 pts and \u221255.5 pts away.","url":"https://etfiq.com/compare/leverage/ionl-vs-ionz","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, IONL finished 2.7 points short and IONZ 14.0 points short.","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 IONZ","description":"IONL sets out to return +2 times IONQ each day and IONZ -2 times. Over the three months to Sep 30, 2026 they finished \u221210.2 pts and \u221255.5 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/ionl-vs-ionz","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":7111,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / IONL vs IONZ \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n IONL vs IONZ: which held to its multiple?\n\n Over three months against its own daily promise, IONL finished 2.7 points short and IONZ 14.0 points short.\n Copy this for sharing \n \n GraniteShares 2x Long IONQ Daily ETF and Defiance Daily Target 2X Short IONQ ETF.\n\n Download as PDF \n\n \u221239.6% IONL returned, 3 months \n \u221226.1% IONZ returned, 3 months \n \u221210.2 pts IONL from its stated multiple \n \u221255.5 pts IONZ from its stated multiple \n\n ETFIQ Decay Resistance Score: IONL scores ","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-ionz","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":"IONZ","name":"Defiance Daily Target 2X Short IONQ ETF","issuer":"Defiance","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: IONZ returned \u221226.1% where its own daily promise gave \u221212.1%, 14.0 points short.","url":"https://etfiq.com/funds/ionz","key_facts":[{"label":"What IONQ did","value":"\u221214.7%","as_of":"2026-09-30","source":null},{"label":"What \u22122 times a day gives","value":"\u221212.1%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u221226.1%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u221214.0 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$14m","as_of":"2026-09-30","source":"the issuer\u2019s own daily fund list, as of Sep 30, 2026"},{"label":"Expense ratio","value":"1.91%","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-ionz"}