Which came closer to its stated multiple, IRE or IREC?

Over the window to Sep 30, 2026, IRE finished 28.4 points from what its multiple implies and IREC finished 5.1 points from its own, so IREC came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are IRE and IREC levered on the same thing?

Yes. Both are levered on IREN, IRE at +2 times and IREC at +2 times the daily move.

Which one decays faster, IRE or IREC?

Decay follows how much the underlying moves about. Over this window IRE’s moved at 113% annualized and IREC’s at 64%, so IRE has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold IRE or IREC 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, IRE or IREC?

IRE charges 1.35% a year and IREC charges 0.45%, so IREC is cheaper. Fees come from each fund's prospectus.

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IRE vs IREC: which held to its multiple?

Over the days both have traded, IRE finished 6.3 points from its stated multiple and IREC 5.1. Defiance Daily Target 2X Long IREN ETF and Corgi IREN 2x Daily ETF.

−39.6%

IRE returned, 3 months

−17.3%

IREC returned, since launch

−28.4 pts

IRE from its stated multiple

−29.1 pts

IREC from its stated multiple

IRE · 3 months to Sep 30, 202628.4 pts short of its stated multiple

IRE returned −39.6% while 2 times IREN's move would have been −11.3%

IREC · 1 month to Sep 30, 20265.1 pts short of its stated multiple

IREC returned +15.2% while 2 times IREN's move would have been +20.3%

Performance, window by window

	Total return		Multiple would give		Difference
Window	IRE	IREC	IRE	IREC	IRE	IREC
1 month	+14.0%	+15.2%	+20.3%	+20.3%	−6.3 pts	−5.1 pts
3 months	−39.6%	not published	−11.3%	not published	−28.4 pts	not published
6 months	−29.4%	not published	+39.8%	not published	−69.3 pts	not published
Since launch IRE Oct 2025 · IREC Jul 2026	−86.9%	−17.3%	−51.9%	+11.9%	−35.0 pts	−29.1 pts

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

On the same fields

IRE

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

IREC

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

Issuer Defiance Corgi

Sets out to return +2x +2x

Underlying asset IREN IREN

Segment company company

Fund returned, 3 months or since launch −39.6% +15.2%

Underlying returned, over that window −5.6% +10.1%

What the stated multiple implies, over that window −11.3% +20.3%

Difference from stated, over that window −28.4 pts −5.1 pts

Fund returned, 1 year or since launch −86.9% −17.3%

Difference from stated, over that window −35.0 pts −29.1 pts

Underlying volatility 113% 64%

Difference over the days both have traded −6.3 pts −5.1 pts

Expense ratio 1.35% 0.45%

Launched Oct 21, 2025 Jul 14, 2026

Net assets $289m $403,521

IRE and IREC on the same fields, as of Sep 30, 2026. Source: ETFIQ.

IRE in plain words

Three months to Sep 30, 2026: IRE returned −39.6% where its own daily promise gave −33.1%, 6.5 points short. Read the multiple against the whole window instead and 2 times IREN's −5.6% implies −11.3%, which makes IRE look 28.4 points short. 21.8 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. IRE aims to return +2 times IREN'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. IREN moved at 113% 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.

IREC in plain words

One month to Sep 30, 2026: IREC returned +15.2% where its own daily promise gave +17.4%, 2.3 points short. Read the multiple against the whole window instead and 2 times IREN's 10.1% implies +20.3%, which makes IREC look 5.1 points short. 2.8 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. IREC aims to return +2 times IREN's move each day, then resets. IREN moved at 64% annualized over that window.

Questions people ask

Which came closer to its stated multiple, IRE or IREC?: Over the window to Sep 30, 2026, IRE finished 28.4 points from what its multiple implies and IREC finished 5.1 points from its own, so IREC came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are IRE and IREC levered on the same thing?: Yes. Both are levered on IREN, IRE at +2 times and IREC at +2 times the daily move.
Which one decays faster, IRE or IREC?: Decay follows how much the underlying moves about. Over this window IRE’s moved at 113% annualized and IREC’s at 64%, so IRE has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold IRE or IREC 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, IRE or IREC?: IRE charges 1.35% a year and IREC charges 0.45%, so IREC is cheaper. Fees come from each fund's prospectus.

Other comparisons

IRE vs IREG IRE vs IREX IRE vs IREZ IREC vs IREG IREC vs IREX IREC vs IREZ

IRE on its own →IREC on its own →How every figure is computed →Standards and sources →

Where these figures came from

IRE filings on SEC EDGAR ↗IRE prospectus with the expense ratio (SEC) ↗Defiance page for IRE ↗IREC filings on SEC EDGAR ↗IREC prospectus with the expense ratio (SEC) ↗Corgi website ↗

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, IRE against IREC, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/ire-vs-irec

Open data

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