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

Over the window to Sep 30, 2026, IRE finished 28.4 points from what its multiple implies and IREG finished 24.4 points from its own, so IREG came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are IRE and IREG levered on the same thing?

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

Which one decays faster, IRE or IREG?

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

Can I hold IRE or IREG 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 IREG?

IRE charges 1.35% a year and IREG charges 0.75%, so IREG is cheaper. Fees come from each fund's prospectus.

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IRE vs IREG: which held to its multiple?

Over the days both have traded, IRE finished 6.3 points from its stated multiple and IREG 4.3. Defiance Daily Target 2X Long IREN ETF and Leverage Shares 2X Long IREN Daily ETF.

−39.6%

IRE returned, 3 months

−35.7%

IREG returned, 3 months

−28.4 pts

IRE from its stated multiple

−24.4 pts

IREG 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%

IREG · 3 months to Sep 30, 202624.4 pts short of its stated multiple

IREG returned −35.7% while 2 times IREN's move would have been −11.3%

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

IRE 7.3

IREG 50.4

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	IRE	IREG	IRE	IREG	IRE	IREG
1 month	+14.0%	+15.9%	+20.3%	+20.3%	−6.3 pts	−4.3 pts
3 months	−39.6%	−35.7%	−11.3%	−11.3%	−28.4 pts	−24.4 pts
6 months	−29.4%	−20.7%	+39.8%	+39.8%	−69.3 pts	−60.5 pts
Since launch IRE Oct 2025 · IREG Dec 2025	−86.9%	−52.5%	−51.9%	+23.4%	−35.0 pts	−76.0 pts

IRE and IREG 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

IREG

Leverage Shares 2X Long IREN Daily ETF · Aims to return twice the daily move of IREN

Issuer Defiance Leverage Shares

Sets out to return +2x +2x

Underlying asset IREN IREN

Segment company company

Fund returned, 3 months or since launch −39.6% −35.7%

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

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

Difference from stated, over that window −28.4 pts −24.4 pts

Fund returned, 1 year or since launch −86.9% −52.5%

Difference from stated, over that window −35.0 pts −76.0 pts

Underlying volatility 113% 113%

Difference over the days both have traded −6.3 pts −4.3 pts

Expense ratio 1.35% 0.75%

Launched Oct 21, 2025 Dec 16, 2025

Net assets $289m $23m

IRE and IREG 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.

IREG in plain words

Three months to Sep 30, 2026: IREG returned −35.7% where its own daily promise gave −33.1%, 2.6 points short. Read the multiple against the whole window instead and 2 times IREN's −5.6% implies −11.3%, which makes IREG look 24.4 points short. IREG aims to return +2 times IREN's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, IRE or IREG?: Over the window to Sep 30, 2026, IRE finished 28.4 points from what its multiple implies and IREG finished 24.4 points from its own, so IREG came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are IRE and IREG levered on the same thing?: Yes. Both are levered on IREN, IRE at +2 times and IREG at +2 times the daily move.
Which one decays faster, IRE or IREG?: Decay follows how much the underlying moves about. Over this window IRE’s moved at 113% annualized and IREG’s at 113%, so IRE has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold IRE or IREG 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 IREG?: IRE charges 1.35% a year and IREG charges 0.75%, so IREG is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

IRE on its own →IREG 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 ↗IREG filings on SEC EDGAR ↗IREG prospectus with the expense ratio (SEC) ↗Leverage Shares 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 IREG, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/ire-vs-ireg

Open data

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