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

Over the window to Sep 30, 2026, IRE finished 28.4 points from what its multiple implies and IREX finished 25.2 points from its own, so IREX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are IRE and IREX levered on the same thing?

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

Which one decays faster, IRE or IREX?

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

Can I hold IRE or IREX 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 IREX?

IRE charges 1.35% a year and IREX charges 1.30%, so IREX is cheaper. Fees come from each fund's prospectus.

Share on X Download as PDF Open live

IRE vs IREX: which held to its multiple?

Over the days both have traded, IRE finished 6.3 points from its stated multiple and IREX 4.7. Defiance Daily Target 2X Long IREN ETF and Tradr 2X Long IREN Daily ETF.

−39.6%

IRE returned, 3 months

−36.4%

IREX returned, 3 months

−28.4 pts

IRE from its stated multiple

−25.2 pts

IREX 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%

IREX · 3 months to Sep 30, 202625.2 pts short of its stated multiple

IREX returned −36.4% while 2 times IREN's move would have been −11.3%

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

IRE 7.3

IREX 33

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	IREX	IRE	IREX	IRE	IREX
1 month	+14.0%	+15.6%	+20.3%	+20.3%	−6.3 pts	−4.7 pts
3 months	−39.6%	−36.4%	−11.3%	−11.3%	−28.4 pts	−25.2 pts
6 months	−29.4%	−22.8%	+39.8%	+39.8%	−69.3 pts	−62.6 pts
Since launch IRE Oct 2025 · IREX Oct 2025	−86.9%	−84.6%	−51.9%	−53.6%	−35.0 pts	−30.9 pts

IRE and IREX 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

IREX

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

Issuer Defiance Tradr

Sets out to return +2x +2x

Underlying asset IREN IREN

Segment company company

Fund returned, 3 months or since launch −39.6% −36.4%

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 −25.2 pts

Fund returned, 1 year or since launch −86.9% −84.6%

Difference from stated, over that window −35.0 pts −30.9 pts

Underlying volatility 113% 113%

Difference over the days both have traded −6.3 pts −4.7 pts

Expense ratio 1.35% 1.30%

Launched Oct 21, 2025 Oct 23, 2025

Net assets $289m $49m

IRE and IREX 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.

IREX in plain words

Three months to Sep 30, 2026: IREX returned −36.4% where its own daily promise gave −33.1%, 3.3 points short. Read the multiple against the whole window instead and 2 times IREN's −5.6% implies −11.3%, which makes IREX look 25.2 points short. IREX aims to return +2 times IREN's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, IRE or IREX?: Over the window to Sep 30, 2026, IRE finished 28.4 points from what its multiple implies and IREX finished 25.2 points from its own, so IREX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are IRE and IREX levered on the same thing?: Yes. Both are levered on IREN, IRE at +2 times and IREX at +2 times the daily move.
Which one decays faster, IRE or IREX?: Decay follows how much the underlying moves about. Over this window IRE’s moved at 113% annualized and IREX’s at 113%, so IRE has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold IRE or IREX 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 IREX?: IRE charges 1.35% a year and IREX charges 1.30%, so IREX is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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

Open data

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