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

Over the window to Sep 30, 2026, IRE finished 28.4 points from what its multiple implies and IREZ finished 74.8 points from its own, so IRE came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are IRE and IREZ levered on the same thing?

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

Which one decays faster, IRE or IREZ?

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

Can I hold IRE or IREZ 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 IREZ?

IRE charges 1.35% a year and IREZ charges 1.49%, so IRE is cheaper. Fees come from each fund's prospectus.

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IRE vs IREZ: which held to its multiple?

Over three months against its own daily promise, IRE finished 6.5 points short and IREZ 0.1 points short. Defiance Daily Target 2X Long IREN ETF and Tradr 2X Short IREN Daily ETF.

−39.6%

IRE returned, 3 months

−63.5%

IREZ returned, 3 months

−28.4 pts

IRE from its stated multiple

−74.8 pts

IREZ 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%

IREZ · 3 months to Sep 30, 202674.8 pts short of its stated multiple

IREZ returned −63.5% while −2 times IREN's move would have been +11.3%

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

IRE among the 470 leveraged ETFs, long, over three months

IRE 7.3

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

IREZ among the 125 inverse ETFs over three months

IREZ 16

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

A percentile among the 470 leveraged ETFs, long, over three months. IREZ 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	IRE	IREZ	IRE	IREZ	IRE	IREZ
1 month	+14.0%	−25.3%	+20.3%	−20.3%	−6.3 pts	−5.0 pts
3 months	−39.6%	−63.5%	−11.3%	+11.3%	−28.4 pts	−74.8 pts
6 months	−29.4%	−89.2%	+39.8%	−39.8%	−69.3 pts	−49.3 pts
Since launch IRE Oct 2025 · IREZ Jan 2026	−86.9%	−87.8%	−51.9%	+43.6%	−35.0 pts	−131.3 pts

IRE and IREZ 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

IREZ

Tradr 2X Short IREN Daily ETF · Aims to return twice the opposite of 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% −63.5%

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 −74.8 pts

Fund returned, 1 year or since launch −86.9% −87.8%

Difference from stated, over that window −35.0 pts −131.3 pts

Underlying volatility 113% 113%

Difference over the days both have traded −6.3 pts no shared window

Expense ratio 1.35% 1.49%

Launched Oct 21, 2025 Jan 22, 2026

Net assets $289m $10m

IRE and IREZ 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.

IREZ in plain words

Three months to Sep 30, 2026: IREZ returned −63.5% where its own daily promise gave −63.4%, 0.1 points short. Read the multiple against the whole window instead and −2 times IREN's −5.6% implies +11.3%, which makes IREZ look 74.8 points short. 74.7 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. IREZ aims to return -2 times IREN'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, IRE or IREZ?: Over the window to Sep 30, 2026, IRE finished 28.4 points from what its multiple implies and IREZ finished 74.8 points from its own, so IRE came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are IRE and IREZ levered on the same thing?: Yes. Both are levered on IREN, IRE at +2 times and IREZ at -2 times the daily move.
Which one decays faster, IRE or IREZ?: Decay follows how much the underlying moves about. Over this window IRE’s moved at 113% annualized and IREZ’s at 113%, so IRE has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold IRE or IREZ 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 IREZ?: IRE charges 1.35% a year and IREZ charges 1.49%, so IRE is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

IRE on its own →IREZ 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 ↗IREZ filings on SEC EDGAR ↗IREZ 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 IREZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/ire-vs-irez

Open data

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