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

Over the window to Sep 30, 2026, IREC finished 5.1 points from what its multiple implies and IREG finished 24.4 points from its own, so IREC came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are IREC and IREG levered on the same thing?

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

Which one decays faster, IREC or IREG?

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

Can I hold IREC 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, IREC or IREG?

IREC charges 0.45% a year and IREG charges 0.75%, so IREC is cheaper. Fees come from each fund's prospectus.

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IREC vs IREG: which held to its multiple?

Over the days both have traded, IREC finished 5.1 points from its stated multiple and IREG 4.3. Corgi IREN 2x Daily ETF and Leverage Shares 2X Long IREN Daily ETF.

−17.3%

IREC returned, since launch

−35.7%

IREG returned, 3 months

−29.1 pts

IREC from its stated multiple

−24.4 pts

IREG from its stated multiple

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%

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%

Performance, window by window

	Total return		Multiple would give		Difference
Window	IREC	IREG	IREC	IREG	IREC	IREG
1 month	+15.2%	+15.9%	+20.3%	+20.3%	−5.1 pts	−4.3 pts
3 months	not published	−35.7%	not published	−11.3%	not published	−24.4 pts
6 months	not published	−20.7%	not published	+39.8%	not published	−60.5 pts
Since launch IREC Jul 2026 · IREG Dec 2025	−17.3%	−52.5%	+11.9%	+23.4%	−29.1 pts	−76.0 pts

IREC 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

IREC

Corgi IREN 2x Daily 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 Corgi Leverage Shares

Sets out to return +2x +2x

Underlying asset IREN IREN

Segment company company

Fund returned, 3 months or since launch +15.2% −35.7%

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

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

Difference from stated, over that window −5.1 pts −24.4 pts

Fund returned, 1 year or since launch −17.3% −52.5%

Difference from stated, over that window −29.1 pts −76.0 pts

Underlying volatility 64% 113%

Difference over the days both have traded −5.1 pts −4.3 pts

Expense ratio 0.45% 0.75%

Launched Jul 14, 2026 Dec 16, 2025

Net assets $403,521 $23m

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

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. 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 64% 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. 21.8 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. IREG aims to return +2 times IREN's move each day, then resets. IREN moved at 113% annualized over that window.

Questions people ask

Which came closer to its stated multiple, IREC or IREG?: Over the window to Sep 30, 2026, IREC finished 5.1 points from what its multiple implies and IREG finished 24.4 points from its own, so IREC came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are IREC and IREG levered on the same thing?: Yes. Both are levered on IREN, IREC at +2 times and IREG at +2 times the daily move.
Which one decays faster, IREC or IREG?: Decay follows how much the underlying moves about. Over this window IREC’s moved at 64% annualized and IREG’s at 113%, so IREG has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold IREC 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, IREC or IREG?: IREC charges 0.45% a year and IREG charges 0.75%, so IREC is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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

Where these figures came from

IREC filings on SEC EDGAR ↗IREC prospectus with the expense ratio (SEC) ↗Corgi website ↗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, IREC against IREG, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/irec-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.