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

Over the window to Sep 30, 2026, IREC finished 5.1 points from what its multiple implies and IREX finished 25.2 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 IREX levered on the same thing?

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

Which one decays faster, IREC or IREX?

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

Can I hold IREC 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, IREC or IREX?

IREC charges 0.45% a year and IREX charges 1.30%, so IREC is cheaper. Fees come from each fund's prospectus.

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IREC vs IREX: which held to its multiple?

Over the days both have traded, IREC finished 5.1 points from its stated multiple and IREX 4.7. Corgi IREN 2x Daily ETF and Tradr 2X Long IREN Daily ETF.

−17.3%

IREC returned, since launch

−36.4%

IREX returned, 3 months

−29.1 pts

IREC from its stated multiple

−25.2 pts

IREX 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%

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%

Performance, window by window

	Total return		Multiple would give		Difference
Window	IREC	IREX	IREC	IREX	IREC	IREX
1 month	+15.2%	+15.6%	+20.3%	+20.3%	−5.1 pts	−4.7 pts
3 months	not published	−36.4%	not published	−11.3%	not published	−25.2 pts
6 months	not published	−22.8%	not published	+39.8%	not published	−62.6 pts
Since launch IREC Jul 2026 · IREX Oct 2025	−17.3%	−84.6%	+11.9%	−53.6%	−29.1 pts	−30.9 pts

IREC 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

IREC

Corgi IREN 2x Daily 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 Corgi Tradr

Sets out to return +2x +2x

Underlying asset IREN IREN

Segment company company

Fund returned, 3 months or since launch +15.2% −36.4%

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 −25.2 pts

Fund returned, 1 year or since launch −17.3% −84.6%

Difference from stated, over that window −29.1 pts −30.9 pts

Underlying volatility 64% 113%

Difference over the days both have traded −5.1 pts −4.7 pts

Expense ratio 0.45% 1.30%

Launched Jul 14, 2026 Oct 23, 2025

Net assets $403,521 $49m

IREC and IREX 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.

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. 21.8 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. IREX 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 IREX?: Over the window to Sep 30, 2026, IREC finished 5.1 points from what its multiple implies and IREX finished 25.2 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 IREX levered on the same thing?: Yes. Both are levered on IREN, IREC at +2 times and IREX at +2 times the daily move.
Which one decays faster, IREC or IREX?: Decay follows how much the underlying moves about. Over this window IREC’s moved at 64% annualized and IREX’s at 113%, so IREX has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold IREC 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, IREC or IREX?: IREC charges 0.45% a year and IREX charges 1.30%, so IREC is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

IREC on its own →IREX 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 ↗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, IREC against IREX, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/irec-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.