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

Over the window to Sep 30, 2026, IREX finished 25.2 points from what its multiple implies and IREZ finished 74.8 points from its own, so IREX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are IREX and IREZ levered on the same thing?

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

Which one decays faster, IREX or IREZ?

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

Can I hold IREX 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, IREX or IREZ?

IREX charges 1.30% a year and IREZ charges 1.49%, so IREX is cheaper. Fees come from each fund's prospectus.

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IREX vs IREZ: which held to its multiple?

Over three months against its own daily promise, IREX finished 3.3 points short and IREZ 0.1 points short. Tradr 2X Long IREN Daily ETF and Tradr 2X Short IREN Daily ETF.

−36.4%

IREX returned, 3 months

−63.5%

IREZ returned, 3 months

−25.2 pts

IREX from its stated multiple

−74.8 pts

IREZ from its stated multiple

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%

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

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

IREX 33

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	IREX	IREZ	IREX	IREZ	IREX	IREZ
1 month	+15.6%	−25.3%	+20.3%	−20.3%	−4.7 pts	−5.0 pts
3 months	−36.4%	−63.5%	−11.3%	+11.3%	−25.2 pts	−74.8 pts
6 months	−22.8%	−89.2%	+39.8%	−39.8%	−62.6 pts	−49.3 pts
Since launch IREX Oct 2025 · IREZ Jan 2026	−84.6%	−87.8%	−53.6%	+43.6%	−30.9 pts	−131.3 pts

IREX 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

IREX

Tradr 2X Long IREN Daily 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 Tradr Tradr

Sets out to return +2x -2x

Underlying asset IREN IREN

Segment company company

Fund returned, 3 months or since launch −36.4% −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 −25.2 pts −74.8 pts

Fund returned, 1 year or since launch −84.6% −87.8%

Difference from stated, over that window −30.9 pts −131.3 pts

Underlying volatility 113% 113%

Difference over the days both have traded −4.7 pts no shared window

Expense ratio 1.30% 1.49%

Launched Oct 23, 2025 Jan 22, 2026

Net assets $49m $10m

IREX and IREZ on the same fields, as of Sep 30, 2026. Source: ETFIQ.

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. 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, IREX or IREZ?: Over the window to Sep 30, 2026, IREX finished 25.2 points from what its multiple implies and IREZ finished 74.8 points from its own, so IREX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are IREX and IREZ levered on the same thing?: Yes. Both are levered on IREN, IREX at +2 times and IREZ at -2 times the daily move.
Which one decays faster, IREX or IREZ?: Decay follows how much the underlying moves about. Over this window IREX’s moved at 113% annualized and IREZ’s at 113%, so IREX has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold IREX 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, IREX or IREZ?: IREX charges 1.30% a year and IREZ charges 1.49%, so IREX is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

IREX on its own →IREZ on its own →How every figure is computed →Standards and sources →

Where these figures came from

IREX and IREZ filings on SEC EDGAR ↗IREX prospectus with the expense ratio (SEC) ↗Tradr website ↗IREZ prospectus with the expense ratio (SEC) ↗

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, IREX against IREZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/irex-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.