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ONDC vs ONDL: which held to its multiple?

Over the days both have traded, ONDC finished 4.8 points from its stated multiple and ONDL 5.5. Corgi ONDS 2x Daily ETF and Defiance Daily Target 2X Long ONDS ETF.

−20.2%
ONDC returned, since launch
−35.1%
ONDL returned, 3 months
−19.7 pts
ONDC from its stated multiple
−20.2 pts
ONDL from its stated multiple
ONDC · 1 month to Sep 30, 20264.8 pts short of its stated multiple
4.8 pts short of its stated multipleONDC returned −13.3% while 2 times ONDS's move would have been −8.5%ONDS −4.3% ×2 implies−8.5%ONDC returned−13.3%4.8 pts short of its stated multipleONDC returned −13.3% while 2 times ONDS's move would have been −8.5%ONDS −4.3% ×2 implies−8.5%ONDC returned−13.3%

ONDC returned −13.3% while 2 times ONDS's move would have been −8.5%

ONDL · 3 months to Sep 30, 202620.2 pts short of its stated multiple
20.2 pts short of its stated multipleONDL returned −35.1% while 2 times ONDS's move would have been −14.9%ONDS −7.5% ×2 implies−14.9%ONDL returned−35.1%20.2 pts short of its stated multipleONDL returned −35.1% while 2 times ONDS's move would have been −14.9%ONDS −7.5% ×2 implies−14.9%ONDL returned−35.1%

ONDL returned −35.1% while 2 times ONDS's move would have been −14.9%

Performance, window by window

Total returnMultiple would giveDifference
WindowONDCONDLONDCONDLONDCONDL
1 month−13.3%−14.0%−8.5%−8.5%−4.8 pts−5.5 pts
3 monthsnot published−35.1%not published−14.9%not published−20.2 pts
6 monthsnot published−63.7%not published−33.6%not published−30.1 pts
Since launch
ONDC Jul 2026 · ONDL Dec 2025
−20.2%−76.7%−0.5%−36.9%−19.7 pts−39.8 pts

ONDC and ONDL over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

ONDC
Corgi ONDS 2x Daily ETF · Aims to return twice the daily move of Ondas (ONDS)
ONDL
Defiance Daily Target 2X Long ONDS ETF · Aims to return twice the daily move of Ondas (ONDS)
Issuer Corgi Defiance
Sets out to return +2x +2x
Underlying asset ONDS ONDS
Segment company company
Fund returned, 3 months or since launch −13.3% −35.1%
Underlying returned, over that window −4.3% −7.5%
What the stated multiple implies, over that window −8.5% −14.9%
Difference from stated, over that window −4.8 pts −20.2 pts
Fund returned, 1 year or since launch −20.2% −76.7%
Difference from stated, over that window −19.7 pts −39.8 pts
Underlying volatility 51% 78%
Difference over the days both have traded −4.8 pts −5.5 pts
Expense ratio 0.45% 1.32%
Launched Jul 7, 2026 Dec 30, 2025
Net assets $262,230 $30m

ONDC and ONDL on the same fields, as of Sep 30, 2026. Source: ETFIQ.

ONDC in plain words

One month to Sep 30, 2026: ONDC returned −13.3% where its own daily promise gave −10.3%, 3.1 points short. Read the multiple against the whole window instead and 2 times ONDS's −4.3% implies −8.5%, which makes ONDC look 4.8 points short. 1.8 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. ONDC aims to return +2 times ONDS'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. ONDS moved at 51% 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.

ONDL in plain words

Three months to Sep 30, 2026: ONDL returned −35.1% where its own daily promise gave −26.6%, 8.4 points short. Read the multiple against the whole window instead and 2 times ONDS's −7.5% implies −14.9%, which makes ONDL look 20.2 points short. 11.7 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. ONDL aims to return +2 times ONDS's move each day, then resets. ONDS moved at 78% annualized over that window.

Questions people ask

Which came closer to its stated multiple, ONDC or ONDL?
Over the window to Sep 30, 2026, ONDC finished 4.8 points from what its multiple implies and ONDL finished 20.2 points from its own, so ONDC came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are ONDC and ONDL levered on the same thing?
Yes. Both are levered on Ondas, ONDC at +2 times and ONDL at +2 times the daily move.
Which one decays faster, ONDC or ONDL?
Decay follows how much the underlying moves about. Over this window ONDC’s moved at 51% annualized and ONDL’s at 78%, so ONDL has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold ONDC or ONDL 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, ONDC or ONDL?
ONDC charges 0.45% a year and ONDL charges 1.32%, so ONDC is cheaper. Fees come from each fund's prospectus.
Other comparisons
ONDC vs ONDGONDC vs ONDUONDL vs ONDUONDL vs ONDG
ONDC on its own →ONDL on its own →How every figure is computed →Standards and sources →
Where these figures came from
ONDC filings on SEC EDGAR ↗Corgi website ↗ONDL filings on SEC EDGAR ↗ONDL prospectus with the expense ratio (SEC) ↗Defiance page for ONDL ↗

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, ONDC against ONDL, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/ondc-vs-ondl

Open data

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