Which came closer to its stated multiple, ONDG or ONDL?

Over the window to Sep 30, 2026, ONDG finished 15.8 points from what its multiple implies and ONDL finished 20.2 points from its own, so ONDG came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are ONDG and ONDL levered on the same thing?

Yes. Both are levered on Ondas, ONDG at +2 times and ONDL at +2 times the daily move.

Which one decays faster, ONDG or ONDL?

Decay follows how much the underlying moves about. Over this window ONDG’s moved at 78% annualized and ONDL’s at 78%, so ONDG has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold ONDG 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, ONDG or ONDL?

ONDG charges 0.75% a year and ONDL charges 1.32%, so ONDG is cheaper. Fees come from each fund's prospectus.

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ONDG vs ONDL: which held to its multiple?

Over the days both have traded, ONDG finished 3.3 points from its stated multiple and ONDL 5.5. Leverage Shares 2X Long ONDS Daily ETF and Defiance Daily Target 2X Long ONDS ETF.

−30.7%

ONDG returned, 3 months

−35.1%

ONDL returned, 3 months

−15.8 pts

ONDG from its stated multiple

−20.2 pts

ONDL from its stated multiple

ONDG · 3 months to Sep 30, 202615.8 pts short of its stated multiple

ONDG returned −30.7% while 2 times ONDS's move would have been −14.9%

ONDL · 3 months to Sep 30, 202620.2 pts short of its stated multiple

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

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

ONDG 22

ONDL 3.9

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

A percentile among the 470 leveraged ETFs, long, over three months. 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	ONDG	ONDL	ONDG	ONDL	ONDG	ONDL
1 month	−11.8%	−14.0%	−8.5%	−8.5%	−3.3 pts	−5.5 pts
3 months	−30.7%	−35.1%	−14.9%	−14.9%	−15.8 pts	−20.2 pts
6 months	−58.0%	−63.7%	−33.6%	−33.6%	−24.4 pts	−30.1 pts
Since launch ONDG Jan 2026 · ONDL Dec 2025	−87.2%	−76.7%	−94.5%	−36.9%	+7.3 pts	−39.8 pts

ONDG 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

ONDG

Leverage Shares 2X Long ONDS 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 Leverage Shares Defiance

Sets out to return +2x +2x

Underlying asset ONDS ONDS

Segment company company

Fund returned, 3 months or since launch −30.7% −35.1%

Underlying returned, over that window −7.5% −7.5%

What the stated multiple implies, over that window −14.9% −14.9%

Difference from stated, over that window −15.8 pts −20.2 pts

Fund returned, 1 year or since launch −87.2% −76.7%

Difference from stated, over that window +7.3 pts −39.8 pts

Underlying volatility 78% 78%

Difference over the days both have traded −3.3 pts −5.5 pts

Expense ratio 0.75% 1.32%

Launched Jan 13, 2026 Dec 30, 2025

Net assets $24m $30m

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

ONDG in plain words

Three months to Sep 30, 2026: ONDG returned −30.7% where its own daily promise gave −26.6%, 4.1 points short. Read the multiple against the whole window instead and 2 times ONDS's −7.5% implies −14.9%, which makes ONDG look 15.8 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. ONDG 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 78% 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. ONDL aims to return +2 times ONDS's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, ONDG or ONDL?: Over the window to Sep 30, 2026, ONDG finished 15.8 points from what its multiple implies and ONDL finished 20.2 points from its own, so ONDG came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are ONDG and ONDL levered on the same thing?: Yes. Both are levered on Ondas, ONDG at +2 times and ONDL at +2 times the daily move.
Which one decays faster, ONDG or ONDL?: Decay follows how much the underlying moves about. Over this window ONDG’s moved at 78% annualized and ONDL’s at 78%, so ONDG has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold ONDG 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, ONDG or ONDL?: ONDG charges 0.75% a year and ONDL charges 1.32%, so ONDG is cheaper. Fees come from each fund's prospectus.

Other comparisons

ONDG vs ONDC ONDG vs ONDU ONDL vs ONDC ONDL vs ONDU

ONDG on its own →ONDL on its own →How every figure is computed →Standards and sources →

Where these figures came from

ONDG filings on SEC EDGAR ↗ONDG prospectus with the expense ratio (SEC) ↗Leverage Shares 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, ONDG against ONDL, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/ondg-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.