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

Over the window to Sep 30, 2026, ONDL finished 20.2 points from what its multiple implies and ONDU finished 15.3 points from its own, so ONDU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are ONDL and ONDU levered on the same thing?

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

Which one decays faster, ONDL or ONDU?

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

Can I hold ONDL or ONDU 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, ONDL or ONDU?

ONDL charges 1.32% a year and ONDU charges 1.49%, so ONDL is cheaper. Fees come from each fund's prospectus.

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ONDL vs ONDU: which held to its multiple?

Over the days both have traded, ONDL finished 5.5 points from its stated multiple and ONDU 2.7. Defiance Daily Target 2X Long ONDS ETF and Tradr 2X Long ONDS Daily ETF.

−35.1%

ONDL returned, 3 months

−30.2%

ONDU returned, 3 months

−20.2 pts

ONDL from its stated multiple

−15.3 pts

ONDU from its stated multiple

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%

ONDU · 3 months to Sep 30, 202615.3 pts short of its stated multiple

ONDU returned −30.2% while 2 times ONDS's move would have been −14.9%

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

ONDL 3.9

ONDU 29.3

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	ONDL	ONDU	ONDL	ONDU	ONDL	ONDU
1 month	−14.0%	−11.2%	−8.5%	−8.5%	−5.5 pts	−2.7 pts
3 months	−35.1%	−30.2%	−14.9%	−14.9%	−20.2 pts	−15.3 pts
6 months	−63.7%	−57.3%	−33.6%	−33.6%	−30.1 pts	−23.7 pts
Since launch ONDL Dec 2025 · ONDU Jan 2026	−76.7%	−87.6%	−36.9%	−94.5%	−39.8 pts	+6.8 pts

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

On the same fields

ONDL

Defiance Daily Target 2X Long ONDS ETF · Aims to return twice the daily move of Ondas (ONDS)

ONDU

Tradr 2X Long ONDS Daily ETF · Aims to return twice the daily move of Ondas (ONDS)

Issuer Defiance Tradr

Sets out to return +2x +2x

Underlying asset ONDS ONDS

Segment company company

Fund returned, 3 months or since launch −35.1% −30.2%

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 −20.2 pts −15.3 pts

Fund returned, 1 year or since launch −76.7% −87.6%

Difference from stated, over that window −39.8 pts +6.8 pts

Underlying volatility 78% 78%

Difference over the days both have traded −5.5 pts −2.7 pts

Expense ratio 1.32% 1.49%

Launched Dec 30, 2025 Jan 13, 2026

Net assets $30m $4m

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

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. 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.

ONDU in plain words

Three months to Sep 30, 2026: ONDU returned −30.2% where its own daily promise gave −26.6%, 3.5 points short. Read the multiple against the whole window instead and 2 times ONDS's −7.5% implies −14.9%, which makes ONDU look 15.3 points short. ONDU aims to return +2 times ONDS's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, ONDL or ONDU?: Over the window to Sep 30, 2026, ONDL finished 20.2 points from what its multiple implies and ONDU finished 15.3 points from its own, so ONDU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are ONDL and ONDU levered on the same thing?: Yes. Both are levered on Ondas, ONDL at +2 times and ONDU at +2 times the daily move.
Which one decays faster, ONDL or ONDU?: Decay follows how much the underlying moves about. Over this window ONDL’s moved at 78% annualized and ONDU’s at 78%, so ONDL has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold ONDL or ONDU 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, ONDL or ONDU?: ONDL charges 1.32% a year and ONDU charges 1.49%, so ONDL is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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

Where these figures came from

ONDL filings on SEC EDGAR ↗ONDL prospectus with the expense ratio (SEC) ↗Defiance page for ONDL ↗ONDU filings on SEC EDGAR ↗ONDU 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, ONDL against ONDU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/ondl-vs-ondu

Open data

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