ONG vs ONX: which held to its multiple?
Over the days both have traded, ONG finished 3.2 points from its stated multiple and ONX 2.4. Leverage Shares 2X Long ON Daily ETF and Tradr 2X Long ON Daily ETF.
ONG costs 0.55 points a year less; ONX is 1.3 times larger.
| ONG | ONX | |
|---|---|---|
| Expense ratio | 0.75% | 1.30% |
| Net assets, ONG as of Oct 8, 2026 and ONX as of Oct 9, 2026 | $1m | $2m |
| What it tracks | ON | ON |
| Holdings in common | not published | |
| What its daily multiple gave, 3 months | −39.6% | −39.6% |
| Against its daily multiple, 3 months | 2.0 points short | 1.2 points short |
ONG returned −41.6% while 2 times ON's move would have been −38.4%. Figures from Jul 10, 2026 to Oct 9, 2026.
Figures from Jul 10, 2026 to Oct 9, 2026.
ONX returned −40.9% while 2 times ON's move would have been −38.4%. Figures from Jul 10, 2026 to Oct 9, 2026.
Figures from Jul 10, 2026 to Oct 9, 2026.
A percentile among the 517 leveraged ETFs, long, over three months. All leveraged ETFs ranked by it → How it is computed →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | ONG | ONX | ONG | ONX | ONG | ONX |
| 1 month | +14.1% | +14.8% | +18.5% | +18.5% | −4.3 pts | −3.6 pts |
| 3 months | −41.6% | −40.9% | −38.4% | −38.4% | −3.2 pts | −2.4 pts |
| Since launch ONG Jun 2026 · ONX May 2026 | −73.2% | −70.7% | −79.5% | −74.7% | +6.2 pts | +4.1 pts |
Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
As of Oct 9, 2026. Source: ETFIQ.
ONG in plain words
Three months to Oct 9, 2026: ONG returned −41.6% where its own daily promise gave −39.6%, 2.0 points short. Read the multiple against the whole window instead and 2 times ON's −19.2% implies −38.4%, which makes ONG look 3.2 points short. That 3.2 is two pieces: daily compounding, −1.2 points, which happens to any 2 times fund over the same path, and the fund itself, −2.0 points against its own daily promise. ONG aims to return +2 times ON'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. ON moved at 54% 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.
ONX in plain words
Three months to Oct 9, 2026: ONX returned −40.9% where its own daily promise gave −39.6%, 1.2 points short. Read the multiple against the whole window instead and 2 times ON's −19.2% implies −38.4%, which makes ONX look 2.4 points short. That 2.4 is two pieces: daily compounding, −1.2 points, which happens to any 2 times fund over the same path, and the fund itself, −1.2 points against its own daily promise. ONX aims to return +2 times ON's move each day, then resets.
Questions people ask
- Which came closer to its stated multiple, ONG or ONX?
- Over the window to Oct 9, 2026, ONG finished 3.2 points from what its multiple implies and ONX finished 2.4 points from its own, so ONX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are ONG and ONX levered on the same thing?
- Yes. Both are levered on ON Semiconductor, ONG at +2 times and ONX at +2 times the daily move.
- Which one decays faster, ONG or ONX?
- Decay follows how much the underlying moves about. Over this window ONG’s moved at 54% annualized and ONX’s at 54%, so ONG has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold ONG or ONX 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.
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
It is a position in a set, not a rating, and neither end of it is a recommendation.
Every figure is an ETFIQ calculation with distributions reinvested.
ETFIQ, ONG against ONX, data as of Oct 9, 2026. https://etfiq.com/compare/leverage/ong-vs-onx
ETFIQ. (Oct 9, 2026). ONG against ONX. Retrieved from https://etfiq.com/compare/leverage/ong-vs-onx
[ONG against ONX (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/leverage/ong-vs-onx)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.