Which came closer to its stated multiple, QBTX or QBTZ?

Over the window to Sep 30, 2026, QBTX finished 2.0 points from what its multiple implies and QBTZ finished 74.2 points from its own, so QBTX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are QBTX and QBTZ levered on the same thing?

Yes. Both are levered on D-Wave Quantum, QBTX at +2 times and QBTZ at -2 times the daily move.

Which one decays faster, QBTX or QBTZ?

Decay follows how much the underlying moves about. Over this window QBTX’s moved at 87% annualized and QBTZ’s at 87%, so QBTX has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold QBTX or QBTZ 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, QBTX or QBTZ?

QBTX charges 1.31% a year and QBTZ charges 2.31%, so QBTX is cheaper. Fees come from each fund's prospectus.

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QBTX vs QBTZ: which held to its multiple?

Over three months against its own daily promise, QBTX finished 2.3 points short and QBTZ 24.9 points short. Tradr 2X Long QBTS Daily ETF and Defiance Daily Target 2X Short QBTS ETF.

−60.9%

QBTX returned, 3 months

−15.3%

QBTZ returned, 3 months

−2.0 pts

QBTX from its stated multiple

−74.2 pts

QBTZ from its stated multiple

QBTX · 3 months to Sep 30, 20262 pts short of its stated multiple

QBTX returned −60.9% while 2 times QBTS's move would have been −59.0%

QBTZ · 3 months to Sep 30, 202674.2 pts short of its stated multiple

QBTZ returned −15.3% while −2 times QBTS's move would have been +59.0%

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

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

QBTX 59.9

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

QBTZ among the 125 inverse ETFs over three months

QBTZ 0.4

0.4, the lowest in this set99.6, the highest

A percentile among the 470 leveraged ETFs, long, over three months. QBTZ 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	QBTX	QBTZ	QBTX	QBTZ	QBTX	QBTZ
1 month	−11.1%	−12.1%	−7.3%	+7.3%	−3.8 pts	−19.4 pts
3 months	−60.9%	−15.3%	−59.0%	+59.0%	−2.0 pts	−74.2 pts
6 months	−20.5%	−93.8%	+41.9%	−41.9%	−62.4 pts	−51.9 pts
1 year	−87.8%	not published	−65.9%	not published	−22.0 pts	not published
Since launch QBTX Apr 2025 · QBTZ Oct 2025	−27.5%	−94.1%	not meaningful	+107.2%	not meaningful	−201.3 pts

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

On the same fields

QBTX

Tradr 2X Long QBTS Daily ETF · Aims to return twice the daily move of D-Wave Quantum (QBTS)

QBTZ

Defiance Daily Target 2X Short QBTS ETF · Aims to return twice the opposite of the daily move of D-Wave Quantum (QBTS)

Issuer Tradr Defiance

Sets out to return +2x -2x

Underlying asset QBTS QBTS

Segment company company

Fund returned, 3 months or since launch −60.9% −15.3%

Underlying returned, over that window −29.5% −29.5%

What the stated multiple implies, over that window −59.0% +59.0%

Difference from stated, over that window −2.0 pts −74.2 pts

Fund returned, 1 year or since launch −87.8% −94.1%

Difference from stated, over that window −22.0 pts −201.3 pts

Underlying volatility 87% 87%

Difference over the days both have traded −3.8 pts no shared window

Expense ratio 1.31% 2.31%

Launched Apr 25, 2025 Oct 7, 2025

Net assets $64m $7m

QBTX and QBTZ on the same fields, as of Sep 30, 2026. Source: ETFIQ.

QBTX in plain words

Three months to Sep 30, 2026: QBTX returned −60.9% where its own daily promise gave −58.6%, 2.3 points short. Read the multiple against the whole window instead and 2 times QBTS's −29.5% implies −59.0%, which makes QBTX look 2.0 points short. 0.4 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. QBTX aims to return +2 times QBTS'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. QBTS moved at 87% 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.

QBTZ in plain words

Three months to Sep 30, 2026: QBTZ returned −15.3% where its own daily promise gave +9.6%, 24.9 points short. Read the multiple against the whole window instead and −2 times QBTS's −29.5% implies +59.0%, which makes QBTZ look 74.2 points short. 49.4 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. QBTZ aims to return -2 times QBTS'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, QBTX or QBTZ?: Over the window to Sep 30, 2026, QBTX finished 2.0 points from what its multiple implies and QBTZ finished 74.2 points from its own, so QBTX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are QBTX and QBTZ levered on the same thing?: Yes. Both are levered on D-Wave Quantum, QBTX at +2 times and QBTZ at -2 times the daily move.
Which one decays faster, QBTX or QBTZ?: Decay follows how much the underlying moves about. Over this window QBTX’s moved at 87% annualized and QBTZ’s at 87%, so QBTX has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold QBTX or QBTZ 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, QBTX or QBTZ?: QBTX charges 1.31% a year and QBTZ charges 2.31%, so QBTX is cheaper. Fees come from each fund's prospectus.

Other comparisons

QBTX vs QUA QBTZ vs QUA

QBTX on its own →QBTZ on its own →How every figure is computed →Standards and sources →

Where these figures came from

QBTX filings on SEC EDGAR ↗QBTX prospectus with the expense ratio (SEC) ↗Tradr website ↗QBTZ filings on SEC EDGAR ↗QBTZ prospectus with the expense ratio (SEC) ↗Defiance page for QBTZ ↗

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, QBTX against QBTZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/qbtx-vs-qbtz

Open data

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