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

Over the window to Sep 30, 2026, QBTZ finished 74.2 points from what its multiple implies and QUA finished 2.6 points from its own, so QUA came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are QBTZ and QUA levered on the same thing?

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

Which one decays faster, QBTZ or QUA?

Decay follows how much the underlying moves about. Over this window QBTZ’s moved at 87% annualized and QUA’s at 54%, so QBTZ has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold QBTZ or QUA 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, QBTZ or QUA?

QBTZ charges 2.31% a year and QUA charges 0.45%, so QUA is cheaper. Fees come from each fund's prospectus.

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QBTZ vs QUA: which held to its multiple?

Over a month against its own daily promise, QBTZ finished 12.1 points short and QUA 0.6 points short. Defiance Daily Target 2X Short QBTS ETF and Corgi QBTS 2x Daily ETF.

−15.3%

QBTZ returned, 3 months

−43.7%

QUA returned, since launch

−74.2 pts

QBTZ from its stated multiple

−8.7 pts

QUA from its stated multiple

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%

QUA · 1 month to Sep 30, 20262.6 pts short of its stated multiple

QUA returned −9.9% while 2 times QBTS's move would have been −7.3%

Performance, window by window

	Total return		Multiple would give		Difference
Window	QBTZ	QUA	QBTZ	QUA	QBTZ	QUA
1 month	−12.1%	−9.9%	+7.3%	−7.3%	−19.4 pts	−2.6 pts
3 months	−15.3%	not published	+59.0%	not published	−74.2 pts	not published
6 months	−93.8%	not published	−41.9%	not published	−51.9 pts	not published
Since launch QBTZ Oct 2025 · QUA Jul 2026	−94.1%	−43.7%	+107.2%	−35.0%	−201.3 pts	−8.7 pts

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

On the same fields

QBTZ

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

QUA

Corgi QBTS 2x Daily ETF · Aims to return twice the daily move of D-Wave Quantum (QBTS)

Issuer Defiance Corgi

Sets out to return -2x +2x

Underlying asset QBTS QBTS

Segment company company

Fund returned, 3 months or since launch −15.3% −9.9%

Underlying returned, over that window −29.5% −3.7%

What the stated multiple implies, over that window +59.0% −7.3%

Difference from stated, over that window −74.2 pts −2.6 pts

Fund returned, 1 year or since launch −94.1% −43.7%

Difference from stated, over that window −201.3 pts −8.7 pts

Underlying volatility 87% 54%

Difference over the days both have traded no shared window −2.6 pts

Expense ratio 2.31% 0.45%

Launched Oct 7, 2025 Jul 10, 2026

Net assets $7m $188,792

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

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 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.

QUA in plain words

One month to Sep 30, 2026: QUA returned −9.9% where its own daily promise gave −9.3%, 0.6 points short. Read the multiple against the whole window instead and 2 times QBTS's −3.7% implies −7.3%, which makes QUA look 2.6 points short. 2.0 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. QUA 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. QBTS moved at 54% annualized over that window.

Questions people ask

Which came closer to its stated multiple, QBTZ or QUA?: Over the window to Sep 30, 2026, QBTZ finished 74.2 points from what its multiple implies and QUA finished 2.6 points from its own, so QUA came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are QBTZ and QUA levered on the same thing?: Yes. Both are levered on D-Wave Quantum, QBTZ at -2 times and QUA at +2 times the daily move.
Which one decays faster, QBTZ or QUA?: Decay follows how much the underlying moves about. Over this window QBTZ’s moved at 87% annualized and QUA’s at 54%, so QBTZ has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold QBTZ or QUA 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, QBTZ or QUA?: QBTZ charges 2.31% a year and QUA charges 0.45%, so QUA is cheaper. Fees come from each fund's prospectus.

Other comparisons

QBTZ vs QBTX QUA vs QBTX

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

Where these figures came from

QBTZ filings on SEC EDGAR ↗QBTZ prospectus with the expense ratio (SEC) ↗Defiance page for QBTZ ↗QUA filings on SEC EDGAR ↗QUA prospectus with the expense ratio (SEC) ↗Corgi 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, QBTZ against QUA, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/qbtz-vs-qua

Open data

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