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RAML vs RAMZ: which held to its multiple?

Over a month against its own daily promise, RAML finished 1.6 points short and RAMZ 0.3 points over. Leverage Shares 2X Long Memory Daily ETF and T-REX 2X INVERSE DRAM DAILY TARGET ETF.

−6.4%
RAML returned, since launch
−53.2%
RAMZ returned, since launch
−13.4 pts
RAML from its stated multiple
−0.5 pts
RAMZ from its stated multiple
RAML · 1 month to Sep 30, 20263.8 pts short of its stated multiple
3.8 pts short of its stated multipleRAML returned +8.3% while 2 times DRAM's move would have been +12.2%DRAM +6.1% ×2 implies+12.2%RAML returned+8.3%3.8 pts short of its stated multipleRAML returned +8.3% while 2 times DRAM's move would have been +12.2%DRAM +6.1% ×2 implies+12.2%RAML returned+8.3%

RAML returned +8.3% while 2 times DRAM's move would have been +12.2%

RAMZ · 1 month to Sep 30, 20264.7 pts short of its stated multiple
4.7 pts short of its stated multipleRAMZ returned −16.8% while −2 times DRAM's move would have been −12.2%DRAM +6.1% ×−2 implies−12.2%RAMZ returned−16.8%4.7 pts short of its stated multipleRAMZ returned −16.8% while −2 times DRAM's move would have been −12.2%DRAM +6.1% ×−2 implies−12.2%RAMZ returned−16.8%

RAMZ returned −16.8% while −2 times DRAM's move would have been −12.2%

Performance, window by window

Total returnMultiple would giveDifference
WindowRAMLRAMZRAMLRAMZRAMLRAMZ
1 month+8.3%−16.8%+12.2%−12.2%−3.8 pts−4.7 pts
Since launch
RAML Jul 2026 · RAMZ Jul 2026
−6.4%−53.2%+7.1%−52.7%−13.4 pts−0.5 pts

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

On the same fields

RAML
Leverage Shares 2X Long Memory Daily ETF · Aims to return twice the daily move of Roundhill Memory ETF (DRAM)
RAMZ
T-REX 2X INVERSE DRAM DAILY TARGET ETF · Aims to return twice the opposite of the daily move of Roundhill Memory ETF (DRAM)
Issuer Leverage Shares T-REX
Sets out to return +2x -2x
Underlying asset DRAM DRAM
Segment sector sector
Fund returned, 3 months or since launch +8.3% −16.8%
Underlying returned, over that window +6.1% +6.1%
What the stated multiple implies, over that window +12.2% −12.2%
Difference from stated, over that window −3.8 pts −4.7 pts
Fund returned, 1 year or since launch −6.4% −53.2%
Difference from stated, over that window −13.4 pts −0.5 pts
Underlying volatility 52% 52%
Difference over the days both have traded −3.8 pts no shared window
Expense ratio 0.99% 1.50%
Launched Jul 23, 2026 Jul 28, 2026
Net assets $2m $7m

RAML and RAMZ on the same fields, as of Sep 30, 2026. Source: ETFIQ.

RAML in plain words

One month to Sep 30, 2026: RAML returned +8.3% where its own daily promise gave +9.9%, 1.6 points short. Read the multiple against the whole window instead and 2 times DRAM's 6.1% implies +12.2%, which makes RAML look 3.8 points short. 2.2 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. RAML aims to return +2 times DRAM'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. DRAM moved at 52% 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.

RAMZ in plain words

One month to Sep 30, 2026: RAMZ returned −16.8% where its own daily promise gave −17.1%, 0.3 points over. Read the multiple against the whole window instead and −2 times DRAM's 6.1% implies −12.2%, which makes RAMZ look 4.7 points short. 4.9 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. RAMZ aims to return -2 times DRAM'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, RAML or RAMZ?
Over the window to Sep 30, 2026, RAML finished 3.8 points from what its multiple implies and RAMZ finished 4.7 points from its own, so RAML came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are RAML and RAMZ levered on the same thing?
Yes. Both are levered on Roundhill Memory ETF, RAML at +2 times and RAMZ at -2 times the daily move.
Which one decays faster, RAML or RAMZ?
Decay follows how much the underlying moves about. Over this window RAML’s moved at 52% annualized and RAMZ’s at 52%, so RAML has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold RAML or RAMZ 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, RAML or RAMZ?
RAML charges 0.99% a year and RAMZ charges 1.50%, so RAML is cheaper. Fees come from each fund's prospectus.
Other comparisons
RAML vs DRALRAML vs RAMRAMZ vs DRALRAMZ vs RAM
DRAM →RAML on its own →RAMZ on its own →How every figure is computed →Standards and sources →
Where these figures came from
RAML filings on SEC EDGAR ↗RAML prospectus with the expense ratio (SEC) ↗Leverage Shares website ↗RAMZ filings on SEC EDGAR ↗RAMZ prospectus with the expense ratio (SEC) ↗T-REX page for RAMZ ↗

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, RAML against RAMZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/raml-vs-ramz

Open data

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