Which came closer to its stated multiple, RKLX or RKLZ?

Over the window to Sep 30, 2026, RKLX finished 0.4 points from what its multiple implies and RKLZ finished 39.8 points from its own, so RKLX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are RKLX and RKLZ levered on the same thing?

Yes. Both are levered on Rocket Lab, RKLX at +2 times and RKLZ at -2 times the daily move.

Which one decays faster, RKLX or RKLZ?

Decay follows how much the underlying moves about. Over this window RKLX’s moved at 70% annualized and RKLZ’s at 70%, so RKLX has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold RKLX or RKLZ 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, RKLX or RKLZ?

RKLX charges 1.63% a year and RKLZ charges 1.29%, so RKLZ is cheaper. Fees come from each fund's prospectus.

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RKLX vs RKLZ: which held to its multiple?

Over three months against its own daily promise, RKLX finished 2.9 points short and RKLZ 21.5 points short. Defiance Daily Target 2X Long RKLB ETF and Defiance Daily Target 2X Short RKLB ETF.

−60.3%

RKLX returned, 3 months

+20.9%

RKLZ returned, 3 months

+0.4 pts

RKLX from its stated multiple

−39.8 pts

RKLZ from its stated multiple

RKLX · 3 months to Sep 30, 2026On its stated multiple

RKLX returned −60.3% while 2 times RKLB's move would have been −60.7%

RKLZ · 3 months to Sep 30, 202639.8 pts short of its stated multiple

RKLZ returned +20.9% while −2 times RKLB's move would have been +60.7%

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

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

RKLX 43.2

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

RKLZ among the 125 inverse ETFs over three months

RKLZ 1.2

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

A percentile among the 470 leveraged ETFs, long, over three months. RKLZ 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	RKLX	RKLZ	RKLX	RKLZ	RKLX	RKLZ
1 month	+13.5%	−26.3%	+18.0%	−18.0%	−4.5 pts	−8.3 pts
3 months	−60.3%	+20.9%	−60.7%	+60.7%	+0.4 pts	−39.8 pts
6 months	−35.8%	−86.5%	+12.7%	−12.7%	−48.5 pts	−73.8 pts
1 year	−30.4%	not published	+90.9%	not published	−121.3 pts	not published
Since launch RKLX Mar 2025 · RKLZ Nov 2025	+224.2%	−98.1%	not meaningful	−125.8%	not meaningful	+27.7 pts

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

On the same fields

RKLX

Defiance Daily Target 2X Long RKLB ETF · Aims to return twice the daily move of Rocket Lab (RKLB)

RKLZ

Defiance Daily Target 2X Short RKLB ETF · Aims to return twice the opposite of the daily move of Rocket Lab (RKLB)

Issuer Defiance Defiance

Sets out to return +2x -2x

Underlying asset RKLB RKLB

Segment company company

Fund returned, 3 months or since launch −60.3% +20.9%

Underlying returned, over that window −30.4% −30.4%

What the stated multiple implies, over that window −60.7% +60.7%

Difference from stated, over that window +0.4 pts −39.8 pts

Fund returned, 1 year or since launch −30.4% −98.1%

Difference from stated, over that window −121.3 pts +27.7 pts

Underlying volatility 70% 70%

Difference over the days both have traded +0.4 pts no shared window

Expense ratio 1.63% 1.29%

Launched Mar 13, 2025 Nov 18, 2025

Net assets $205m $7m

RKLX and RKLZ on the same fields, as of Sep 30, 2026. Source: ETFIQ.

RKLX in plain words

Three months to Sep 30, 2026: RKLX returned −60.3% where its own daily promise gave −57.4%, 2.9 points short. Read the multiple against the whole window instead and 2 times RKLB's −30.4% implies −60.7%, which makes RKLX look 0.4 points over. 3.4 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. RKLX aims to return +2 times RKLB'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. RKLB moved at 70% 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.

RKLZ in plain words

Three months to Sep 30, 2026: RKLZ returned +20.9% where its own daily promise gave +42.4%, 21.5 points short. Read the multiple against the whole window instead and −2 times RKLB's −30.4% implies +60.7%, which makes RKLZ look 39.8 points short. 18.4 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. RKLZ aims to return -2 times RKLB'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, RKLX or RKLZ?: Over the window to Sep 30, 2026, RKLX finished 0.4 points from what its multiple implies and RKLZ finished 39.8 points from its own, so RKLX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are RKLX and RKLZ levered on the same thing?: Yes. Both are levered on Rocket Lab, RKLX at +2 times and RKLZ at -2 times the daily move.
Which one decays faster, RKLX or RKLZ?: Decay follows how much the underlying moves about. Over this window RKLX’s moved at 70% annualized and RKLZ’s at 70%, so RKLX has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold RKLX or RKLZ 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, RKLX or RKLZ?: RKLX charges 1.63% a year and RKLZ charges 1.29%, so RKLZ is cheaper. Fees come from each fund's prospectus.

Other comparisons

RKLX vs RKX RKLZ vs RKX

RKLX on its own →RKLZ on its own →How every figure is computed →Standards and sources →

Where these figures came from

RKLX and RKLZ filings on SEC EDGAR ↗RKLX and RKLZ prospectus with the expense ratio (SEC) ↗Defiance page for RKLX ↗Defiance page for RKLZ ↗

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, RKLX against RKLZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/rklx-vs-rklz

Open data

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