AAOX vs. ORLG

Last updated Jul 17, 2026

AAOX (Tradr 2X Long AAOI Daily ETF) and ORLG (Leverage Shares 2X Long ORLY Daily ETF) are both Leveraged Equities funds - AAOX tracks the Applied Optoelectronics, Inc. (AAOI) while ORLG tracks the O'Reilly Automotive, Inc. (ORLY). Both are passively managed. At a correlation of -0.22, they often move in opposite directions. AAOX charges 1.49%/yr vs 0.75%/yr for ORLG.

Performance

AAOX vs. ORLG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long AAOI Daily ETF (AAOX) and Leverage Shares 2X Long ORLY Daily ETF (ORLG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

AAOX

• 1D: -15.94%
• 1M: -70.45%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ORLG

• 1D: 8.37%
• 1M: -11.93%
• 6M: -23.86%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAOX vs. ORLG - Yearly Performance Comparison

	2026 (YTD)
AAOX Tradr 2X Long AAOI Daily ETF	-48.33%
ORLG Leverage Shares 2X Long ORLY Daily ETF	-12.16%

Correlation

The correlation between AAOX and ORLG is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 24, 2026	-0.22

Return for Risk

AAOX vs. ORLG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long AAOI Daily ETF (AAOX) and Leverage Shares 2X Long ORLY Daily ETF (ORLG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

AAOX vs. ORLG - Drawdown Comparison

The maximum AAOX drawdown since its inception was -86.17%, which is greater than ORLG's maximum drawdown of -39.93%. Use the drawdown chart below to compare losses from any high point for AAOX and ORLG.

Drawdown Indicators

	AAOX	ORLG	Difference
Max Drawdown Largest peak-to-trough decline	-86.17%	-39.93%	-46.24%
Current Drawdown Current decline from peak	-86.17%	-34.91%	-51.26%
Average Drawdown Average peak-to-trough decline	-36.72%	-20.65%	-16.07%

Volatility

Volatility by Period

	AAOX	ORLG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	292.80%	59.08%	+233.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	292.80%	59.08%	+233.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	292.80%	59.08%	+233.72%

AAOX vs. ORLG - Expense Ratio Comparison

AAOX has a 1.49% expense ratio, which is higher than ORLG's 0.75% expense ratio.

Dividends

AAOX vs. ORLG - Dividend Comparison

Neither AAOX nor ORLG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AAOX and ORLG in my portfolio?

AAOX and ORLG have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AAOX or ORLG?

On fees, ORLG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AAOX or ORLG?

ORLG is cheaper with a 0.75% expense ratio, compared with 1.49% for AAOX.

Which ETF pays a higher dividend yield, AAOX or ORLG?

AAOX and ORLG have nearly identical dividend yields, around 0.00%.

What is the main difference between AAOX and ORLG?

AAOX tracks Applied Optoelectronics, Inc. (AAOI), while ORLG tracks O'Reilly Automotive, Inc. (ORLY). They also come from different issuers: Tradr and Leverage Shares. Their fees differ too: 1.49% for AAOX and 0.75% for ORLG.