DFNM vs. IONL

Last updated Aug 2, 2026

DFNM (Dimensional National Municipal Bond ETF) and IONL (GraniteShares 2x Long IONQ Daily ETF) are both exchange-traded funds - DFNM is a Municipal Bonds fund actively managed by Dimensional, while IONL is a Leveraged Equities fund tracking the IonQ Inc. (IONQ). DFNM is actively managed, while IONL is passively managed. Over the past year, DFNM returned 3.46% vs -67.92% for IONL. Their -0.01 correlation means they have often moved in opposite directions in the past. DFNM charges 0.17%/yr vs 1.50%/yr for IONL.

Performance

DFNM vs. IONL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional National Municipal Bond ETF (DFNM) and GraniteShares 2x Long IONQ Daily ETF (IONL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFNM achieves a 0.45% return, which is significantly higher than IONL's -64.46% return.

DFNM

• 1D: -0.04%
• 1M: -1.20%
• 6M: -0.36%
• YTD: 0.45%
• 1Y: 3.46%
• 3Y*: 2.90%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 1.20%

IONL

• 1D: 3.90%
• 1M: -48.89%
• 6M: -52.48%
• YTD: -64.46%
• 1Y: -67.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -40.83%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFNM Dimensional National Municipal Bond ETF	$10.08M	$8.87M	$8.49M
IONL GraniteShares 2x Long IONQ Daily ETF	$9.66M	$9.60M	$26.37M

DFNM vs. IONL - Yearly Performance Comparison

	2026 (YTD)	2025
DFNM Dimensional National Municipal Bond ETF	0.45%	3.52%
IONL GraniteShares 2x Long IONQ Daily ETF	-64.46%	38.57%

Correlation

The correlation between DFNM and IONL is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.01
Correlation (All Time) Calculated using the full available price history since Mar 25, 2025	-0.01

Return for Risk

DFNM vs. IONL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DFNM

DFNM Risk / Return Rank: 77
DFNM Sharpe Ratio Rank: 88
DFNM Sortino Ratio Rank: 87
DFNM Omega Ratio Rank: 92
DFNM Calmar Ratio Rank: 58
DFNM Martin Ratio Rank: 57

IONL

IONL Risk / Return Rank: 9
IONL Sharpe Ratio Rank: 6
IONL Sortino Ratio Rank: 15
IONL Omega Ratio Rank: 14
IONL Calmar Ratio Rank: 3
IONL Martin Ratio Rank: 4

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DFNM vs. IONL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional National Municipal Bond ETF (DFNM) and GraniteShares 2x Long IONQ Daily ETF (IONL). 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.

	DFNM	IONL	Difference
Sharpe ratio: Return per unit of total volatility	2.12	-0.38	+2.50
Sortino ratio: Return per unit of downside risk	2.95	0.40	+2.55
Omega ratio: Gain probability vs. loss probability	1.46	1.04	+0.42
Calmar ratio: Return relative to maximum drawdown	2.07	-0.76	+2.83
Martin ratio: Return relative to average drawdown	6.89	-1.01	+7.90

DFNM vs. IONL - Sharpe Ratio Comparison

The current DFNM Sharpe Ratio is 2.12, which is higher than the IONL Sharpe Ratio of -0.38. The chart below compares the historical Sharpe Ratios of DFNM and IONL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DFNM vs. IONL - Drawdown Comparison

The maximum DFNM drawdown since its inception was -6.99%, smaller than the maximum IONL drawdown of -93.48%. Use the drawdown chart below to compare losses from any high point for DFNM and IONL.

Drawdown Indicators

	DFNM	IONL	Difference
Max Drawdown Largest peak-to-trough decline	-6.99%	-93.48%	+86.49%
Max Drawdown (1Y) Largest decline over 1 year	-1.84%	-93.48%	+91.64%
Max Drawdown (3Y) Largest decline over 3 years	-2.79%	—	—
Current Drawdown Current decline from peak	-1.20%	-91.68%	+90.48%
Average Drawdown Average peak-to-trough decline	-1.91%	-53.97%	+52.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	70.08%	-69.53%

Volatility

DFNM vs. IONL - Volatility Comparison

The current volatility for Dimensional National Municipal Bond ETF (DFNM) is 0.67%, while GraniteShares 2x Long IONQ Daily ETF (IONL) has a volatility of 45.76%. This indicates that DFNM experiences smaller price fluctuations and is considered to be less risky than IONL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFNM	IONL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	45.76%	-45.09%
Volatility (6M) Calculated over the trailing 6-month period	1.43%	136.52%	-135.09%
Volatility (1Y) Calculated over the trailing 1-year period	1.80%	188.52%	-186.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.52%	193.89%	-191.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.52%	193.89%	-191.37%

DFNM vs. IONL - Expense Ratio Comparison

DFNM has a 0.17% expense ratio, which is lower than IONL's 1.50% expense ratio.

Dividends

DFNM vs. IONL - Dividend Comparison

DFNM's dividend yield for the trailing twelve months is around 2.97%, while IONL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
DFNM Dimensional National Municipal Bond ETF	2.97%	2.94%	2.74%	2.39%	1.16%	0.05%
IONL GraniteShares 2x Long IONQ Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFNM and IONL in my portfolio?

DFNM and IONL have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFNM or IONL?

IONL has higher volatility (45.76%) compared to DFNM (0.67%). In terms of maximum drawdown, DFNM dropped -6.99% vs IONL's -93.48%.

Which ETF is better, DFNM or IONL?

On 1-year performance, DFNM leads with 3.46% vs -67.92% for IONL. On fees, DFNM is cheaper at 0.17% per year. On volatility, DFNM has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFNM or IONL?

Over the 1-year period, DFNM has performed better with a 3.46% return vs -67.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFNM or IONL?

DFNM is cheaper with a 0.17% expense ratio, compared with 1.50% for IONL.

Which ETF pays a higher dividend yield, DFNM or IONL?

DFNM has the higher dividend yield at 2.97%, compared with 0.00% for IONL.

What is the main difference between DFNM and IONL?

DFNM is categorized as Municipal Bonds, while IONL is Leveraged Equities. They also come from different issuers: Dimensional and GraniteShares. Their fees differ too: 0.17% for DFNM and 1.50% for IONL.

Which has better risk-adjusted returns?

DFNM currently has the higher Sharpe Ratio (2.12 vs -0.38), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.