IONL vs. BAR

Last updated Jun 4, 2026

IONL (GraniteShares 2x Long IONQ Daily ETF) and BAR (GraniteShares Gold Trust) are both exchange-traded funds - IONL is a Leveraged Equities fund tracking the IonQ Inc. (IONQ), while BAR is a Gold fund tracking the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past year, IONL returned 11.24% vs 32.26% for BAR. At a 0.01 correlation, their price movements are largely independent. IONL charges 1.50%/yr vs 0.17%/yr for BAR.

Performance

IONL vs. BAR - Performance Comparison

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

Returns By Period

In the year-to-date period, IONL achieves a 48.62% return, which is significantly higher than BAR's 2.94% return.

IONL

• 1D: -8.47%
• 1M: 99.80%
• YTD: 48.62%
• 6M: 17.16%
• 1Y: 11.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BAR

• 1D: -1.02%
• 1M: -1.62%
• YTD: 2.94%
• 6M: 5.50%
• 1Y: 32.26%
• 3Y*: 31.38%
• 5Y*: 18.41%
• 10Y*: —

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

IONL vs. BAR - Yearly Performance Comparison

	2026 (YTD)	2025
IONL GraniteShares 2x Long IONQ Daily ETF	48.62%	38.57%
BAR GraniteShares Gold Trust	2.94%	42.58%

Correlation

The correlation between IONL and BAR is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (All Time) Calculated using the full available price history since Mar 26, 2025	0.01

Return for Risk

IONL vs. BAR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IONL

IONL Risk / Return Rank: 17
IONL Sharpe Ratio Rank: 10
IONL Sortino Ratio Rank: 29
IONL Omega Ratio Rank: 26
IONL Calmar Ratio Rank: 10
IONL Martin Ratio Rank: 10

BAR

BAR Risk / Return Rank: 32
BAR Sharpe Ratio Rank: 33
BAR Sortino Ratio Rank: 30
BAR Omega Ratio Rank: 36
BAR Calmar Ratio Rank: 34
BAR Martin Ratio Rank: 29

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IONL vs. BAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long IONQ Daily ETF (IONL) and GraniteShares Gold Trust (BAR). 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.

	IONL	BAR	Difference
Sharpe ratio Return per unit of total volatility	0.06	1.23	-1.16
Sortino ratio Return per unit of downside risk	1.52	1.62	-0.10
Omega ratio Gain probability vs. loss probability	1.17	1.25	-0.08
Calmar ratio Return relative to maximum drawdown	0.12	1.69	-1.57
Martin ratio Return relative to average drawdown	0.18	4.19	-4.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IONL vs. BAR - Sharpe Ratio Comparison

The current IONL Sharpe Ratio is 0.06, which is lower than the BAR Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of IONL and BAR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IONL	BAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.06	1.23	-1.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.90	-0.47

Drawdowns

IONL vs. BAR - Drawdown Comparison

The maximum IONL drawdown since its inception was -93.41%, which is greater than BAR's maximum drawdown of -21.53%. Use the drawdown chart below to compare losses from any high point for IONL and BAR.

Drawdown Indicators

	IONL	BAR	Difference
Max Drawdown Largest peak-to-trough decline	-93.41%	-21.53%	-71.88%
Max Drawdown (1Y) Largest decline over 1 year	-93.41%	-19.19%	-74.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.19%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.91%	—
Current Drawdown Current decline from peak	-65.21%	-17.72%	-47.49%
Average Drawdown Average peak-to-trough decline	-50.11%	-6.45%	-43.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.00%	7.72%	+54.28%

Volatility

IONL vs. BAR - Volatility Comparison

GraniteShares 2x Long IONQ Daily ETF (IONL) has a higher volatility of 59.44% compared to GraniteShares Gold Trust (BAR) at 5.46%. This indicates that IONL's price experiences larger fluctuations and is considered to be riskier than BAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IONL	BAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	59.44%	5.46%	+53.98%
Volatility (6M) Calculated over the trailing 6-month period	130.72%	23.03%	+107.69%
Volatility (1Y) Calculated over the trailing 1-year period	181.66%	26.43%	+155.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	195.45%	17.90%	+177.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	195.45%	16.38%	+179.07%

IONL vs. BAR - Expense Ratio Comparison

IONL has a 1.50% expense ratio, which is higher than BAR's 0.17% expense ratio.

Dividends

IONL vs. BAR - Dividend Comparison

Neither IONL nor BAR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IONL and BAR in my portfolio?

IONL and BAR have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IONL or BAR?

IONL has higher volatility (59.44%) compared to BAR (5.46%). In terms of maximum drawdown, IONL dropped -93.41% vs BAR's -21.53%.

Which ETF is better, IONL or BAR?

On 1-year performance, BAR leads with 32.26% vs 11.24% for IONL. On fees, BAR is cheaper at 0.17% per year. On volatility, BAR has been the lower-risk option at 5.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IONL or BAR?

Over the 1-year period, BAR has performed better with a 32.26% return vs 11.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IONL or BAR?

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

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

IONL and BAR have nearly identical dividend yields, around 0.00%.

What is the main difference between IONL and BAR?

IONL is categorized as Leveraged Equities, while BAR is Gold. IONL tracks IonQ Inc. (IONQ), while BAR tracks LBMA Gold Price PM ($/ozt). Their fees differ too: 1.50% for IONL and 0.17% for BAR.

Which has better risk-adjusted returns?

BAR currently has the higher Sharpe Ratio (1.23 vs 0.06), 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.