IONL vs. CMGG
IONL (GraniteShares 2x Long IONQ Daily ETF) and CMGG (Leverage Shares 2X Long CMG Daily ETF) are both Leveraged Equities funds. IONL is passively managed, while CMGG is actively managed. At a 0.17 correlation, their price movements are largely independent. IONL charges 1.50%/yr vs 0.75%/yr for CMGG.
Performance
IONL vs. CMGG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IONL achieves a -15.57% return, which is significantly higher than CMGG's -34.81% return.
IONL
- 1D
- -14.51%
- 1M
- -35.59%
- YTD
- -15.57%
- 6M
- -32.34%
- 1Y
- -38.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CMGG
- 1D
- 4.34%
- 1M
- -9.17%
- YTD
- -34.81%
- 6M
- -37.93%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IONL vs. CMGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IONL GraniteShares 2x Long IONQ Daily ETF | -15.57% | -20.79% |
CMGG Leverage Shares 2X Long CMG Daily ETF | -34.81% | 36.20% |
Correlation
The correlation between IONL and CMGG is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 17, 2025 | 0.17 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IONL vs. CMGG — Risk / Return Rank
IONL
CMGG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
IONL vs. CMGG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long IONQ Daily ETF (IONL) and Leverage Shares 2X Long CMG Daily ETF (CMGG). 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.
| IONL | CMGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.11 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.41 | — | — |
| Martin ratioReturn relative to average drawdown | -0.60 | — | — |
Loading charts...
Drawdowns
IONL vs. CMGG - Drawdown Comparison
The maximum IONL drawdown since its inception was -93.41%, which is greater than CMGG's maximum drawdown of -56.75%. Use the drawdown chart below to compare losses from any high point for IONL and CMGG.
Loading charts...
Drawdown Indicators
| IONL | CMGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.41% | -56.75% | -36.66% |
Max Drawdown (1Y)Largest decline over 1 year | -93.41% | — | — |
Current DrawdownCurrent decline from peak | -80.23% | -45.94% | -34.29% |
Average DrawdownAverage peak-to-trough decline | -51.11% | -23.52% | -27.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 64.53% | — | — |
Volatility
IONL vs. CMGG - Volatility Comparison
Loading charts...
Volatility by Period
| IONL | CMGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 56.95% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 134.66% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 186.73% | 68.93% | +117.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 195.89% | 68.93% | +126.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 195.89% | 68.93% | +126.96% |
IONL vs. CMGG - Expense Ratio Comparison
IONL has a 1.50% expense ratio, which is higher than CMGG's 0.75% expense ratio.
Dividends
IONL vs. CMGG - Dividend Comparison
Neither IONL nor CMGG has paid dividends to shareholders.
Frequently Asked Questions
IONL and CMGG have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CMGG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMGG is cheaper with a 0.75% expense ratio, compared with 1.50% for IONL.
IONL and CMGG have nearly identical dividend yields, around 0.00%.
They also come from different issuers: GraniteShares and Leverage Shares. Their fees differ too: 1.50% for IONL and 0.75% for CMGG.
Find the right allocation for IONL and CMGG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer