IONL vs. DFNM

Last updated Jun 4, 2026

IONL (GraniteShares 2x Long IONQ Daily ETF) and DFNM (Dimensional National Municipal Bond ETF) are both exchange-traded funds - IONL is a Leveraged Equities fund tracking the IonQ Inc. (IONQ), while DFNM is a Municipal Bonds fund actively managed by Dimensional. IONL is passively managed, while DFNM is actively managed. Over the past year, IONL returned 11.24% vs 5.29% for DFNM. At a correlation of -0.04, they often move in opposite directions. IONL charges 1.50%/yr vs 0.17%/yr for DFNM.

Performance

IONL vs. DFNM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long IONQ Daily ETF (IONL) and Dimensional National Municipal Bond ETF (DFNM). 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 DFNM's 1.29% return.

IONL

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

DFNM

• 1D: 0.02%
• 1M: 0.42%
• YTD: 1.29%
• 6M: 1.71%
• 1Y: 5.29%
• 3Y*: 3.40%
• 5Y*: —
• 10Y*: —

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

IONL vs. DFNM - Yearly Performance Comparison

	2026 (YTD)	2025
IONL GraniteShares 2x Long IONQ Daily ETF	48.62%	38.57%
DFNM Dimensional National Municipal Bond ETF	1.29%	3.61%

Correlation

The correlation between IONL and DFNM is -0.01, 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	-0.01
Correlation (All Time) Calculated using the full available price history since Mar 26, 2025	-0.04

Return for Risk

IONL vs. DFNM — 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

DFNM

DFNM Risk / Return Rank: 79
DFNM Sharpe Ratio Rank: 89
DFNM Sortino Ratio Rank: 91
DFNM Omega Ratio Rank: 94
DFNM Calmar Ratio Rank: 59
DFNM Martin Ratio Rank: 59

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. DFNM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long IONQ Daily ETF (IONL) and Dimensional National Municipal Bond ETF (DFNM). 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	DFNM	Difference
Sharpe ratio: Return per unit of total volatility	0.06	3.03	-2.97
Sortino ratio: Return per unit of downside risk	1.52	4.39	-2.87
Omega ratio: Gain probability vs. loss probability	1.17	1.69	-0.52
Calmar ratio: Return relative to maximum drawdown	0.12	2.89	-2.77
Martin ratio: Return relative to average drawdown	0.18	10.48	-10.30
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. DFNM - Sharpe Ratio Comparison

The current IONL Sharpe Ratio is 0.06, which is lower than the DFNM Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of IONL and DFNM, 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	DFNM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.06	3.03	-2.97
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.57	-0.14

Drawdowns

IONL vs. DFNM - Drawdown Comparison

The maximum IONL drawdown since its inception was -93.41%, which is greater than DFNM's maximum drawdown of -6.99%. Use the drawdown chart below to compare losses from any high point for IONL and DFNM.

Drawdown Indicators

	IONL	DFNM	Difference
Max Drawdown Largest peak-to-trough decline	-93.41%	-6.99%	-86.42%
Max Drawdown (1Y) Largest decline over 1 year	-93.41%	-1.84%	-91.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.82%	—
Current Drawdown Current decline from peak	-65.21%	-0.36%	-64.85%
Average Drawdown Average peak-to-trough decline	-50.11%	-1.96%	-48.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.00%	0.51%	+61.49%

Volatility

IONL vs. DFNM - Volatility Comparison

GraniteShares 2x Long IONQ Daily ETF (IONL) has a higher volatility of 59.44% compared to Dimensional National Municipal Bond ETF (DFNM) at 0.58%. This indicates that IONL's price experiences larger fluctuations and is considered to be riskier than DFNM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IONL	DFNM	Difference
Volatility (1M) Calculated over the trailing 1-month period	59.44%	0.58%	+58.86%
Volatility (6M) Calculated over the trailing 6-month period	130.72%	1.29%	+129.43%
Volatility (1Y) Calculated over the trailing 1-year period	181.66%	1.75%	+179.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	195.45%	2.54%	+192.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	195.45%	2.54%	+192.91%

IONL vs. DFNM - Expense Ratio Comparison

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

Dividends

IONL vs. DFNM - Dividend Comparison

IONL has not paid dividends to shareholders, while DFNM's dividend yield for the trailing twelve months is around 2.89%.

Position	TTM	2025	2024	2023	2022	2021
DFNM Dimensional National Municipal Bond ETF	2.89%	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 IONL and DFNM in my portfolio?

IONL and DFNM 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, IONL or DFNM?

IONL has higher volatility (59.44%) compared to DFNM (0.58%). In terms of maximum drawdown, IONL dropped -93.41% vs DFNM's -6.99%.

Which ETF is better, IONL or DFNM?

On 1-year performance, IONL leads with 11.24% vs 5.29% for DFNM. On fees, DFNM is cheaper at 0.17% per year. On volatility, DFNM has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IONL or DFNM?

Over the 1-year period, IONL has performed better with a 11.24% return vs 5.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IONL or DFNM?

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

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

DFNM has the higher dividend yield at 2.89%, compared with 0.00% for IONL.

What is the main difference between IONL and DFNM?

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

Which has better risk-adjusted returns?

DFNM currently has the higher Sharpe Ratio (3.03 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.