IONL vs. DFNM

Last updated Aug 2, 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 -67.92% vs 3.46% for DFNM. Their -0.01 correlation means they have often moved in opposite directions in the past. 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 -64.46% return, which is significantly lower than DFNM's 0.45% return.

IONL

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

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%

*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

IONL vs. DFNM - Yearly Performance Comparison

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

Correlation

The correlation between IONL and DFNM 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

IONL vs. DFNM — Risk / Return Rank

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

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

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

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.

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.

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

IONL vs. DFNM - Sharpe Ratio Comparison

The current IONL Sharpe Ratio is -0.38, which is lower than the DFNM Sharpe Ratio of 2.12. 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.

Drawdowns

IONL vs. DFNM - Drawdown Comparison

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

Volatility

IONL vs. DFNM - Volatility Comparison

GraniteShares 2x Long IONQ Daily ETF (IONL) has a higher volatility of 45.76% compared to Dimensional National Municipal Bond ETF (DFNM) at 0.67%. 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	45.76%	0.67%	+45.09%
Volatility (6M) Calculated over the trailing 6-month period	136.52%	1.43%	+135.09%
Volatility (1Y) Calculated over the trailing 1-year period	188.52%	1.80%	+186.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	193.89%	2.52%	+191.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	193.89%	2.52%	+191.37%

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 2.97%.

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

Which ETF is better, IONL or DFNM?

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, IONL or DFNM?

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, 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 2.97%, 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 (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.