IONL vs. HOOG

Last updated Jun 4, 2026

IONL (GraniteShares 2x Long IONQ Daily ETF) and HOOG (Leverage Shares 2X Long HOOD Daily ETF) are both Leveraged Equities funds. IONL is passively managed, while HOOG is actively managed. Over the past year, IONL returned 11.24% vs -29.31% for HOOG. A 0.55 correlation means they provide meaningful diversification when combined. IONL charges 1.50%/yr vs 0.75%/yr for HOOG.

Performance

IONL vs. HOOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long IONQ Daily ETF (IONL) and Leverage Shares 2X Long HOOD Daily ETF (HOOG). 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 HOOG's -60.40% return.

IONL

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

HOOG

• 1D: -12.13%
• 1M: 10.59%
• YTD: -60.40%
• 6M: -72.73%
• 1Y: -29.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IONL vs. HOOG - Yearly Performance Comparison

	2026 (YTD)	2025
IONL GraniteShares 2x Long IONQ Daily ETF	48.62%	38.57%
HOOG Leverage Shares 2X Long HOOD Daily ETF	-60.40%	234.89%

Correlation

The correlation between IONL and HOOG is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (All Time) Calculated using the full available price history since Mar 26, 2025	0.55

The correlation between IONL and HOOG has been stable across timeframes, ranging from 0.52 to 0.55 - a consistent structural relationship.

Return for Risk

IONL vs. HOOG — 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

HOOG

HOOG Risk / Return Rank: 9
HOOG Sharpe Ratio Rank: 6
HOOG Sortino Ratio Rank: 14
HOOG Omega Ratio Rank: 13
HOOG Calmar Ratio Rank: 6
HOOG Martin Ratio Rank: 6

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. HOOG - 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 HOOD Daily ETF (HOOG). 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	HOOG	Difference
Sharpe ratio: Return per unit of total volatility	0.06	-0.22	+0.28
Sortino ratio: Return per unit of downside risk	1.52	0.64	+0.88
Omega ratio: Gain probability vs. loss probability	1.17	1.07	+0.09
Calmar ratio: Return relative to maximum drawdown	0.12	-0.34	+0.46
Martin ratio: Return relative to average drawdown	0.18	-0.55	+0.73
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. HOOG - Sharpe Ratio Comparison

The current IONL Sharpe Ratio is 0.06, which is higher than the HOOG Sharpe Ratio of -0.22. The chart below compares the historical Sharpe Ratios of IONL and HOOG, 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	HOOG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.06	-0.22	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.31	+0.12

Drawdowns

IONL vs. HOOG - Drawdown Comparison

The maximum IONL drawdown since its inception was -93.41%, which is greater than HOOG's maximum drawdown of -86.94%. Use the drawdown chart below to compare losses from any high point for IONL and HOOG.

Drawdown Indicators

	IONL	HOOG	Difference
Max Drawdown Largest peak-to-trough decline	-93.41%	-86.94%	-6.47%
Max Drawdown (1Y) Largest decline over 1 year	-93.41%	-86.94%	-6.47%
Current Drawdown Current decline from peak	-65.21%	-81.53%	+16.32%
Average Drawdown Average peak-to-trough decline	-50.11%	-37.56%	-12.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.00%	53.22%	+8.78%

Volatility

IONL vs. HOOG - Volatility Comparison

GraniteShares 2x Long IONQ Daily ETF (IONL) has a higher volatility of 59.44% compared to Leverage Shares 2X Long HOOD Daily ETF (HOOG) at 41.51%. This indicates that IONL's price experiences larger fluctuations and is considered to be riskier than HOOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IONL	HOOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	59.44%	41.51%	+17.93%
Volatility (6M) Calculated over the trailing 6-month period	130.72%	100.64%	+30.08%
Volatility (1Y) Calculated over the trailing 1-year period	181.66%	137.15%	+44.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	195.45%	144.88%	+50.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	195.45%	144.88%	+50.57%

IONL vs. HOOG - Expense Ratio Comparison

IONL has a 1.50% expense ratio, which is higher than HOOG's 0.75% expense ratio.

Dividends

IONL vs. HOOG - Dividend Comparison

IONL has not paid dividends to shareholders, while HOOG's dividend yield for the trailing twelve months is around 31.07%.

Position	TTM	2025
HOOG Leverage Shares 2X Long HOOD Daily ETF	31.07%	12.30%
IONL GraniteShares 2x Long IONQ Daily ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both IONL and HOOG in my portfolio?

IONL and HOOG have a correlation of 0.52, 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 HOOG?

IONL has higher volatility (59.44%) compared to HOOG (41.51%). In terms of maximum drawdown, IONL dropped -93.41% vs HOOG's -86.94%.

Which ETF is better, IONL or HOOG?

On 1-year performance, IONL leads with 11.24% vs -29.31% for HOOG. On fees, HOOG is cheaper at 0.75% per year. On volatility, HOOG has been the lower-risk option at 41.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IONL or HOOG?

Over the 1-year period, IONL has performed better with a 11.24% return vs -29.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IONL or HOOG?

HOOG is cheaper with a 0.75% expense ratio, compared with 1.50% for IONL.

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

HOOG has the higher dividend yield at 31.07%, compared with 0.00% for IONL.

What is the main difference between IONL and HOOG?

They also come from different issuers: GraniteShares and Leverage Shares. Their fees differ too: 1.50% for IONL and 0.75% for HOOG.

Which has better risk-adjusted returns?

IONL currently has the higher Sharpe Ratio (0.06 vs -0.22), 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.