IONL vs. IFED

Last updated Jun 24, 2026

IONL (GraniteShares 2x Long IONQ Daily ETF) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - IONL tracks the IonQ Inc. (IONQ) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past year, IONL returned -28.77% vs 2.52% for IFED. At a 0.36 correlation, their price movements are largely independent. IONL charges 1.50%/yr vs 0.45%/yr for IFED.

Performance

IONL vs. IFED - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long IONQ Daily ETF (IONL) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IONL achieves a -1.24% return, which is significantly higher than IFED's -3.07% return.

IONL

• 1D: -2.31%
• 1M: -24.66%
• YTD: -1.24%
• 6M: -25.60%
• 1Y: -28.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IFED

• 1D: -0.05%
• 1M: 2.47%
• YTD: -3.07%
• 6M: -3.90%
• 1Y: 2.52%
• 3Y*: 16.54%
• 5Y*: —
• 10Y*: —

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

IONL vs. IFED - Yearly Performance Comparison

	2026 (YTD)	2025
IONL GraniteShares 2x Long IONQ Daily ETF	-1.24%	38.57%
IFED ETRACS IFED Invest with the Fed TR Index ETN	-3.07%	13.34%

Correlation

The correlation between IONL and IFED is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Mar 25, 2025	0.36

Return for Risk

IONL vs. IFED — Risk / Return Rank

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

IONL

IONL Risk / Return Rank: 12
IONL Sharpe Ratio Rank: 7
IONL Sortino Ratio Rank: 22
IONL Omega Ratio Rank: 19
IONL Calmar Ratio Rank: 6
IONL Martin Ratio Rank: 7

IFED

IFED Risk / Return Rank: 10
IFED Sharpe Ratio Rank: 11
IFED Sortino Ratio Rank: 10
IFED Omega Ratio Rank: 10
IFED Calmar Ratio Rank: 10
IFED Martin Ratio Rank: 10

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. IFED - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long IONQ Daily ETF (IONL) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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	IFED	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	0.15	-0.31
Sortino ratio: Return per unit of downside risk	1.14	0.34	+0.80
Omega ratio: Gain probability vs. loss probability	1.13	1.04	+0.09
Calmar ratio: Return relative to maximum drawdown	-0.31	0.17	-0.48
Martin ratio: Return relative to average drawdown	-0.45	0.43	-0.88

IONL vs. IFED - Sharpe Ratio Comparison

The current IONL Sharpe Ratio is -0.16, which is lower than the IFED Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of IONL and IFED, 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. IFED - Drawdown Comparison

The maximum IONL drawdown since its inception was -93.41%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for IONL and IFED.

Drawdown Indicators

	IONL	IFED	Difference
Max Drawdown Largest peak-to-trough decline	-93.41%	-22.36%	-71.05%
Max Drawdown (1Y) Largest decline over 1 year	-93.41%	-14.65%	-78.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.36%	—
Current Drawdown Current decline from peak	-76.88%	-5.05%	-71.83%
Average Drawdown Average peak-to-trough decline	-51.02%	-5.83%	-45.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	64.33%	5.88%	+58.45%

Volatility

IONL vs. IFED - Volatility Comparison

GraniteShares 2x Long IONQ Daily ETF (IONL) has a higher volatility of 57.44% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 6.74%. This indicates that IONL's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IONL	IFED	Difference
Volatility (1M) Calculated over the trailing 1-month period	57.44%	6.74%	+50.70%
Volatility (6M) Calculated over the trailing 6-month period	134.01%	13.81%	+120.20%
Volatility (1Y) Calculated over the trailing 1-year period	186.14%	16.84%	+169.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	195.72%	19.92%	+175.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	195.72%	19.92%	+175.80%

IONL vs. IFED - Expense Ratio Comparison

IONL has a 1.50% expense ratio, which is higher than IFED's 0.45% expense ratio.

Dividends

IONL vs. IFED - Dividend Comparison

Neither IONL nor IFED has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IONL and IFED in my portfolio?

IONL and IFED have a correlation of 0.31, 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 IFED?

IONL has higher volatility (57.44%) compared to IFED (6.74%). In terms of maximum drawdown, IONL dropped -93.41% vs IFED's -22.36%.

Which ETF is better, IONL or IFED?

On 1-year performance, IFED leads with 2.52% vs -28.77% for IONL. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 6.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IONL or IFED?

Over the 1-year period, IFED has performed better with a 2.52% return vs -28.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IONL or IFED?

IFED is cheaper with a 0.45% expense ratio, compared with 1.50% for IONL.

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

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

What is the main difference between IONL and IFED?

IONL tracks IonQ Inc. (IONQ), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: GraniteShares and UBS. Their fees differ too: 1.50% for IONL and 0.45% for IFED.

Which has better risk-adjusted returns?

IFED currently has the higher Sharpe Ratio (0.15 vs -0.16), 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.