IONL vs. VGUS

Last updated Jun 24, 2026

IONL (GraniteShares 2x Long IONQ Daily ETF) and VGUS (Vanguard Ultra-Short Treasury ETF) are both exchange-traded funds - IONL is a Leveraged Equities fund tracking the IonQ Inc. (IONQ), while VGUS is a Ultrashort Bond fund tracking the Bloomberg Short Treasury Index. Both are passively managed. Over the past year, IONL returned -28.77% vs 3.85% for VGUS. At a correlation of -0.11, they often move in opposite directions. IONL charges 1.50%/yr vs 0.07%/yr for VGUS.

Performance

IONL vs. VGUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long IONQ Daily ETF (IONL) and Vanguard Ultra-Short Treasury ETF (VGUS). 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 lower than VGUS's 1.61% return.

IONL

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

VGUS

• 1D: 0.01%
• 1M: 0.20%
• YTD: 1.61%
• 6M: 1.69%
• 1Y: 3.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IONL vs. VGUS - Yearly Performance Comparison

	2026 (YTD)	2025
IONL GraniteShares 2x Long IONQ Daily ETF	-1.24%	38.57%
VGUS Vanguard Ultra-Short Treasury ETF	1.61%	3.26%

Correlation

The correlation between IONL and VGUS is -0.09, 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	-0.09
Correlation (All Time) Calculated using the full available price history since Mar 25, 2025	-0.11

Return for Risk

IONL vs. VGUS — 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

VGUS

VGUS Risk / Return Rank: 99
VGUS Sharpe Ratio Rank: 100
VGUS Sortino Ratio Rank: 99
VGUS Omega Ratio Rank: 99
VGUS Calmar Ratio Rank: 99
VGUS Martin Ratio Rank: 100

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. VGUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long IONQ Daily ETF (IONL) and Vanguard Ultra-Short Treasury ETF (VGUS). 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	VGUS	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	11.84	-12.00
Sortino ratio: Return per unit of downside risk	1.14	34.08	-32.93
Omega ratio: Gain probability vs. loss probability	1.13	10.49	-9.36
Calmar ratio: Return relative to maximum drawdown	-0.31	53.13	-53.44
Martin ratio: Return relative to average drawdown	-0.45	402.18	-402.63

IONL vs. VGUS - Sharpe Ratio Comparison

The current IONL Sharpe Ratio is -0.16, which is lower than the VGUS Sharpe Ratio of 11.84. The chart below compares the historical Sharpe Ratios of IONL and VGUS, 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. VGUS - Drawdown Comparison

The maximum IONL drawdown since its inception was -93.41%, which is greater than VGUS's maximum drawdown of -0.07%. Use the drawdown chart below to compare losses from any high point for IONL and VGUS.

Drawdown Indicators

	IONL	VGUS	Difference
Max Drawdown Largest peak-to-trough decline	-93.41%	-0.07%	-93.34%
Max Drawdown (1Y) Largest decline over 1 year	-93.41%	-0.07%	-93.34%
Current Drawdown Current decline from peak	-76.88%	0.00%	-76.88%
Average Drawdown Average peak-to-trough decline	-51.02%	-0.00%	-51.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	64.33%	0.01%	+64.32%

Volatility

IONL vs. VGUS - Volatility Comparison

GraniteShares 2x Long IONQ Daily ETF (IONL) has a higher volatility of 57.44% compared to Vanguard Ultra-Short Treasury ETF (VGUS) at 0.11%. This indicates that IONL's price experiences larger fluctuations and is considered to be riskier than VGUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IONL	VGUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	57.44%	0.11%	+57.33%
Volatility (6M) Calculated over the trailing 6-month period	134.01%	0.18%	+133.83%
Volatility (1Y) Calculated over the trailing 1-year period	186.14%	0.33%	+185.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	195.72%	0.34%	+195.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	195.72%	0.34%	+195.38%

IONL vs. VGUS - Expense Ratio Comparison

IONL has a 1.50% expense ratio, which is higher than VGUS's 0.07% expense ratio.

Dividends

IONL vs. VGUS - Dividend Comparison

IONL has not paid dividends to shareholders, while VGUS's dividend yield for the trailing twelve months is around 3.60%.

Position	TTM	2025
IONL GraniteShares 2x Long IONQ Daily ETF	0.00%	0.00%
VGUS Vanguard Ultra-Short Treasury ETF	3.60%	3.12%

Frequently Asked Questions

Can I hold both IONL and VGUS in my portfolio?

IONL and VGUS have a correlation of -0.09, 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 VGUS?

IONL has higher volatility (57.44%) compared to VGUS (0.11%). In terms of maximum drawdown, IONL dropped -93.41% vs VGUS's -0.07%.

Which ETF is better, IONL or VGUS?

On 1-year performance, VGUS leads with 3.85% vs -28.77% for IONL. On fees, VGUS is cheaper at 0.07% per year. On volatility, VGUS has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IONL or VGUS?

Over the 1-year period, VGUS has performed better with a 3.85% 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 VGUS?

VGUS is cheaper with a 0.07% expense ratio, compared with 1.50% for IONL.

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

VGUS has the higher dividend yield at 3.60%, compared with 0.00% for IONL.

What is the main difference between IONL and VGUS?

IONL is categorized as Leveraged Equities, while VGUS is Ultrashort Bond. IONL tracks IonQ Inc. (IONQ), while VGUS tracks Bloomberg Short Treasury Index. They also come from different issuers: GraniteShares and Vanguard. Their fees differ too: 1.50% for IONL and 0.07% for VGUS.

Which has better risk-adjusted returns?

VGUS currently has the higher Sharpe Ratio (11.84 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.