IONX vs. CBRG

Last updated Jul 17, 2026

IONX (Defiance Daily Target 2X Long IONQ ETF) and CBRG (Leverage Shares 2X Long CBRS Daily ETF) are both Leveraged Equities funds. Both are actively managed. At a 0.16 correlation, their price movements are largely independent. IONX charges 1.31%/yr vs 0.75%/yr for CBRG.

Performance

IONX vs. CBRG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long IONQ ETF (IONX) and Leverage Shares 2X Long CBRS Daily ETF (CBRG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IONX

• 1D: -13.12%
• 1M: -63.94%
• 6M: -70.54%
• YTD: -67.67%
• 1Y: -79.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBRG

• 1D: -4.44%
• 1M: -39.40%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IONX vs. CBRG - Yearly Performance Comparison

	2026 (YTD)
IONX Defiance Daily Target 2X Long IONQ ETF	-21.86%
CBRG Leverage Shares 2X Long CBRS Daily ETF	-68.06%

Correlation

The correlation between IONX and CBRG is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 6, 2026	0.16

Return for Risk

IONX vs. CBRG — Risk / Return Rank

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

IONX

IONX Risk / Return Rank: 6
IONX Sharpe Ratio Rank: 6
IONX Sortino Ratio Rank: 9
IONX Omega Ratio Rank: 9
IONX Calmar Ratio Rank: 2
IONX Martin Ratio Rank: 4

CBRG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

IONX vs. CBRG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long IONQ ETF (IONX) and Leverage Shares 2X Long CBRS Daily ETF (CBRG). 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.

	IONX	CBRG	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	—	—
Sortino ratio: Return per unit of downside risk	0.09	—	—
Omega ratio: Gain probability vs. loss probability	1.01	—	—
Calmar ratio: Return relative to maximum drawdown	-0.84	—	—
Martin ratio: Return relative to average drawdown	-1.15	—	—

Drawdowns

IONX vs. CBRG - Drawdown Comparison

The maximum IONX drawdown since its inception was -93.75%, which is greater than CBRG's maximum drawdown of -74.80%. Use the drawdown chart below to compare losses from any high point for IONX and CBRG.

Drawdown Indicators

	IONX	CBRG	Difference
Max Drawdown Largest peak-to-trough decline	-93.75%	-74.80%	-18.95%
Max Drawdown (1Y) Largest decline over 1 year	-93.75%	—	—
Current Drawdown Current decline from peak	-92.63%	-73.80%	-18.83%
Average Drawdown Average peak-to-trough decline	-52.41%	-19.83%	-32.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	68.49%	—	—

Volatility

Volatility by Period

	IONX	CBRG	Difference
Volatility (1M) Calculated over the trailing 1-month period	41.68%	—	—
Volatility (6M) Calculated over the trailing 6-month period	136.04%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	186.18%	156.66%	+29.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	198.06%	156.66%	+41.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	198.06%	156.66%	+41.40%

IONX vs. CBRG - Expense Ratio Comparison

IONX has a 1.31% expense ratio, which is higher than CBRG's 0.75% expense ratio.

Dividends

IONX vs. CBRG - Dividend Comparison

IONX's dividend yield for the trailing twelve months is around 7.89%, while CBRG has not paid dividends to shareholders.

Position	TTM	2025
CBRG Leverage Shares 2X Long CBRS Daily ETF	0.00%	0.00%
IONX Defiance Daily Target 2X Long IONQ ETF	7.89%	2.55%

Frequently Asked Questions

Can I hold both IONX and CBRG in my portfolio?

IONX and CBRG have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IONX or CBRG?

On fees, CBRG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IONX or CBRG?

CBRG is cheaper with a 0.75% expense ratio, compared with 1.31% for IONX.

Which ETF pays a higher dividend yield, IONX or CBRG?

IONX has the higher dividend yield at 7.89%, compared with 0.00% for CBRG.

What is the main difference between IONX and CBRG?

They also come from different issuers: Defiance and Leverage Shares. Their fees differ too: 1.31% for IONX and 0.75% for CBRG.