IONZ vs. FLYD
IONZ (Defiance Daily Target 2X Short IONQ ETF) and FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) are both Inverse Equities funds. At a 0.31 correlation, their price movements are largely independent. IONZ charges 1.29%/yr vs 0.95%/yr for FLYD.
Performance
IONZ vs. FLYD - Performance Comparison
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Returns By Period
In the year-to-date period, IONZ achieves a -87.96% return, which is significantly lower than FLYD's -10.89% return.
IONZ
- 1D
- 26.98%
- 1M
- -40.91%
- YTD
- -87.96%
- 6M
- -86.30%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FLYD
- 1D
- 2.48%
- 1M
- -1.03%
- YTD
- -10.89%
- 6M
- -18.12%
- 1Y
- -47.47%
- 3Y*
- -54.07%
- 5Y*
- —
- 10Y*
- —
IONZ vs. FLYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IONZ Defiance Daily Target 2X Short IONQ ETF | -87.96% | -81.41% |
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | -10.89% | -33.50% |
Correlation
The correlation between IONZ and FLYD is 0.31, 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 Jun 25, 2025 | 0.31 |
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Return for Risk
IONZ vs. FLYD — Risk / Return Rank
IONZ
FLYD
IONZ vs. FLYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short IONQ ETF (IONZ) and MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD). 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| IONZ | FLYD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.52 | -0.74 | +0.22 |
Drawdowns
IONZ vs. FLYD - Drawdown Comparison
The maximum IONZ drawdown since its inception was -98.66%, roughly equal to the maximum FLYD drawdown of -98.11%. Use the drawdown chart below to compare losses from any high point for IONZ and FLYD.
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Drawdown Indicators
| IONZ | FLYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.66% | -98.11% | -0.55% |
Max Drawdown (1Y)Largest decline over 1 year | — | -54.89% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -93.41% | — |
Current DrawdownCurrent decline from peak | -98.02% | -97.94% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -73.24% | -83.15% | +9.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 37.34% | — |
Volatility
IONZ vs. FLYD - Volatility Comparison
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Volatility by Period
| IONZ | FLYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 20.72% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 59.35% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 187.62% | 74.52% | +113.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 187.62% | 83.64% | +103.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 187.62% | 83.64% | +103.98% |
IONZ vs. FLYD - Expense Ratio Comparison
IONZ has a 1.29% expense ratio, which is higher than FLYD's 0.95% expense ratio.
Dividends
IONZ vs. FLYD - Dividend Comparison
Neither IONZ nor FLYD has paid dividends to shareholders.
Frequently Asked Questions
IONZ and FLYD 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.
On fees, FLYD is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FLYD is cheaper with a 0.95% expense ratio, compared with 1.29% for IONZ.
IONZ and FLYD have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Defiance and REX. Their fees differ too: 1.29% for IONZ and 0.95% for FLYD.
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