IONZ vs. MSDD
IONZ (Defiance Daily Target 2X Short IONQ ETF) and MSDD (GraniteShares 2x Short MSTR Daily ETF) are both Inverse Equities funds. Over the past year, IONZ returned -97.85% vs 89.90% for MSDD. At a 0.46 correlation, their price movements are largely independent. IONZ charges 1.29%/yr vs 1.50%/yr for MSDD.
Performance
IONZ vs. MSDD - Performance Comparison
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Returns By Period
In the year-to-date period, IONZ achieves a -86.94% return, which is significantly lower than MSDD's -48.72% return.
IONZ
- 1D
- 11.28%
- 1M
- 22.82%
- YTD
- -86.94%
- 6M
- -84.33%
- 1Y
- -97.85%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSDD
- 1D
- 0.00%
- 1M
- 44.99%
- YTD
- -48.72%
- 6M
- -44.83%
- 1Y
- 89.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IONZ vs. MSDD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IONZ Defiance Daily Target 2X Short IONQ ETF | -86.94% | -80.36% |
MSDD GraniteShares 2x Short MSTR Daily ETF | -48.72% | 230.72% |
Correlation
The correlation between IONZ and MSDD is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2025 | 0.46 |
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Return for Risk
IONZ vs. MSDD — Risk / Return Rank
IONZ
MSDD
IONZ vs. MSDD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short IONQ ETF (IONZ) and GraniteShares 2x Short MSTR Daily ETF (MSDD). 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.
| IONZ | MSDD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.08 | ||
| Sortino ratioReturn per unit of downside risk | -2.96 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.22 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 0.92 | -1.91 |
| Martin ratioReturn relative to average drawdown | -1.28 | 1.81 | -3.09 |
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Drawdowns
IONZ vs. MSDD - Drawdown Comparison
The maximum IONZ drawdown since its inception was -98.66%, which is greater than MSDD's maximum drawdown of -84.91%. Use the drawdown chart below to compare losses from any high point for IONZ and MSDD.
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Drawdown Indicators
| IONZ | MSDD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.66% | -84.91% | -13.75% |
Max Drawdown (1Y)Largest decline over 1 year | -98.48% | -84.91% | -13.57% |
Current DrawdownCurrent decline from peak | -97.85% | -68.63% | -29.22% |
Average DrawdownAverage peak-to-trough decline | -74.23% | -31.40% | -42.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 78.39% | 43.10% | +35.29% |
Volatility
IONZ vs. MSDD - Volatility Comparison
Defiance Daily Target 2X Short IONQ ETF (IONZ) has a higher volatility of 53.81% compared to GraniteShares 2x Short MSTR Daily ETF (MSDD) at 32.11%. This indicates that IONZ's price experiences larger fluctuations and is considered to be riskier than MSDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IONZ | MSDD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 53.81% | 32.11% | +21.70% |
Volatility (6M)Calculated over the trailing 6-month period | 152.53% | 124.37% | +28.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 187.36% | 140.94% | +46.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 187.10% | 138.59% | +48.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 187.10% | 138.59% | +48.51% |
IONZ vs. MSDD - Expense Ratio Comparison
IONZ has a 1.29% expense ratio, which is lower than MSDD's 1.50% expense ratio.
Dividends
IONZ vs. MSDD - Dividend Comparison
Neither IONZ nor MSDD has paid dividends to shareholders.
Frequently Asked Questions
IONZ and MSDD have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IONZ has higher volatility (53.81%) compared to MSDD (32.11%). In terms of maximum drawdown, IONZ dropped -98.66% vs MSDD's -84.91%.
On 1-year performance, MSDD leads with 89.90% vs -97.85% for IONZ. On fees, IONZ is cheaper at 1.29% per year. On volatility, MSDD has been the lower-risk option at 32.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MSDD has performed better with a 89.90% return vs -97.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IONZ is cheaper with a 1.29% expense ratio, compared with 1.50% for MSDD.
IONZ and MSDD have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Defiance and GraniteShares. Their fees differ too: 1.29% for IONZ and 1.50% for MSDD.
MSDD currently has the higher Sharpe Ratio (0.55 vs -0.52), 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.
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