IRE vs. BMNG

Last updated Jun 4, 2026

IRE (Defiance Daily Target 2X Long IREN ETF) and BMNG (Leverage Shares 2X Long BMNR Daily ETF) are both Leveraged Equities funds. Both are actively managed. A 0.55 correlation means they provide meaningful diversification when combined. IRE charges 1.31%/yr vs 0.75%/yr for BMNG.

Performance

IRE vs. BMNG - Performance Comparison

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

Returns By Period

In the year-to-date period, IRE achieves a 61.20% return, which is significantly higher than BMNG's -75.13% return.

IRE

• 1D: -3.62%
• 1M: 53.26%
• YTD: 61.20%
• 6M: 8.68%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BMNG

• 1D: -12.21%
• 1M: -48.30%
• YTD: -75.13%
• 6M: -85.16%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IRE vs. BMNG - Yearly Performance Comparison

	2026 (YTD)	2025
IRE Defiance Daily Target 2X Long IREN ETF	61.20%	-74.55%
BMNG Leverage Shares 2X Long BMNR Daily ETF	-75.13%	-81.37%

Correlation

The correlation between IRE and BMNG is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 28, 2025	0.55

Return for Risk

IRE vs. BMNG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long IREN ETF (IRE) and Leverage Shares 2X Long BMNR Daily ETF (BMNG). 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.

Sharpe Ratios by Period

	IRE	BMNG	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.29	-0.52	+0.23

Drawdowns

IRE vs. BMNG - Drawdown Comparison

The maximum IRE drawdown since its inception was -90.87%, roughly equal to the maximum BMNG drawdown of -95.36%. Use the drawdown chart below to compare losses from any high point for IRE and BMNG.

Drawdown Indicators

	IRE	BMNG	Difference
Max Drawdown Largest peak-to-trough decline	-90.87%	-95.36%	+4.49%
Current Drawdown Current decline from peak	-68.95%	-95.36%	+26.41%
Average Drawdown Average peak-to-trough decline	-69.97%	-81.38%	+11.41%

Volatility

Volatility by Period

	IRE	BMNG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	214.53%	191.58%	+22.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	214.53%	191.58%	+22.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	214.53%	191.58%	+22.95%

IRE vs. BMNG - Expense Ratio Comparison

IRE has a 1.31% expense ratio, which is higher than BMNG's 0.75% expense ratio.

Dividends

IRE vs. BMNG - Dividend Comparison

Neither IRE nor BMNG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IRE and BMNG in my portfolio?

IRE and BMNG have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IRE or BMNG?

On fees, BMNG 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, IRE or BMNG?

BMNG is cheaper with a 0.75% expense ratio, compared with 1.31% for IRE.

Which ETF pays a higher dividend yield, IRE or BMNG?

IRE and BMNG have nearly identical dividend yields, around 0.00%.

What is the main difference between IRE and BMNG?

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