IREZ vs. BMNZ

Last updated Jun 26, 2026

IREZ (Tradr 2X Short IREN Daily ETF) and BMNZ (Defiance Daily Target 2X Short BMNR ETF) are both Inverse Equities funds - IREZ tracks the IREN Limited (IREN) while BMNZ tracks the BitMine Immersion Technologies, Inc.. Both are passively managed. A 0.59 correlation means they provide meaningful diversification when combined. IREZ charges 1.49%/yr vs 1.31%/yr for BMNZ.

Performance

IREZ vs. BMNZ - Performance Comparison

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

Returns By Period

IREZ

• 1D: 10.21%
• 1M: 20.36%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BMNZ

• 1D: 9.79%
• 1M: 76.32%
• YTD: 29.97%
• 6M: 50.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IREZ vs. BMNZ - Yearly Performance Comparison

	2026 (YTD)
IREZ Tradr 2X Short IREN Daily ETF	-68.01%
BMNZ Defiance Daily Target 2X Short BMNR ETF	80.42%

Correlation

The correlation between IREZ and BMNZ is 0.59, 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 Jan 22, 2026	0.59

Return for Risk

IREZ vs. BMNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Short IREN Daily ETF (IREZ) and Defiance Daily Target 2X Short BMNR ETF (BMNZ). 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.

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

Drawdowns

IREZ vs. BMNZ - Drawdown Comparison

The maximum IREZ drawdown since its inception was -87.43%, which is greater than BMNZ's maximum drawdown of -70.80%. Use the drawdown chart below to compare losses from any high point for IREZ and BMNZ.

Drawdown Indicators

	IREZ	BMNZ	Difference
Max Drawdown Largest peak-to-trough decline	-87.43%	-70.80%	-16.63%
Current Drawdown Current decline from peak	-79.29%	-27.23%	-52.06%
Average Drawdown Average peak-to-trough decline	-48.23%	-50.65%	+2.42%

Volatility

Volatility by Period

	IREZ	BMNZ	Difference
Volatility (1Y) Calculated over the trailing 1-year period	213.32%	187.04%	+26.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	213.32%	187.04%	+26.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	213.32%	187.04%	+26.28%

IREZ vs. BMNZ - Expense Ratio Comparison

IREZ has a 1.49% expense ratio, which is higher than BMNZ's 1.31% expense ratio.

Dividends

IREZ vs. BMNZ - Dividend Comparison

Neither IREZ nor BMNZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IREZ and BMNZ in my portfolio?

IREZ and BMNZ have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IREZ or BMNZ?

On fees, BMNZ is cheaper at 1.31% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IREZ or BMNZ?

BMNZ is cheaper with a 1.31% expense ratio, compared with 1.49% for IREZ.

Which ETF pays a higher dividend yield, IREZ or BMNZ?

IREZ and BMNZ have nearly identical dividend yields, around 0.00%.

What is the main difference between IREZ and BMNZ?

IREZ tracks IREN Limited (IREN), while BMNZ tracks BitMine Immersion Technologies, Inc.. They also come from different issuers: Tradr and Defiance. Their fees differ too: 1.49% for IREZ and 1.31% for BMNZ.