KEEX vs. VALG

Last updated Jul 21, 2026

KEEX (Defiance Daily Target 2X Long KEEL ETF) and VALG (Leverage Shares 2X Long VALE Daily ETF) are both Leveraged Equities funds. KEEX is actively managed, while VALG is passively managed. At a 0.39 correlation, their price movements are largely independent. KEEX charges 1.31%/yr vs 0.75%/yr for VALG.

Performance

KEEX vs. VALG - Performance Comparison

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

Returns By Period

KEEX

• 1D: 18.42%
• 1M: -57.94%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

VALG

• 1D: -1.42%
• 1M: -18.11%
• 6M: -18.28%
• YTD: 1.64%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

KEEX vs. VALG - Yearly Performance Comparison

	2026 (YTD)
KEEX Defiance Daily Target 2X Long KEEL ETF	34.82%
VALG Leverage Shares 2X Long VALE Daily ETF	-35.95%

Correlation

The correlation between KEEX and VALG is 0.39, 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 Apr 27, 2026	0.39

Return for Risk

KEEX vs. VALG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long KEEL ETF (KEEX) and Leverage Shares 2X Long VALE Daily ETF (VALG). 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

KEEX vs. VALG - Drawdown Comparison

The maximum KEEX drawdown since its inception was -69.40%, which is greater than VALG's maximum drawdown of -41.17%. Use the drawdown chart below to compare losses from any high point for KEEX and VALG.

Drawdown Indicators

	KEEX	VALG	Difference
Max Drawdown Largest peak-to-trough decline	-69.40%	-41.17%	-28.23%
Current Drawdown Current decline from peak	-62.44%	-41.17%	-21.27%
Average Drawdown Average peak-to-trough decline	-21.23%	-16.13%	-5.10%

Volatility

Volatility by Period

	KEEX	VALG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	202.73%	73.08%	+129.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	202.73%	73.08%	+129.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	202.73%	73.08%	+129.65%

KEEX vs. VALG - Expense Ratio Comparison

KEEX has a 1.31% expense ratio, which is higher than VALG's 0.75% expense ratio.

Dividends

KEEX vs. VALG - Dividend Comparison

Neither KEEX nor VALG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KEEX and VALG in my portfolio?

KEEX and VALG have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KEEX or VALG?

On fees, VALG 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, KEEX or VALG?

VALG is cheaper with a 0.75% expense ratio, compared with 1.31% for KEEX.

Which ETF pays a higher dividend yield, KEEX or VALG?

KEEX and VALG have nearly identical dividend yields, around 0.00%.

What is the main difference between KEEX and VALG?

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