KLAG vs. RCAX

Last updated Aug 1, 2026

KLAG (Leverage Shares 2X Long KLAC Daily ETF) and RCAX (Defiance Daily Target 2X Long RCAT ETF) are both Leveraged Equities funds - KLAG tracks the KLA Corporation (KLAC) while RCAX tracks the Red Cat Holdings, Inc. (RCAT). Both are passively managed. Their 0.23 correlation means their historical movements had little consistent relationship. KLAG charges 0.75%/yr vs 1.31%/yr for RCAX.

Performance

KLAG vs. RCAX - Performance Comparison

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

Returns By Period

KLAG

• 1D: 2.71%
• 1M: -42.24%
• 6M: 22.97%
• YTD: 58.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

RCAX

• 1D: 4.47%
• 1M: -53.08%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KLAG Leverage Shares 2X Long KLAC Daily ETF	$2.72M	$5.08M	$4.54M
RCAX Defiance Daily Target 2X Long RCAT ETF	$909.56K	$1.38M	$4.68M

KLAG vs. RCAX - Yearly Performance Comparison

	2026 (YTD)
KLAG Leverage Shares 2X Long KLAC Daily ETF	26.02%
RCAX Defiance Daily Target 2X Long RCAT ETF	-87.11%

Correlation

The correlation between KLAG and RCAX is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 3, 2026	0.23

Return for Risk

KLAG vs. RCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long KLAC Daily ETF (KLAG) and Defiance Daily Target 2X Long RCAT ETF (RCAX). 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

KLAG vs. RCAX - Drawdown Comparison

The maximum KLAG drawdown since its inception was -70.99%, smaller than the maximum RCAX drawdown of -91.59%. Use the drawdown chart below to compare losses from any high point for KLAG and RCAX.

Drawdown Indicators

	KLAG	RCAX	Difference
Max Drawdown Largest peak-to-trough decline	-70.99%	-91.59%	+20.60%
Current Drawdown Current decline from peak	-66.43%	-89.70%	+23.27%
Average Drawdown Average peak-to-trough decline	-19.57%	-55.15%	+35.58%

Volatility

Volatility by Period

	KLAG	RCAX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	138.36%	227.62%	-89.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	138.36%	227.62%	-89.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	138.36%	227.62%	-89.26%

KLAG vs. RCAX - Expense Ratio Comparison

KLAG has a 0.75% expense ratio, which is lower than RCAX's 1.31% expense ratio.

Dividends

KLAG vs. RCAX - Dividend Comparison

Neither KLAG nor RCAX has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KLAG and RCAX in my portfolio?

KLAG and RCAX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KLAG or RCAX?

On fees, KLAG 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, KLAG or RCAX?

KLAG is cheaper with a 0.75% expense ratio, compared with 1.31% for RCAX.

Which ETF pays a higher dividend yield, KLAG or RCAX?

KLAG and RCAX have nearly identical dividend yields, around 0.00%.

What is the main difference between KLAG and RCAX?

KLAG tracks KLA Corporation (KLAC), while RCAX tracks Red Cat Holdings, Inc. (RCAT). They also come from different issuers: Leverage Shares and Defiance. Their fees differ too: 0.75% for KLAG and 1.31% for RCAX.