LUNL vs. AIPO

Last updated Jun 4, 2026

LUNL (Defiance Daily Target 2X Long LUNR ETF) and AIPO (Defiance AI & Power Infrastructure ETF) are both exchange-traded funds - LUNL is a Leveraged Equities fund tracking the Intuitive Machines, Inc. (LUNR), while AIPO is a Technology Equities fund tracking the MarketVector™ US Listed AI and Power Infrastructure Index. Both are passively managed. At a 0.45 correlation, their price movements are largely independent. LUNL charges 1.31%/yr vs 0.69%/yr for AIPO.

Performance

LUNL vs. AIPO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long LUNR ETF (LUNL) and Defiance AI & Power Infrastructure ETF (AIPO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

LUNL

• 1D: -29.16%
• 1M: 44.32%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AIPO

• 1D: -1.12%
• 1M: 6.63%
• YTD: 52.03%
• 6M: 45.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LUNL vs. AIPO - Yearly Performance Comparison

	2026 (YTD)
LUNL Defiance Daily Target 2X Long LUNR ETF	70.39%
AIPO Defiance AI & Power Infrastructure ETF	40.65%

Correlation

The correlation between LUNL and AIPO is 0.45, 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 Jan 14, 2026	0.45

Return for Risk

LUNL vs. AIPO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long LUNR ETF (LUNL) and Defiance AI & Power Infrastructure ETF (AIPO). 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

	LUNL	AIPO	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.16	2.36	-1.19

Drawdowns

LUNL vs. AIPO - Drawdown Comparison

The maximum LUNL drawdown since its inception was -64.22%, which is greater than AIPO's maximum drawdown of -17.31%. Use the drawdown chart below to compare losses from any high point for LUNL and AIPO.

Drawdown Indicators

	LUNL	AIPO	Difference
Max Drawdown Largest peak-to-trough decline	-64.22%	-17.31%	-46.91%
Current Drawdown Current decline from peak	-48.02%	-1.12%	-46.90%
Average Drawdown Average peak-to-trough decline	-32.14%	-4.38%	-27.76%

Volatility

Volatility by Period

	LUNL	AIPO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	258.78%	34.09%	+224.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	258.78%	34.09%	+224.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	258.78%	34.09%	+224.69%

LUNL vs. AIPO - Expense Ratio Comparison

LUNL has a 1.31% expense ratio, which is higher than AIPO's 0.69% expense ratio.

Dividends

LUNL vs. AIPO - Dividend Comparison

LUNL has not paid dividends to shareholders, while AIPO's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025
AIPO Defiance AI & Power Infrastructure ETF	0.01%	0.01%
LUNL Defiance Daily Target 2X Long LUNR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both LUNL and AIPO in my portfolio?

LUNL and AIPO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LUNL or AIPO?

On fees, AIPO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LUNL or AIPO?

AIPO is cheaper with a 0.69% expense ratio, compared with 1.31% for LUNL.

Which ETF pays a higher dividend yield, LUNL or AIPO?

AIPO has the higher dividend yield at 0.01%, compared with 0.00% for LUNL.

What is the main difference between LUNL and AIPO?

LUNL is categorized as Leveraged Equities, while AIPO is Technology Equities. LUNL tracks Intuitive Machines, Inc. (LUNR), while AIPO tracks MarketVector™ US Listed AI and Power Infrastructure Index. Their fees differ too: 1.31% for LUNL and 0.69% for AIPO.