ONDL vs. BEX

Last updated Jun 4, 2026

ONDL (Defiance Daily Target 2X Long ONDS ETF) and BEX (Tradr 2X Long BE Daily ETF) are both Leveraged Equities funds. ONDL is passively managed, while BEX is actively managed. At a 0.37 correlation, their price movements are largely independent. ONDL charges 1.31%/yr vs 1.30%/yr for BEX.

Performance

ONDL vs. BEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long ONDS ETF (ONDL) and Tradr 2X Long BE Daily ETF (BEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ONDL

• 1D: -29.16%
• 1M: 17.93%
• YTD: -27.60%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BEX

• 1D: -10.37%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ONDL vs. BEX - Yearly Performance Comparison

	2026 (YTD)
ONDL Defiance Daily Target 2X Long ONDS ETF	30.26%
BEX Tradr 2X Long BE Daily ETF	-11.47%

Correlation

The correlation between ONDL and BEX is 0.37, 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 May 27, 2026	0.37

Return for Risk

ONDL vs. BEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long ONDS ETF (ONDL) and Tradr 2X Long BE Daily ETF (BEX). 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

	ONDL	BEX	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.15	-0.59	+0.44

Drawdowns

ONDL vs. BEX - Drawdown Comparison

The maximum ONDL drawdown since its inception was -75.71%, which is greater than BEX's maximum drawdown of -18.65%. Use the drawdown chart below to compare losses from any high point for ONDL and BEX.

Drawdown Indicators

	ONDL	BEX	Difference
Max Drawdown Largest peak-to-trough decline	-75.71%	-18.65%	-57.06%
Current Drawdown Current decline from peak	-62.62%	-11.47%	-51.15%
Average Drawdown Average peak-to-trough decline	-53.08%	-9.41%	-43.67%

Volatility

Volatility by Period

	ONDL	BEX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	219.48%	184.67%	+34.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	219.48%	184.67%	+34.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	219.48%	184.67%	+34.81%

ONDL vs. BEX - Expense Ratio Comparison

ONDL has a 1.31% expense ratio, which is higher than BEX's 1.30% expense ratio.

Dividends

ONDL vs. BEX - Dividend Comparison

Neither ONDL nor BEX has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ONDL and BEX in my portfolio?

ONDL and BEX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ONDL or BEX?

On fees, BEX is cheaper at 1.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ONDL or BEX?

BEX is cheaper with a 1.30% expense ratio, compared with 1.31% for ONDL.

Which ETF pays a higher dividend yield, ONDL or BEX?

ONDL and BEX have nearly identical dividend yields, around 0.00%.

What is the main difference between ONDL and BEX?

They also come from different issuers: Defiance and Tradr. Their fees differ too: 1.31% for ONDL and 1.30% for BEX.