ONDL vs. ORLG

Last updated Jul 17, 2026

ONDL (Defiance Daily Target 2X Long ONDS ETF) and ORLG (Leverage Shares 2X Long ORLY Daily ETF) are both Leveraged Equities funds - ONDL tracks the Ondas Holdings Inc. (ONDS) while ORLG tracks the O'Reilly Automotive, Inc. (ORLY). Both are passively managed. At a correlation of -0.12, they often move in opposite directions. ONDL charges 1.31%/yr vs 0.75%/yr for ORLG.

Performance

ONDL vs. ORLG - Performance Comparison

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

Returns By Period

ONDL

• 1D: -11.56%
• 1M: -52.66%
• 6M: -87.18%
• YTD: -79.38%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ORLG

• 1D: 8.37%
• 1M: -11.93%
• 6M: -23.86%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ONDL vs. ORLG - Yearly Performance Comparison

	2026 (YTD)
ONDL Defiance Daily Target 2X Long ONDS ETF	-88.45%
ORLG Leverage Shares 2X Long ORLY Daily ETF	-25.87%

Correlation

The correlation between ONDL and ORLG is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 15, 2026	-0.12

Return for Risk

ONDL vs. ORLG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long ONDS ETF (ONDL) and Leverage Shares 2X Long ORLY Daily ETF (ORLG). 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

ONDL vs. ORLG - Drawdown Comparison

The maximum ONDL drawdown since its inception was -89.36%, which is greater than ORLG's maximum drawdown of -39.93%. Use the drawdown chart below to compare losses from any high point for ONDL and ORLG.

Drawdown Indicators

	ONDL	ORLG	Difference
Max Drawdown Largest peak-to-trough decline	-89.36%	-39.93%	-49.43%
Current Drawdown Current decline from peak	-89.36%	-34.91%	-54.45%
Average Drawdown Average peak-to-trough decline	-58.65%	-20.65%	-38.00%

Volatility

Volatility by Period

	ONDL	ORLG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	207.63%	59.08%	+148.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	207.63%	59.08%	+148.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	207.63%	59.08%	+148.55%

ONDL vs. ORLG - Expense Ratio Comparison

ONDL has a 1.31% expense ratio, which is higher than ORLG's 0.75% expense ratio.

Dividends

ONDL vs. ORLG - Dividend Comparison

Neither ONDL nor ORLG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ONDL and ORLG in my portfolio?

ONDL and ORLG have a correlation of -0.12, 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 ORLG?

On fees, ORLG 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, ONDL or ORLG?

ORLG is cheaper with a 0.75% expense ratio, compared with 1.31% for ONDL.

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

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

What is the main difference between ONDL and ORLG?

ONDL tracks Ondas Holdings Inc. (ONDS), while ORLG tracks O'Reilly Automotive, Inc. (ORLY). They also come from different issuers: Defiance and Leverage Shares. Their fees differ too: 1.31% for ONDL and 0.75% for ORLG.