ONDL vs. PYPG

Last updated Jul 17, 2026

ONDL (Defiance Daily Target 2X Long ONDS ETF) and PYPG (Leverage Shares 2X Long PYPL Daily ETF) are both Leveraged Equities funds. ONDL is passively managed, while PYPG is actively managed. At a 0.09 correlation, their price movements are largely independent. ONDL charges 1.31%/yr vs 0.75%/yr for PYPG.

Performance

ONDL vs. PYPG - 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 PYPL Daily ETF (PYPG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ONDL achieves a -79.38% return, which is significantly lower than PYPG's -23.41% return.

ONDL

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

PYPG

• 1D: 4.02%
• 1M: 61.13%
• 6M: -18.36%
• YTD: -23.41%
• 1Y: -56.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ONDL vs. PYPG - Yearly Performance Comparison

	2026 (YTD)	2025
ONDL Defiance Daily Target 2X Long ONDS ETF	-79.38%	30.85%
PYPG Leverage Shares 2X Long PYPL Daily ETF	-23.41%	-3.71%

Correlation

The correlation between ONDL and PYPG is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 30, 2025	0.09

Return for Risk

ONDL vs. PYPG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ONDL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PYPG

PYPG Risk / Return Rank: 4
PYPG Sharpe Ratio Rank: 4
PYPG Sortino Ratio Rank: 5
PYPG Omega Ratio Rank: 4
PYPG Calmar Ratio Rank: 4
PYPG Martin Ratio Rank: 5

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ONDL vs. PYPG - 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 PYPL Daily ETF (PYPG). 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.

	ONDL	PYPG	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.66	—
Sortino ratio: Return per unit of downside risk	—	-0.67	—
Omega ratio: Gain probability vs. loss probability	—	0.91	—
Calmar ratio: Return relative to maximum drawdown	—	-0.71	—
Martin ratio: Return relative to average drawdown	—	-1.00	—

Drawdowns

ONDL vs. PYPG - Drawdown Comparison

The maximum ONDL drawdown since its inception was -89.36%, which is greater than PYPG's maximum drawdown of -79.52%. Use the drawdown chart below to compare losses from any high point for ONDL and PYPG.

Drawdown Indicators

	ONDL	PYPG	Difference
Max Drawdown Largest peak-to-trough decline	-89.36%	-79.52%	-9.84%
Max Drawdown (1Y) Largest decline over 1 year	—	-79.52%	—
Current Drawdown Current decline from peak	-89.36%	-61.72%	-27.64%
Average Drawdown Average peak-to-trough decline	-58.65%	-41.31%	-17.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	56.30%	—

Volatility

Volatility by Period

	ONDL	PYPG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	34.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	77.11%	—
Volatility (1Y) Calculated over the trailing 1-year period	207.63%	85.35%	+122.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	207.63%	83.28%	+124.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	207.63%	83.28%	+124.35%

ONDL vs. PYPG - Expense Ratio Comparison

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

Dividends

ONDL vs. PYPG - Dividend Comparison

Neither ONDL nor PYPG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ONDL and PYPG in my portfolio?

ONDL and PYPG have a correlation of 0.09, 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 PYPG?

On fees, PYPG 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 PYPG?

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

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

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

What is the main difference between ONDL and PYPG?

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