QBF vs. IREG

Last updated Jun 4, 2026

QBF (Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly) and IREG (Leverage Shares 2X Long IREN Daily ETF) are both exchange-traded funds - QBF is a Blockchain fund actively managed by Innovator, while IREG is a Leveraged Equities fund actively managed by Leverage Shares. Both are actively managed. A 0.54 correlation means they provide meaningful diversification when combined. QBF charges 0.79%/yr vs 0.75%/yr for IREG.

Performance

QBF vs. IREG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (QBF) and Leverage Shares 2X Long IREN Daily ETF (IREG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QBF achieves a -23.63% return, which is significantly lower than IREG's 76.42% return.

QBF

• 1D: -2.17%
• 1M: -14.35%
• YTD: -23.63%
• 6M: -27.96%
• 1Y: -35.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IREG

• 1D: -3.13%
• 1M: 56.03%
• YTD: 76.42%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QBF vs. IREG - Yearly Performance Comparison

	2026 (YTD)	2025
QBF Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly	-23.63%	-1.23%
IREG Leverage Shares 2X Long IREN Daily ETF	76.42%	3.65%

Correlation

The correlation between QBF and IREG is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 17, 2025	0.54

Return for Risk

QBF vs. IREG — Risk / Return Rank

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

QBF

QBF Risk / Return Rank: 1
QBF Sharpe Ratio Rank: 0
QBF Sortino Ratio Rank: 1
QBF Omega Ratio Rank: 1
QBF Calmar Ratio Rank: 2
QBF Martin Ratio Rank: 1

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.

QBF vs. IREG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (QBF) and Leverage Shares 2X Long IREN Daily ETF (IREG). 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.

	QBF	IREG	Difference
Sharpe ratio: Return per unit of total volatility	-1.37	—	—
Sortino ratio: Return per unit of downside risk	-2.04	—	—
Omega ratio: Gain probability vs. loss probability	0.78	—	—
Calmar ratio: Return relative to maximum drawdown	-0.84	—	—
Martin ratio: Return relative to average drawdown	-1.48	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	QBF	IREG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.97	1.33	-2.30

Drawdowns

QBF vs. IREG - Drawdown Comparison

The maximum QBF drawdown since its inception was -42.92%, smaller than the maximum IREG drawdown of -80.08%. Use the drawdown chart below to compare losses from any high point for QBF and IREG.

Drawdown Indicators

	QBF	IREG	Difference
Max Drawdown Largest peak-to-trough decline	-42.92%	-80.08%	+37.16%
Max Drawdown (1Y) Largest decline over 1 year	-42.92%	—	—
Current Drawdown Current decline from peak	-42.92%	-29.69%	-13.23%
Average Drawdown Average peak-to-trough decline	-16.82%	-44.09%	+27.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.20%	—	—

Volatility

Volatility by Period

	QBF	IREG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.09%	—	—
Volatility (6M) Calculated over the trailing 6-month period	18.56%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	26.36%	208.00%	-181.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.53%	208.00%	-179.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.53%	208.00%	-179.47%

QBF vs. IREG - Expense Ratio Comparison

QBF has a 0.79% expense ratio, which is higher than IREG's 0.75% expense ratio.

Dividends

QBF vs. IREG - Dividend Comparison

QBF's dividend yield for the trailing twelve months is around 1.81%, while IREG has not paid dividends to shareholders.

Position	TTM	2025
IREG Leverage Shares 2X Long IREN Daily ETF	0.00%	0.00%
QBF Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly	1.81%	1.38%

Frequently Asked Questions

Can I hold both QBF and IREG in my portfolio?

QBF and IREG have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QBF or IREG?

On fees, IREG 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, QBF or IREG?

IREG is cheaper with a 0.75% expense ratio, compared with 0.79% for QBF.

Which ETF pays a higher dividend yield, QBF or IREG?

QBF has the higher dividend yield at 1.81%, compared with 0.00% for IREG.

What is the main difference between QBF and IREG?

QBF is categorized as Blockchain, while IREG is Leveraged Equities. They also come from different issuers: Innovator and Leverage Shares. Their fees differ too: 0.79% for QBF and 0.75% for IREG.