RIOX vs. BMNG

Last updated Jun 6, 2026

RIOX (Defiance Daily Target 2X Long RIOT ETF) and BMNG (Leverage Shares 2X Long BMNR Daily ETF) are both Leveraged Equities funds. Both are actively managed. A 0.61 correlation means they provide meaningful diversification when combined. RIOX charges 0.95%/yr vs 0.75%/yr for BMNG.

Performance

RIOX vs. BMNG - Performance Comparison

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

Returns By Period

In the year-to-date period, RIOX achieves a 135.89% return, which is significantly higher than BMNG's -78.43% return.

RIOX

• 1D: -20.99%
• 1M: 1.77%
• YTD: 135.89%
• 6M: 52.58%
• 1Y: 157.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BMNG

• 1D: -22.44%
• 1M: -55.66%
• YTD: -78.43%
• 6M: -87.34%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RIOX vs. BMNG - Yearly Performance Comparison

	2026 (YTD)	2025
RIOX Defiance Daily Target 2X Long RIOT ETF	135.89%	-75.74%
BMNG Leverage Shares 2X Long BMNR Daily ETF	-78.43%	-81.37%

Correlation

The correlation between RIOX and BMNG is 0.61, 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 Oct 28, 2025	0.61

Return for Risk

RIOX vs. BMNG — Risk / Return Rank

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

RIOX

RIOX Risk / Return Rank: 37
RIOX Sharpe Ratio Rank: 28
RIOX Sortino Ratio Rank: 48
RIOX Omega Ratio Rank: 44
RIOX Calmar Ratio Rank: 41
RIOX Martin Ratio Rank: 25

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.

RIOX vs. BMNG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long RIOT ETF (RIOX) and Leverage Shares 2X Long BMNR Daily ETF (BMNG). 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.

	RIOX	BMNG	Difference
Sharpe ratio: Return per unit of total volatility	0.94	—	—
Sortino ratio: Return per unit of downside risk	2.18	—	—
Omega ratio: Gain probability vs. loss probability	1.26	—	—
Calmar ratio: Return relative to maximum drawdown	1.88	—	—
Martin ratio: Return relative to average drawdown	3.12	—	—
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

	RIOX	BMNG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	-0.52	+0.49

Drawdowns

RIOX vs. BMNG - Drawdown Comparison

The maximum RIOX drawdown since its inception was -84.40%, smaller than the maximum BMNG drawdown of -95.98%. Use the drawdown chart below to compare losses from any high point for RIOX and BMNG.

Drawdown Indicators

	RIOX	BMNG	Difference
Max Drawdown Largest peak-to-trough decline	-84.40%	-95.98%	+11.58%
Max Drawdown (1Y) Largest decline over 1 year	-84.40%	—	—
Current Drawdown Current decline from peak	-43.36%	-95.98%	+52.62%
Average Drawdown Average peak-to-trough decline	-52.49%	-81.57%	+29.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.67%	—	—

Volatility

Volatility by Period

	RIOX	BMNG	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.03%	—	—
Volatility (6M) Calculated over the trailing 6-month period	123.63%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	169.32%	193.00%	-23.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	168.45%	193.00%	-24.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	168.45%	193.00%	-24.55%

RIOX vs. BMNG - Expense Ratio Comparison

RIOX has a 0.95% expense ratio, which is higher than BMNG's 0.75% expense ratio.

Dividends

RIOX vs. BMNG - Dividend Comparison

RIOX's dividend yield for the trailing twelve months is around 25.76%, while BMNG has not paid dividends to shareholders.

Position	TTM	2025
BMNG Leverage Shares 2X Long BMNR Daily ETF	0.00%	0.00%
RIOX Defiance Daily Target 2X Long RIOT ETF	25.76%	60.76%

Frequently Asked Questions

Can I hold both RIOX and BMNG in my portfolio?

RIOX and BMNG have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RIOX or BMNG?

On fees, BMNG 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, RIOX or BMNG?

BMNG is cheaper with a 0.75% expense ratio, compared with 0.95% for RIOX.

Which ETF pays a higher dividend yield, RIOX or BMNG?

RIOX has the higher dividend yield at 25.76%, compared with 0.00% for BMNG.

What is the main difference between RIOX and BMNG?

They also come from different issuers: Defiance and Leverage Shares. Their fees differ too: 0.95% for RIOX and 0.75% for BMNG.