USAX vs. NIOG

Last updated Jul 12, 2026

USAX (Tradr 2X Long USAR Daily ETF) and NIOG (Leverage Shares 2X Long NIO Daily ETF) are both Leveraged Equities funds - USAX tracks the USA Rare Earth, Inc. (USAR) while NIOG tracks the NIO Inc. (NIO). Both are passively managed. At a 0.18 correlation, their price movements are largely independent. USAX charges 1.49%/yr vs 0.75%/yr for NIOG.

Performance

USAX vs. NIOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long USAR Daily ETF (USAX) and Leverage Shares 2X Long NIO Daily ETF (NIOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

USAX

• 1D: -4.53%
• 1M: -33.39%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NIOG

• 1D: -0.40%
• 1M: -17.51%
• 6M: -15.19%
• YTD: -30.01%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USAX vs. NIOG - Yearly Performance Comparison

	2026 (YTD)
USAX Tradr 2X Long USAR Daily ETF	-49.30%
NIOG Leverage Shares 2X Long NIO Daily ETF	-22.32%

Correlation

The correlation between USAX and NIOG is 0.18, 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 Jan 13, 2026	0.18

Return for Risk

USAX vs. NIOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long USAR Daily ETF (USAX) and Leverage Shares 2X Long NIO Daily ETF (NIOG). 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

USAX vs. NIOG - Drawdown Comparison

The maximum USAX drawdown since its inception was -77.92%, which is greater than NIOG's maximum drawdown of -56.27%. Use the drawdown chart below to compare losses from any high point for USAX and NIOG.

Drawdown Indicators

	USAX	NIOG	Difference
Max Drawdown Largest peak-to-trough decline	-77.92%	-56.27%	-21.65%
Current Drawdown Current decline from peak	-73.68%	-56.15%	-17.53%
Average Drawdown Average peak-to-trough decline	-49.17%	-24.97%	-24.20%

Volatility

Volatility by Period

	USAX	NIOG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	218.87%	113.41%	+105.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	218.87%	113.41%	+105.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	218.87%	113.41%	+105.46%

USAX vs. NIOG - Expense Ratio Comparison

USAX has a 1.49% expense ratio, which is higher than NIOG's 0.75% expense ratio.

Dividends

USAX vs. NIOG - Dividend Comparison

Neither USAX nor NIOG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both USAX and NIOG in my portfolio?

USAX and NIOG have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USAX or NIOG?

On fees, NIOG 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, USAX or NIOG?

NIOG is cheaper with a 0.75% expense ratio, compared with 1.49% for USAX.

Which ETF pays a higher dividend yield, USAX or NIOG?

USAX and NIOG have nearly identical dividend yields, around 0.00%.

What is the main difference between USAX and NIOG?

USAX tracks USA Rare Earth, Inc. (USAR), while NIOG tracks NIO Inc. (NIO). They also come from different issuers: Tradr and Leverage Shares. Their fees differ too: 1.49% for USAX and 0.75% for NIOG.