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AMZD vs IONZ

Direxion Daily AMZN Bear 1X ETF

AMZDANasdaq

Defiance Daily Target 2x Short IONQ ETF

IONZCNasdaq

Overlap

Expense ratio

AMZD −0.89pt a year

AMZD1.02%IONZ1.91%

Avg volume · 30D

AMZD 7.6×the volume

AMZD12.2MIONZ1.6M

AMZD vs IONZ Performance

Oct 31, 2025 – Nov 2, 2026

−5.6%AMZD−80.0%IONZ

Oct 31, 2025 to Nov 2, 2026. AMZD −5.6%. IONZ −80.0%. Use the arrow keys to read each point.−100%−50%50%Oct 2025May 2026Nov 2026
Expense ratio
AMZD 1.02%, better
IONZ 1.91%
Fund size
AMZD $18M
IONZ $11M
1Y total return
AMZD −5.6%, better
IONZ −80.0%
Yield (12M)
AMZD 2.71%
IONZ No data
Holdings
AMZD 3
IONZ 3
Avg volume (30D)
AMZD 12.2M sh, better
IONZ 1.6M sh
NAV per share
AMZD $9.03
IONZ $36.42
52W range

ETF.net Grade

AMZD: Cost 78, Risk 72, Mission 96, Tradability 74, Holdings not scored, Durability 70. IONZ: Cost 4, Risk 29, Mission 90, Tradability 44, Holdings not scored, Durability 51.
Pillar letters and Scores for AMZD, IONZ, with each pillar’s weight
PillarAMZDIONZ
Cost30% weightA78HigherF4
Mission25% weightA96HigherA90
Risk15% weightA72HigherD29
Tradability15% weightA74HigherC44
Holdings10% weightNot scoredNot scored
Durability5% weightA70HigherC51

Rank among Single-Stock Inverse funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. AMZD and IONZ are both graded against the same 43 Single-Stock Inverse funds, so their Grades compare head to head.

Single-Stock Inverse⁠

Category · 43 funds
See all 43 ›

AMZD ranks 4th and IONZ 25th of 43 funds in the Single-Stock Inverse Category.

  1. Rank 1AAAPDDirexion Daily AAPL Bear 1X ETFScore 86
  2. Rank 2ATSDDGraniteShares 2x Short TSLA Daily ETFScore 84
  3. Rank 3ATSLSDirexion Daily TSLA Bear 1X ETFScore 81
  4. Rank 4AAMZDDirexion Daily AMZN Bear 1X ETFScore 80
  5. Rank 4APLTDDirexion Daily PLTR Bear 1X ETFScore 80
  6. Rank 23CMUZDefiance Daily Target 2X Short MU ETFScore 50
  7. Rank 25CIONZDefiance Daily Target 2x Short IONQ ETFScore 41
  8. Rank 25CSNDQTradr 2X Short SNDK Daily ETFScore 41

Our read on each fund

ETF.net Research

AMZDADirexion Daily AMZN Bear 1X ETF

IONZCDefiance Daily Target 2x Short IONQ ETF

In short

AMZD Most single-stock bear funds reach for leverage. AMZD skips it: one dollar down for every dollar Amazon rises, for a single trading day, through swaps you buy like any share. 1.02% net of a waiver through September 1, 2027.

IONZ One ticker, one trade: IONZ aims for -2x the daily move in IonQ, the quantum-computing pure play, using swaps instead of a margin account. The clock resets every day, and its 1.91% fee runs above the category norm.

Stated mandate

AMZD The fund seeks daily inverse investment results tied to AMZN and is materially different from ordinary exchange-traded funds.

IONZ The Fund seeks daily inverse investment results equal to -2 times the daily percentage change in IonQ Inc.'s share price.

Why people hold it

  • AMZD Minus one, not minus two. The fund targets 100% of the inverse of Amazon's daily move, so a 3% pop in the stock is roughly a 3% hit here, not 6%.sec.gov
  • Bearish exposure comes from swap agreements and options, not borrowed stock, so the position is a regular buy order in a regular brokerage account.sec.gov
  • Fee lands below the category median: 1.02% net of a waiver through September 1, 2027, against a 1.26% gross rate.
  • Trading since September 2022 and among the more active names in its category, and it has stayed tight to its stated daily target, one of the stronger implementations among inverse single-stock funds.
  • IONZ Hews close to its stated -2x daily objective since its June 2025 launch, and sits in the upper half of its bear single-stock leveraged peer group.defianceetfs.com
  • Short exposure without the plumbing: no margin account, no borrowing shares, no recall risk. The bet rides on total return swaps inside a 1940 Act fund.defianceetfs.com
  • Defiance runs the mirror image, a 2x long IonQ fund (IONX), so flipping your direction is a ticker change rather than a new brokerage setup.defianceetfs.com

Worth knowing

  • AMZD The exposure resets daily. Held across a choppy stretch, compounding can leave the result with little resemblance to minus one times Amazon's move over that stretch.sec.gov
  • That 1.02% rests on a waiver running through September 1, 2027. Without it the fee reverts to the 1.26% gross figure.
  • Assets are modest for the category, and a fund wired to one stock depends on ongoing appetite for that one trade.
  • IONZ Daily reset means multi-day results compound off each close and can drift far from -2x the period move, especially when IonQ chops around.defianceetfs.com
  • At 1.91% it prices above the category median, and cheaper bear single-stock funds exist (SKHZ at 0.75%, TSLS at 0.95%), though they track different stocks.
  • A small, young fund that holds swap contracts with a counterparty rather than borrowed stock, and it is not built to pay income.defianceetfs.com

Full AMZD profile⁠

Full IONZ profile⁠

AMZD vs IONZ Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AMZD vs IONZ Cost

Overpaying IONZ vs AMZD

$12,766

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • AMZD 1.02%

    $19,012

  • IONZ 1.91%

    $31,778

$10,000
30 years

Cost over time

  • AMZD 1.02%
  • IONZ 1.91%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K051015202530IONZ $31,778AMZD $19,012

Year by year

YearAMZDIONZOverpaying
10$1,797$3,242$1,445
20$6,746$11,705$4,959
30$19,012$31,778$12,766

Expense ratio

  • 1.02%AMZD, cheaper
  • 1.91%IONZ
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

AMZD 12th cheapest of 43 funds

IONZ 41st cheapest of 43 funds

AMZD vs IONZ Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
AMZD 2.71%
IONZ No data
Payout (12M)
AMZD $0.24
IONZ None
Last payment
AMZD $0.05
IONZ No data
Ex-dividend
AMZD Sep 22, 2026
IONZ No data
Paid on
AMZD Sep 29, 2026
IONZ No data
Frequency
AMZD Quarterly
IONZ No data

Distribution history

Per share, 2022 to 2026, same scale for both

AMZDQuarterly · 18 paymentsAll AMZD payments⁠
One bar per payment. 18 payments from 2022 to 2026 YTD. Sep 20, 2022 $0.0084; Dec 8, 2022 $0.69; Dec 20, 2022 $0.14; Mar 21, 2023 $0.24; Jun 21, 2023 $0.29; Sep 19, 2023 $0.45; Dec 21, 2023 $0.21; Mar 19, 2024 $0.17; Jun 25, 2024 $0.17; Sep 24, 2024 $0.14; Dec 23, 2024 $0.11; Mar 25, 2025 $0.10; Jun 24, 2025 $0.07; Sep 23, 2025 $0.11; Dec 23, 2025 $0.08; Mar 24, 2026 $0.05; Jun 23, 2026 $0.06; Sep 22, 2026 $0.05. Use the arrow keys to read each point.$0$0.5020232026YTD
IONZAll IONZ payments⁠

No distribution history available.

AMZD vs IONZ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
AMZD 27.4%IONZ 165.7%since Jul 2025
Return per unit of riskSharpe ratio, 3 years
AMZD −0.86IONZ −0.47since Jul 2025
Worst fallMax drawdown, 5 years
AMZD −74.7%since Sep 2022IONZ −98.7%since Jun 2025
Market sensitivityBeta, 5 years
AMZD −1.26IONZ −9.59

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