Statistics · 2026 · ETFs
Leveraged ETF Statistics (2026)
The leveraged funds compared here did not deliver their stated multiple of the stand-in ETF’s return over five years. ProShares UltraPro QQQ (TQQQ) returned 22.3% a year over five years, while three times the annual return of the Nasdaq-100 ETF QQQ (16.6%) is 49.8%. All 4 funds compared here fell short of their multiple, as of October 2, 2026.
Key takeaways
- SOXL returned 33.3% a year over five years and SQQQ returned −47.6%, against 13.9% for SPY.
- Over five years, all 4 leveraged funds with an ETF stand-in returned less than their multiple of that ETF.
- SOXL had the highest volatility at 125.0%, 8.0 times SPY’s 15.7%.
- SQQQ fell 99.97% peak to trough (month-end prices; lows within a month are not captured), and SPXU fell 99.55%.
Which leveraged ETFs performed best?
SOXL led over one year at 366.7% with dividends reinvested. Over three years SOXL ranked first at 106.2% a year, and over five years SOXL led at 33.3% a year. SQQQ ranked last over five years at −47.6% a year.
1. One-year range: 366.7% for SOXL to −53.6% for SQQQ
Direxion Daily Semiconductor Bull 3X Shares (SOXL) returned 366.7% and ProShares UltraPro Short QQQ (SQQQ) returned −53.6%. 4 of the 6 funds had a positive one-year return (WealthyBud data · 6 leveraged funds, total return · October 2, 2026). Each return runs from a month-end close to the October 2, 2026 price and is annualized over the actual days: the one-year figure covers September 30, 2025 to October 2, 2026, so it will not match an issuer's month-end one-year return.
2. SOXL led the three-year run at 106.2% a year
SOXL compounded at 106.2% a year, ahead of TQQQ at 67.2%; SQQQ returned −56.9% a year (WealthyBud data · 3-yr annualized total return · October 2, 2026).
3. Five-year range: 33.3% a year for SOXL to −47.6% for SQQQ
4 of the 6 funds had a positive five-year annualized return; SPY returned 13.9% (WealthyBud data · 5-yr annualized total return · October 2, 2026).
| Ticker | Fund | Expense ratio | 1-yr total return | 5-yr total return (ann.) | Volatility (ann.) | Trailing yield |
|---|---|---|---|---|---|---|
| SOXL | Direxion Daily Semiconductor Bull 3X Shares | 0.75% | 366.7% | 33.3% | 125.0% | 0.06% |
| SPXU | ProShares UltraPro Short S&P500 | 0.90% | −34.0% | −34.4% | 45.4% | 6.42% |
| SQQQ | ProShares UltraPro Short QQQ | 0.95% | −53.6% | −47.6% | 59.4% | 9.83% |
| SSO | ProShares Ultra S&P500 | 0.87% | 26.7% | 19.4% | 31.5% | 0.67% |
| TQQQ | ProShares UltraPro QQQ | 0.82% | 57.5% | 22.3% | 63.8% | 0.60% |
| UPRO | ProShares UltraPro S&P500 | 0.89% | 36.4% | 22.5% | 47.5% | 0.75% |
| SPY | State Street SPDR S&P 500 ETF Trust | 0.0945% | 16.7% | 13.9% | 15.7% | 0.99% |
How much do leveraged ETFs cost?
SOXL is the cheapest of the 6 leveraged and inverse ETFs at 0.75% a year, or $75 on every $10,000 invested, and SQQQ costs the most at 0.95%, or $95. The median is 0.88%. The S&P 500 fund SPY charges 0.0945%.
4. ProShares lists TQQQ at a 0.97% gross and 0.82% net expense ratio
The ProShares TQQQ page shows a gross expense ratio of 0.97% and a net expense ratio of 0.82%. Direxion’s fact sheet lists SOXL at 0.91% gross and 0.75% net.
Compare major ETFs by fees and returns
How volatile are leveraged ETFs?
SOXL was the most volatile leveraged fund, with annualized volatility of 125.0%, and SSO was the least at 31.5%. The S&P 500 fund SPY measured 15.7%, so even the calmest leveraged fund measured 2.0 times the index. Volatility is the annualized standard deviation of monthly returns.
5. SOXL swung the most: 125.0% annualized
Direxion Daily Semiconductor Bull 3X Shares (SOXL) had the highest volatility, followed by ProShares UltraPro QQQ (TQQQ) at 63.8%. Volatility uses the last 60 complete monthly returns through September 30, 2026, 60 for every fund (WealthyBud data · annualized volatility · October 2, 2026).
| Fund | Max drawdown | Volatility (ann.) |
|---|---|---|
| SQQQ | −99.97% | 59.4% |
| SPXU | −99.55% | 45.4% |
| SOXL | −86.91% | 125.0% |
| TQQQ | −79.09% | 63.8% |
| UPRO | −62.73% | 47.5% |
| SSO | −45.69% | 31.5% |
6. SQQQ had the deepest drawdown: 99.97%
Drawdown is the fall from the highest month-end price to the lowest one after it, using 121 month-end prices from September 30, 2016 to September 30, 2026 plus the October 2, 2026 price; lows within a month are not captured and the dataset does not record when each low occurred. SPXU fell 99.55%, and SSO fell the least at 45.69% (WealthyBud data · max drawdown, month-end prices · October 2, 2026).
7. 5 of the 6 leveraged funds fell more than half from a month-end peak
SOXL, SPXU, SQQQ, TQQQ, and UPRO each lost more than 50% from their highest month-end price to a later month-end low (month-end prices; lows within a month are not captured). SPY fell 23.93% over the same 121 month-end prices (WealthyBud data · max drawdown vs SPY · October 2, 2026).
How do leveraged ETFs compare with the S&P 500?
4 of the 6 leveraged and inverse ETFs beat the S&P 500 fund SPY over five years, 4 of the 6 over three years and 4 of the 6 over one year. SOXL returned 33.3% a year over five years against 13.9% for SPY, but even the calmest leveraged fund had higher volatility than SPY.
8. 4 of the 6 leveraged ETFs beat the S&P 500 over five years
SPY returned 13.9% a year over five years. SOXL, UPRO, TQQQ, and SSO finished ahead of it. Over three years 4 of the 6 beat SPY’s 23.1%, and over one year 4 of the 6 beat its 16.7% (WealthyBud data · total return vs SPY · October 2, 2026).
Do 3x ETFs deliver three times the return?
Over five years, all 4 funds compared here returned less than their multiple of the stand-in ETF. TQQQ returned 22.3% a year against 49.8% for 3 × QQQ. The funds target a daily multiple, so this page reports the gap as measured and does not test the daily objective.
“Most leveraged and inverse ETFs ‘reset’ daily, meaning that they are designed to achieve their stated objectives on a daily basis. Their performance over longer periods of time — over weeks or months or years — can differ significantly from the stated multiple of the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time.”— SEC Office of Investor Education and Advocacy, Updated Investor Bulletin: Leveraged and Inverse ETFs, August 29, 2023
9. TQQQ returned 22.3% a year; 3 × QQQ is 49.8%
ProShares says TQQQ seeks daily results of three times the daily performance of the Nasdaq-100 Index. QQQ is an ETF that tracks the same index per its Invesco prospectus, used here as a stand-in. The gap was −27.6 points a year over five years and −18.3 over three (WealthyBud data · TQQQ vs 3 x QQQ · October 2, 2026).
10. UPRO trailed 3 × SPY by 19.2 points a year over five years
UPRO returned 22.5% against 41.7% for three times SPY, which State Street says corresponds generally to the S&P 500. SSO, the 2x fund, returned 19.4% against 27.8% for two times SPY (WealthyBud data · UPRO and SSO vs SPY multiples · October 2, 2026).
11. SOXL ran 15.4 points ahead of 3 × SOXX over one year, then trailed over longer windows
The one-year gap for SOXL was 15.4 points ahead: 366.7% against 351.3%. Over three years it returned 106.2% a year against 167.3%, and over five years 33.3% against 98.0%. Direxion’s fact sheet (performance as of June 30, 2026) says the SOXL and SOXS funds “seek daily investment results, before fees and expenses, of 300%, or 300% of the inverse (or opposite), of the performance of the NYSE Semiconductor Index.” iShares says SOXX tracks that index (WealthyBud data · SOXL vs 3 x SOXX · October 2, 2026).
12. ProShares states its objective as a daily target
Its TQQQ page says the fund “seeks daily investment results, before fees and expenses, that correspond to three times (3x) the daily performance of the Nasdaq-100 Index” and that “For any holding period other than a day, your return may be higher or lower than the Daily Target. These differences may be significant.” (ProShares, TQQQ fund page, viewed October 2, 2026).
13. The SEC cites a 3x ETF that fell 53% while its index gained about 8%
The SEC’s bulletin says that over one period “an ETF seeking to deliver three times the daily return of a different index fell 53 percent, while the underlying index actually gained around 8 percent.” The bulletin does not name the fund (investor.gov, August 29, 2023).
| Fund (multiple of stand-in) | Window | Fund return (ann.) | Multiple of stand-in return | Gap |
|---|---|---|---|---|
| TQQQ (3 × QQQ) | 1 year | 57.5% | 75.9% | −18.4 pts |
| TQQQ (3 × QQQ) | 3 years | 67.2% | 85.6% | −18.3 pts |
| TQQQ (3 × QQQ) | 5 years | 22.3% | 49.8% | −27.6 pts |
| UPRO (3 × SPY) | 1 year | 36.4% | 50.1% | −13.7 pts |
| UPRO (3 × SPY) | 3 years | 55.4% | 69.2% | −13.7 pts |
| UPRO (3 × SPY) | 5 years | 22.5% | 41.7% | −19.2 pts |
| SSO (2 × SPY) | 1 year | 26.7% | 33.4% | −6.7 pts |
| SSO (2 × SPY) | 3 years | 39.3% | 46.1% | −6.8 pts |
| SSO (2 × SPY) | 5 years | 19.4% | 27.8% | −8.4 pts |
| SOXL (3 × SOXX) | 1 year | 366.7% | 351.3% | +15.4 pts |
| SOXL (3 × SOXX) | 3 years | 106.2% | 167.3% | −61.0 pts |
| SOXL (3 × SOXX) | 5 years | 33.3% | 98.0% | −64.7 pts |
What do inverse ETFs return over time?
Both inverse funds lost money over every window measured. SQQQ returned −47.6% a year over five years and −55.1% over ten, while SPXU returned −34.4% and −41.4%. Their drawdowns reached 99.97% and 99.55% (month-end prices; lows within a month are not captured).
14. SQQQ returned −47.6% a year over five years and −55.1% over ten
ProShares UltraPro Short QQQ (SQQQ) targets three times the inverse of the Nasdaq-100 Index’s daily performance. Its one-year return was −53.6% and its three-year return −56.9% a year. Over the same five years QQQ returned 16.6% a year (WealthyBud data · SQQQ total return · October 2, 2026).
15. SPXU returned −34.4% a year over five years and −41.4% over ten
ProShares UltraPro Short S&P500 (SPXU) targets three times the inverse of the S&P 500 index’s daily performance. Its one-year return was −34.0% and its three-year return −44.5% a year. SPY returned 13.9% a year over five years (WealthyBud data · SPXU total return · October 2, 2026).
What this means for investors
Read the daily target first. Over five years the gaps in the table ran from −8.4 to −64.7 points a year.
Plan for the drop. 5 of the 6 leveraged funds lost more than half from a month-end peak (month-end prices; lows within a month are not captured).
Know what you hold. Compare these funds with covered call ETFs, review stock market volatility statistics, and see semiconductor ETF statistics for the index behind SOXL.
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