Data as of .
USAX vs USGG: which held to its multiple?
Over the days both have traded, USAX finished 0.7 points from its stated multiple and USGG 1.0.
ETFIQ Decay Resistance Score: USAX scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 391 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| USAX | USGG | USAX | USGG | USAX | USGG | |
| 1 month | −32.9% | −32.6% | −31.0% | −31.0% | −1.9 pts | −1.6 pts |
| 3 months | −59.2% | −59.5% | −58.5% | −58.5% | −0.7 pts | −1.0 pts |
| 6 months | −62.7% | −63.0% | −40.1% | −40.1% | −22.6 pts | −23.0 pts |
| Since launch | −61.4% | −61.5% | −13.3% | −13.3% | −48.1 pts | −48.2 pts |
| USAX Tradr 2X Long USAR Daily ETF Aims to return twice the daily move of USAR | USGG Leverage Shares 2X Long USAR Daily ETF Aims to return twice the daily move of USAR | |
|---|---|---|
| Issuer | Tradr | Leverage Shares |
| Sets out to return | +2x | +2x |
| On | USAR | USAR |
| Segment | company | company |
| Fund returned, 3 months | −59.2% | −59.5% |
| Underlying returned, 3 months | −29.2% | −29.2% |
| What the stated multiple implies, 3 months | −58.5% | −58.5% |
| Difference from stated, 3 months | −0.7 pts | −1.0 pts |
| Fund returned, 1 year or since launch | −61.4% | −61.5% |
| Difference from stated, over that window | −48.1 pts | −48.2 pts |
| Underlying volatility | 82% | 82% |
| Difference over the days both have traded | −0.7 pts | −1.0 pts |
| Expense ratio | 1.49% | 0.75% |
| Launched | Jan 13, 2026 | Jan 13, 2026 |
USAX in plain words
Three months to Sep 11, 2026: USAX returned −59.2% where its own daily promise gave −57.4%, 1.8 points short. Read the multiple against the whole window instead and +2 times USAR's −29.2% implies −58.5%, which makes USAX look 0.7 points short. 1.1 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. USAX aims to return +2 times USAR's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. USAR moved at 82% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
USGG in plain words
Three months to Sep 11, 2026: USGG returned −59.5% where its own daily promise gave −57.4%, 2.1 points short. Read the multiple against the whole window instead and +2 times USAR's −29.2% implies −58.5%, which makes USGG look 1.0 points short. USGG aims to return +2 times USAR's move each day, then resets.
Questions people ask
- Which came closer to its stated multiple, USAX or USGG?
- Over the window to Sep 11, 2026, USAX finished 0.7 points from what its multiple implies and USGG finished 1.0 points from its own, so USAX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are USAX and USGG levered on the same thing?
- Yes. Both are levered on USAR, USAX at +2 times and USGG at +2 times the daily move.
- Which one decays faster, USAX or USGG?
- Decay follows how much the underlying moves about. Over this window USAX’s moved at 82% annualized and USGG’s at 82%, so USAX has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold USAX or USGG for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, USAX or USGG?
- USAX charges 1.49% a year and USGG charges 0.75%, so USGG is cheaper. Fees come from each fund's prospectus.
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, USAX against USGG, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/USAX-USGG Free to use with attribution; the underlying files are at Open data.