PALD vs PALU: which held to its multiple?
Over three months against its own daily promise, PALD finished 1.2 points over and PALU 3.0 points short. Direxion Daily PANW Bear 1X ETF and Direxion Daily PANW Bull 2X ETF.
PALD returned −18.0% while −1 times PANW's move would have been −12.9%
PALU returned +13.9% while 2 times PANW's move would have been +25.7%
PALD among the 125 inverse ETFs over three months
PALU among the 470 leveraged ETFs, long, over three months
A percentile among the 125 inverse ETFs over three months. PALU is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. 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
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | PALD | PALU | PALD | PALU | PALD | PALU |
| 1 month | −7.1% | +3.8% | −4.0% | +7.9% | −3.1 pts | −4.2 pts |
| 3 months | −18.0% | +13.9% | −12.9% | +25.7% | −5.2 pts | −11.8 pts |
| 6 months | −64.8% | +399.6% | not meaningful | not meaningful | not meaningful | not meaningful |
| 1 year | −56.8% | +175.9% | −95.1% | +190.2% | +38.4 pts | −14.3 pts |
| Since launch PALD Mar 2025 · PALU Mar 2025 | −62.2% | +191.9% | not meaningful | not meaningful | not meaningful | not meaningful |
PALD and PALU over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
PALD and PALU on the same fields, as of Sep 30, 2026. Source: ETFIQ.
PALD in plain words
Three months to Sep 30, 2026: PALD returned −18.0% where its own daily promise gave −19.2%, 1.2 points over. Read the multiple against the whole window instead and −1 times PANW's 12.9% implies −12.9%, which makes PALD look 5.2 points short. 6.3 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. PALD aims to return -1 times PANW's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -1 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. PANW moved at 60% 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.
PALU in plain words
Three months to Sep 30, 2026: PALU returned +13.9% where its own daily promise gave +16.9%, 3.0 points short. Read the multiple against the whole window instead and 2 times PANW's 12.9% implies +25.7%, which makes PALU look 11.8 points short. 8.8 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. PALU aims to return +2 times PANW's move each day, then resets. 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.
Questions people ask
- Which came closer to its stated multiple, PALD or PALU?
- Over the window to Sep 30, 2026, PALD finished 5.2 points from what its multiple implies and PALU finished 11.8 points from its own, so PALD came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are PALD and PALU levered on the same thing?
- Yes. Both are levered on Palo Alto Networks, PALD at -1 times and PALU at +2 times the daily move.
- Which one decays faster, PALD or PALU?
- Decay follows how much the underlying moves about. Over this window PALD’s moved at 60% annualized and PALU’s at 60%, so PALD has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold PALD or PALU 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.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, PALD against PALU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/pald-vs-palu
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, PALD against PALU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/pald-vs-palu Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, PALD against PALU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/pald-vs-palu
- APA
- ETFIQ. (Sep 30, 2026). PALD against PALU. Retrieved from https://etfiq.com/compare/leverage/pald-vs-palu
- Markdown
- [PALD against PALU (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/pald-vs-palu)