SKHA vs SKHL: Leverage, Returns & Decay
Over the days both have traded, SKHA finished 3.3 points from its stated multiple and SKHL 3.5. Net assets: $530,569 on Oct 21, 2026 for Tradr 2X Long SK Hynix Daily ETF, and $38m on Oct 19, 2026 for Direxion Daily SK Hynix Bull 2X ETF.
SKHL costs 0.52 points a year less; SKHL is far larger, $38m against $529,223.
Points (pts) are percentage points.
| SKHA | SKHL | |
|---|---|---|
| Expense ratio | 1.49% | 0.97% |
| Net assets, as of Oct 19, 2026 | $529,223 | $38m |
| What it tracks | SK Hynix | SK hynix Inc. (from its own objective) |
| Holdings in common | not published | |
| What its daily multiple gave | −44.3% (1 month) | −35.3% (3 months) |
| Against its daily multiple | 0.8 points short (1 month) | 2.8 points short (3 months) |
SKHA returned −45.1% while 2 times SKHY's move would have been −48.4%. Figures from Sep 21, 2026 to Oct 21, 2026.
SKHA returned −45.1% while 2 times SKHY's move would have been −48.4%. Figures from Sep 21, 2026 to Oct 21, 2026.
SKHL returned −38.2% while 2 times SKHY's move would have been −26.6%. Figures from Jul 22, 2026 to Oct 21, 2026.
Figures from Jul 22, 2026 to Oct 21, 2026.
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | SKHA | SKHL | SKHA | SKHL | SKHA | SKHL |
| 1 month | −45.1% | −44.9% | −48.4% | −48.4% | +3.3 pts | +3.5 pts |
| 3 months | – | −38.2% | – | −26.6% | – | −11.6 pts |
| Since launch Not the same days: SKHA Jul 2026 · SKHL Jul 2026 | +4.3% | −48.1% | +20.2% | −37.6% | −15.9 pts | −10.5 pts |
Source: ETFIQ. – means no data for this window, usually because the fund is younger than it. Open this comparison in the app →
On the same fields
As of Oct 21, 2026. Source: ETFIQ.
About SKHA
Read the multiple against the whole window instead and 2 times SKHY's −24.2% implies −48.4%, which makes SKHA look 3.3 points over. That is not the fund's objective, which is daily. SKHA aims to return +2 times SKHY's move each day, then resets. Over one day it does that. Over longer periods the daily results compound, so the total is not +2 times the period's move: it is lower after a fall and recovery, and can be higher in a steady run. SKHY moved at 55% annualized over that window. The more it moves, the further the two figures separate.
Over the month to Oct 21, 2026, SKHA lost 45.1%, against −44.3% for twice SKHY's daily moves. Of that 3.3, daily compounding is +4.1 points, which any 2 times fund would show over the same path, and the fund itself is −0.8 points against 2 times each day's move, compounded.
About SKHL
Read the multiple against the whole window instead and 2 times SKHY's −13.3% implies −26.6%, which makes SKHL look 11.6 points short. Of that 11.6, daily compounding is −8.8 points, which any 2 times fund would show over the same path, and the fund itself is −2.8 points against 2 times each day's move, compounded. SKHL aims to return +2 times SKHY's move each day, then resets. SKHY moved at 78% annualized over that window.
Over the three months to Oct 21, 2026, SKHL lost 38.2%, against −35.3% for twice SKHY's daily moves.
Questions people ask
- Which came closer to its daily multiple, SKHA or SKHL?
- Over the window to Oct 21, 2026, SKHA finished 3.3 points from what its multiple implies and SKHL finished 11.6 points from its own, so SKHA came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are SKHA and SKHL levered on the same thing?
- Yes. Both are levered on SK hynix, SKHA at +2 times and SKHL at +2 times the daily move.
- Which one decays faster, SKHA or SKHL?
- Decay follows how much the underlying moves about. Over this window SKHA’s moved at 55% annualized and SKHL’s at 78%, so SKHL has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SKHA or SKHL for a year?
- Both reset every day, so the multiple in the name applies to a single day, and daily results compound. Over a year the total is not the multiple times the year’s move; after a fall and recovery it is lower.
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
Every figure is an ETFIQ calculation with distributions reinvested.
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ETFIQ, SKHA against SKHL, data as of Oct 21, 2026. https://etfiq.com/compare/leverage/skha-vs-skhl
ETFIQ. (Oct 21, 2026). SKHA against SKHL. Retrieved from https://etfiq.com/compare/leverage/skha-vs-skhl
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