SKHL vs SKHU: Leverage, Returns & Decay
Over the days both have traded, SKHL finished 3.5 points from its stated multiple and SKHU 3.1. Net assets: $38m on Oct 19, 2026 for Direxion Daily SK Hynix Bull 2X ETF, and $47m on Oct 21, 2026 for ProShares Ultra SK hynix.
SKHU costs 0.02 points a year less; SKHU is 1.2 times larger.
Points (pts) are percentage points.
| SKHL | SKHU | |
|---|---|---|
| Expense ratio | 0.97% | 0.95% |
| Net assets, as of Oct 19, 2026 | $38m | $46m |
| What it tracks | SK hynix Inc. (from its own objective) | SKHY (from its own objective) |
| Holdings in common | not published | |
| What its daily multiple gave, 3 months | −35.3% | −35.3% |
| Against its daily multiple, 3 months | 2.8 points short | 4.0 points short |
SKHL returned −38.2% while 2 times SKHY's move would have been −26.6%. Figures from Jul 22, 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.
SKHU returned −39.3% 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.
How closely it delivered its daily multiple over 3 months, ranked against 508 leveraged ETFs at 2x, over three months. 100 is best. How it is computed
A percentile among the 508 leveraged ETFs at 2x, over three months. Three months only, against the fund's own daily multiple; a different quarter can rank it very differently. All leveraged ETFs ranked by it →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | SKHL | SKHU | SKHL | SKHU | SKHL | SKHU |
| 1 month | −44.9% | −45.3% | −48.4% | −48.4% | +3.5 pts | +3.1 pts |
| 3 months | −38.2% | −39.3% | −26.6% | −26.6% | −11.6 pts | −12.7 pts |
| Since launch Not the same days: SKHL Jul 2026 · SKHU Jul 2026 | −48.1% | −58.4% | −37.6% | −52.2% | −10.5 pts | −6.2 pts |
Source: ETFIQ. Open this comparison in the app →
On the same fields
As of Oct 21, 2026. Source: ETFIQ.
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. That is not the fund's objective, which is daily. 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. 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 78% annualized over that window. The more it moves, the further the two figures separate.
Over the three months to Oct 21, 2026, SKHL lost 38.2%, against −35.3% for twice SKHY's daily moves.
About SKHU
Read the multiple against the whole window instead and 2 times SKHY's −13.3% implies −26.6%, which makes SKHU look 12.7 points short. Of that 12.7, daily compounding is −8.7 points, which any 2 times fund would show over the same path, and the fund itself is −4.0 points against 2 times each day's move, compounded. SKHU aims to return +2 times SKHY's move each day, then resets.
Over the three months to Oct 21, 2026, SKHU lost 39.3%, against −35.3% for twice SKHY's daily moves.
Questions people ask
- Which came closer to its daily multiple, SKHL or SKHU?
- Over the window to Oct 21, 2026, SKHL finished 11.6 points from what its multiple implies and SKHU finished 12.7 points from its own, so SKHL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are SKHL and SKHU levered on the same thing?
- Yes. Both are levered on SK hynix, SKHL at +2 times and SKHU at +2 times the daily move.
- Which one decays faster, SKHL or SKHU?
- Decay follows how much the underlying moves about. Over this window SKHL’s moved at 78% annualized and SKHU’s at 78%, so SKHL has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SKHL or SKHU 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
It is a place in a set, not a rating or a recommendation.
Every figure is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, SKHL against SKHU, data as of Oct 21, 2026. https://etfiq.com/compare/leverage/skhl-vs-skhu
ETFIQ. (Oct 21, 2026). SKHL against SKHU. Retrieved from https://etfiq.com/compare/leverage/skhl-vs-skhu
[SKHL against SKHU (ETFIQ, Oct 21, 2026)](https://etfiq.com/compare/leverage/skhl-vs-skhu)
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