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UN vs UNHG: which held to its multiple?

Over the days both have traded, UN finished 0.6 points from its stated multiple and UNHG 0.9. Corgi UNH 2x Daily ETF and Leverage Shares 2X Long UNH Daily ETF.

−27.9%
UN returned, since launch
−28.8%
UNHG returned, 3 months
−0.4 pts
UN from its stated multiple
−1.9 pts
UNHG from its stated multiple
UN · 1 month to Sep 30, 20260.6 pts short of its stated multiple
0.6 pts short of its stated multipleUN returned −10.9% while 2 times UNH's move would have been −10.3%UNH −5.2% ×2 implies−10.3%UN returned−10.9%0.6 pts short of its stated multipleUN returned −10.9% while 2 times UNH's move would have been −10.3%UNH −5.2% ×2 implies−10.3%UN returned−10.9%

UN returned −10.9% while 2 times UNH's move would have been −10.3%

UNHG · 3 months to Sep 30, 20261.9 pts short of its stated multiple
1.9 pts short of its stated multipleUNHG returned −28.8% while 2 times UNH's move would have been −26.8%UNH −13.4% ×2 implies−26.8%UNHG returned−28.8%1.9 pts short of its stated multipleUNHG returned −28.8% while 2 times UNH's move would have been −26.8%UNH −13.4% ×2 implies−26.8%UNHG returned−28.8%

UNHG returned −28.8% while 2 times UNH's move would have been −26.8%

Performance, window by window

Total returnMultiple would giveDifference
WindowUNUNHGUNUNHGUNUNHG
1 month−10.9%−11.2%−10.3%−10.3%−0.6 pts−0.9 pts
3 monthsnot published−28.8%not published−26.8%not published−1.9 pts
6 monthsnot published+64.4%not published+71.1%not published−6.7 pts
1 yearnot published−9.9%not published+18.3%not published−28.2 pts
Since launch
UN Jul 2026 · UNHG Jul 2025
−27.9%+24.3%−27.5%+66.0%−0.4 pts−41.7 pts

UN and UNHG over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

UN
Corgi UNH 2x Daily ETF · Aims to return twice the daily move of UnitedHealth (UNH)
UNHG
Leverage Shares 2X Long UNH Daily ETF · Aims to return twice the daily move of UnitedHealth (UNH)
Issuer Corgi Leverage Shares
Sets out to return +2x +2x
Underlying asset UNH UNH
Segment company company
Fund returned, 3 months or since launch −10.9% −28.8%
Underlying returned, over that window −5.2% −13.4%
What the stated multiple implies, over that window −10.3% −26.8%
Difference from stated, over that window −0.6 pts −1.9 pts
Fund returned, 1 year or since launch −27.9% −9.9%
Difference from stated, over that window −0.4 pts −28.2 pts
Underlying volatility 19% 22%
Difference over the days both have traded −0.6 pts −0.9 pts
Expense ratio 0.45% 0.77%
Launched Jul 7, 2026 Jul 22, 2025
Net assets $282,082 $61m

UN and UNHG on the same fields, as of Sep 30, 2026. Source: ETFIQ.

UN in plain words

One month to Sep 30, 2026: UN returned −10.9% where its own daily promise gave −10.3%, 0.6 points short. Read the multiple against the whole window instead and 2 times UNH's −5.2% implies −10.3%, which makes UN look 0.6 points short. 0.0 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. UN aims to return +2 times UNH'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. UNH moved at 19% 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.

UNHG in plain words

Three months to Sep 30, 2026: UNHG returned −28.8% where its own daily promise gave −25.9%, 2.8 points short. Read the multiple against the whole window instead and 2 times UNH's −13.4% implies −26.8%, which makes UNHG look 1.9 points short. 0.9 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. UNHG aims to return +2 times UNH's move each day, then resets. UNH moved at 22% annualized over that window.

Questions people ask

Which came closer to its stated multiple, UN or UNHG?
Over the window to Sep 30, 2026, UN finished 0.6 points from what its multiple implies and UNHG finished 1.9 points from its own, so UN came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are UN and UNHG levered on the same thing?
Yes. Both are levered on UnitedHealth, UN at +2 times and UNHG at +2 times the daily move.
Which one decays faster, UN or UNHG?
Decay follows how much the underlying moves about. Over this window UN’s moved at 19% annualized and UNHG’s at 22%, so UNHG has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold UN or UNHG 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, UN or UNHG?
UN charges 0.45% a year and UNHG charges 0.77%, so UN is cheaper. Fees come from each fund's prospectus.
Other comparisons
UN vs UNHUUNHG vs UNHU
UN on its own →UNHG on its own →How every figure is computed →Standards and sources →
Where these figures came from
UN filings on SEC EDGAR ↗UN prospectus with the expense ratio (SEC) ↗Corgi website ↗UNHG filings on SEC EDGAR ↗UNHG prospectus with the expense ratio (SEC) ↗Leverage Shares website ↗

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.

Cite this page

ETFIQ, UN against UNHG, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/un-vs-unhg

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.