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USAX vs USGG: which held to its multiple?

Over the days both have traded, USAX finished 0.2 points from its stated multiple and USGG 0.4. Tradr 2X Long USAR Daily ETF and Leverage Shares 2X Long USAR Daily ETF.

−58.9%
USAX returned, 3 months
−59.4%
USGG returned, 3 months
+0.2 pts
USAX from its stated multiple
−0.4 pts
USGG from its stated multiple
USAX · 3 months to Sep 30, 2026On its stated multiple
On its stated multipleUSAX returned −58.9% while 2 times USAR's move would have been −59.1%USAR −29.5% ×2 implies−59.1%USAX returned−58.9%On its stated multipleUSAX returned −58.9% while 2 times USAR's move would have been −59.1%USAR −29.5% ×2 implies−59.1%USAX returned−58.9%

USAX returned −58.9% while 2 times USAR's move would have been −59.1%

USGG · 3 months to Sep 30, 2026On its stated multiple
On its stated multipleUSGG returned −59.4% while 2 times USAR's move would have been −59.1%USAR −29.5% ×2 implies−59.1%USGG returned−59.4%On its stated multipleUSGG returned −59.4% while 2 times USAR's move would have been −59.1%USAR −29.5% ×2 implies−59.1%USGG returned−59.4%

USGG returned −59.4% while 2 times USAR's move would have been −59.1%

ETFIQ Decay Resistance Score · USAX scores higherDid it keep up with its own daily multiple, compounded day by day?
0.1, the lowest in this set99.9, the highest

A percentile among the 470 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

Total returnMultiple would giveDifference
WindowUSAXUSGGUSAXUSGGUSAXUSGG
1 month−40.2%−40.0%−42.0%−42.0%+1.8 pts+1.9 pts
3 months−58.9%−59.4%−59.1%−59.1%+0.2 pts−0.4 pts
6 months−45.8%−46.9%−9.7%−9.7%−36.1 pts−37.1 pts
Since launch
USAX Jan 2026 · USGG Jan 2026
−69.2%−69.3%−31.1%−31.1%−38.1 pts−38.2 pts

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

On the same fields

USAX
Tradr 2X Long USAR Daily ETF · Aims to return twice the daily move of USA Rare Earth (USAR)
USGG
Leverage Shares 2X Long USAR Daily ETF · Aims to return twice the daily move of USA Rare Earth (USAR)
Issuer Tradr Leverage Shares
Sets out to return +2x +2x
Underlying asset USAR USAR
Segment company company
Fund returned, 3 months or since launch −58.9% −59.4%
Underlying returned, over that window −29.5% −29.5%
What the stated multiple implies, over that window −59.1% −59.1%
Difference from stated, over that window +0.2 pts −0.4 pts
Fund returned, 1 year or since launch −69.2% −69.3%
Difference from stated, over that window −38.1 pts −38.2 pts
Underlying volatility 78% 78%
Difference over the days both have traded +0.2 pts −0.4 pts
Expense ratio 1.49% 0.75%
Launched Jan 13, 2026 Jan 13, 2026
Net assets $8m $11m

USAX and USGG on the same fields, as of Sep 30, 2026. Source: ETFIQ.

USAX in plain words

Three months to Sep 30, 2026: USAX returned −58.9% where its own daily promise gave −57.3%, 1.6 points short. Read the multiple against the whole window instead and 2 times USAR's −29.5% implies −59.1%, which makes USAX look 0.2 points over. 1.8 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 78% 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 30, 2026: USGG returned −59.4% where its own daily promise gave −57.3%, 2.2 points short. Read the multiple against the whole window instead and 2 times USAR's −29.5% implies −59.1%, which makes USGG look 0.4 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 30, 2026, USAX finished 0.2 points from what its multiple implies and USGG finished 0.4 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 USA Rare Earth, 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 78% annualized and USGG’s at 78%, 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.
Other comparisons
USAX on its own →USGG on its own →How every figure is computed →Standards and sources →
Where these figures came from
USAX filings on SEC EDGAR ↗USAX prospectus with the expense ratio (SEC) ↗Tradr website ↗USGG filings on SEC EDGAR ↗USGG 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, USAX against USGG, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/usax-vs-usgg

Open data

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