# LABD (Direxion Daily S&P Biotech Bear 3X ETF)

Direxion · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: LABD returned −10.6% where its own daily promise gave −13.6%, 3.0 points over.

## Key facts

- LABD, what XBI did: +0.7%, as of Sep 30, 2026.
- LABD, what −3 times a day gives: −13.6%, as of Sep 30, 2026.
- LABD, what the fund returned: −10.6%, as of Sep 30, 2026.
- LABD, the fund itself added: +3.0 pts, as of Sep 30, 2026.
- LABD, net assets: $151m (issuer page, as of Sep 30, 2026).
- LABD, expense ratio: 1.07% (485BPOS XBRL, Feb 26, 2026).

## LABD over each window to Sep 30, 2026

| Window | Fund | XBI | -3x the move | Difference | XBI moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +7.0% | −3.0% | +8.9% | −1.9 pts | 24% |
| 3 months | −10.6% | +0.7% | −2.2% | −8.5 pts | 29% |
| 6 months | −55.1% | +22.8% | −68.3% | +13.2 pts | 29% |
| 1 year | −82.0% | +58.0% | −174.1% | +92.0 pts | 28% |
| 3 years | −96.2% | +117.3% | not meaningful over this window | not meaningful over this window | 28% |
| Since launch | −100.0% | +104.2% | not meaningful over this window | not meaningful over this window | 33% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -3 times the daily move of XBI, reset daily | ETFIQ |
| Multiple a holder actually got over the window | XBI moved +0.7% over this window, too little to read a multiple from | ETFIQ |
| Underlying | XBI | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $151m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 1.07% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | May 28, 2015 | ETFIQ |
| Underlying volatility over the window | 29% annualized | ETFIQ |

## Questions

### Did LABD return -3 times XBI?

Over the window to Sep 30, 2026, XBI moved +0.7% and LABD returned −10.6%. −3 times that move is −2.2%, so the fund came out 8.5 points short of it.

### Why does LABD not return -3 times over a year?

Because it resets daily. LABD aims at -3 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -3 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.


## Cite this page

ETFIQ, LABD, data as of Sep 30, 2026. https://etfiq.com/funds/labd
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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