# ONDL Tracking Error: Up vs Down Days

> Over the 90 days to Nov 4, 2026, ONDL missed two times ONDS's daily return by 40.9 basis points a day on average, on its closing price.

Data as of Nov 4, 2026. Rebuilt every trading night.

As of Nov 4, 2026 . Rebuilt every trading night.

## ONDL daily tracking

Over the 90 days to Nov 4, 2026, ONDL missed two times ONDS's daily return by 40.9 basis points a day on average, on its closing price.

| Window | Read on | Average daily miss, bp | Signed average, bp | Tracking error | Up days, bp | Down days, bp | Up less down, bp | Confidence |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 30 days to Nov 4, 2026: 20 of 22 days, from Oct 7, 2026 | NAV (stated) | 19.4 | −19.4 | 2.14% | −16.1 (10 days) | −22.6 (10 days) | +6.6 | Not significant (t 1.1) |
| 30 days to Nov 4, 2026, 22 daily returns | closing price | 46.8 | −18.8 | 8.48% | −7.7 (10 days) | −28.1 (12 days) | +20.3 | Not significant (t 0.8) |
| 90 days to Nov 4, 2026, 63 daily returns | closing price (stated) | 40.9 | −18.0 | 7.77% | −16.6 (28 days) | −15.7 (31 days) | −0.9 | Not significant (t −0.1) |
| 180 days to Nov 4, 2026, 124 daily returns | closing price (stated) | 50.3 | −20.6 | 10.06% | −30.3 (55 days) | −10.8 (65 days) | −19.5 | Not significant (t −1.6) |

### ONDL's largest daily misses

The 5 days ONDL strayed furthest from its daily target in the 180 days to Nov 4, 2026, each on its NAV where ETFIQ holds it, else its closing price.

| # | Day | Read on | ONDS moved | Target | ONDL returned | Miss |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | May 14, 2026 | closing price | +26.52% | +53.05% | +50.45% | −2.59 pts |
| 2 | Jun 26, 2026 | closing price | +2.02% | +4.04% | +2.09% | −1.95 pts |
| 3 | Jul 30, 2026 | closing price | +11.47% | +22.94% | +21.00% | −1.94 pts |
| 4 | Jun 29, 2026 | closing price | +2.43% | +4.85% | +6.77% | +1.92 pts |
| 5 | Aug 21, 2026 | closing price | +3.94% | +7.88% | +6.32% | −1.55 pts |

### Method

The daily miss is ONDL's return each day less two times ONDS's return that day. A basis point is a hundredth of a percentage point. Each window is read twice where ETFIQ holds both NAVs: on NAVs, and on closing prices. It is stated on the closing price because NAVs for 20 of the 63 sessions. ONDL ranks 378 of 494 2x leveraged ETFs on its 90-day average daily miss. Up days and down days split the miss by whether ONDS rose or fell; Significant means the gap is at least two standard errors from zero. The average miss carries its sign: a negative one is what the fund kept below its target each day, its fees and financing among it. Not every fund here has traded for a year, and a number over eight months does not order against one over twelve. This page lists each fund with its window and dates instead of ranking them. It becomes a ranking on the night four of them share a full year. Every window ETFIQ can measure for ONDL is listed.

### Where to next

### Sources

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A ranking is not a recommendation or an opinion. ETFIQ is an independent publisher, not an adviser. Standards and sources

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, ONDL daily tracking, listed by window, data as of Nov 4, 2026. https://etfiq.com/funds/ondl/tracking/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/funds/ondl/tracking/