Over the 1 month to Oct 21, 2026, SKHN returned +59.1%, where −2 times that move implies +48.4%. The difference is +10.7 pts. Of that, daily compounding is +10.8 pts and the gap to −2 times each day's move compounded is −0.1 pts.
From launch to Oct 21, 2026, SKHN returned −45.5%, where −2 times that move implies −20.2%. The difference is −25.3 pts. Of that, daily compounding is −25.3 pts and the gap to −2 times each day's move compounded is 0.0 pts.
SKHN returns by window: total return, cash paid and price change
Window
Total return
SKHY
-2x the move
Difference
SKHY moved about, annualized
1MSep 21 – Oct 21, 2026
+59.1%
−24.2%
+48.4%
+10.7 pts
55%
Since launchJul 28 – Oct 21, 2026
−45.5%
+10.1%
−20.2%
−25.3 pts
74%
Total return at closing prices, distributions reinvested. -2x the move is -2 times the window's move. That is not the fund's objective, which is -2 times each day's move. Not shown: 3 months, 6 months, year to date, 1 year and 3 years, which the fund has not been listed long enough to fill (listed Jul 2026); its since-launch row covers all of its record. Source: ETFIQ.
Every fund that sets out to return -2 times SKHY, over the days all of them have been trading. Ranked by how close each came to its own stated multiple.
High since Jul 28, 2026, daily closes to Oct 21, 2026 (ETFIQ)$31.24 on Jul 29, 2026
Low since Jul 28, 2026, daily closes to Oct 21, 2026 (ETFIQ)$9.26 on Oct 5, 2026
Close on Oct 21, 2026, within that range (ETFIQ)$16.16, 31% of the way from the low to the high
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.
About SKHN
Of that 10.7, daily compounding is +10.8 points, which any −2 times fund would show over the same path, and the fund itself is −0.1 points against −2 times each day's move, compounded.
Sets out to return-2 times the daily move of SKHY, reset daily
Multiple a holder actually got over the window (ETFIQ)-2.44533 times, against -2 stated
UnderlyingSKHY
Segmentsector or country, index
Net assets (the issuer’s own daily fund list, as of Oct 21, 2026)$728,651Report
Expense ratio (485BPOS XBRL, Jul 24, 2026)1.49%Report
First tradedJul 28, 2026
Underlying volatility over the window (ETFIQ)55% annualized
How we measure
Read the multiple against the whole window instead and −2 times SKHY's −24.2% implies +48.4%, which makes SKHN look 10.7 points over.That is not the fund's objective, which is daily.SKHN 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 55% annualized over that window.The more it moves, the further the two figures separate.
Returns are ETFIQ calculations from Tiingo end-of-day prices, distributions reinvested, measured against the underlying over exactly the same days. How these figures are computed
Questions people ask about SKHN
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Did SKHN return -2 times SKHY?
Over the month to Oct 21, 2026, SKHY moved −24.2% and SKHN returned +59.1%. −2 times that move is +48.4%, so the fund came out 10.7 points ahead of it. That is not its objective, which is daily. Against −2 times each day's move, compounded, it was 0.1 points short.
Why does SKHN not return -2 times over a year?
Because it resets daily. SKHN aims at -2 times each day's move, and daily results compound. If the underlying falls and recovers, a holder ends up behind -2 times the period move; in a steady run in one direction, possibly ahead. The longer the holding and the more the underlying swings, the wider the gap.
Which -2x SKHY ETF came closest to its daily multiple?
3 issuers sell one. The table on this page ranks them by how far each finished from −2 times the underlying's move, over the days all of them have traded.
What the fund sets out to return against its underlying, each day. A fund at 2x aims to return twice the underlying’s daily move, and an inverse fund at -2x aims to return twice it in the opposite direction.
Daily reset
The fund starts each day aiming at the multiple again, from wherever it now stands. It is the mechanism that makes these funds behave as they do, and the reason the stated multiple applies to a day rather than to a holding period.
Compounding
Daily results multiply together rather than adding up. Two days of the multiple is not twice the multiple, and over a run of days the difference between the two grows with how far the underlying moves about.
Decay
What compounding costs a holder when the underlying falls and rises back to where it started. The underlying is level and the fund is down; the more violently it moved, the further down.
Difference against the stated multiple
The fund’s return minus the stated multiple times the underlying’s return, in percentage points. The one figure that says whether a holder got what the fund’s own multiple describes.
Free to use with the credit link. Paste this where the chart should go; it updates every trading night.
<figure style="margin:0;max-width:640px">
<a href="https://etfiq.com/funds/skhn"><img src="https://etfiq.com/assistant/api/embed/leverage/skhn.svg" alt="SKHN: SKHN returned +59.1% while −2 times SKHY's move would have been +48.4%. Figures from Sep 21, 2026 to Oct 21, 2026." width="640" style="max-width:100%;height:auto"></a>
<figcaption style="font:13px/1.5 sans-serif">SKHN: SKHN returned +59.1% while −2 times SKHY's move would have been +48.4%. Figures from Sep 21, 2026 to Oct 21, 2026. Data: <a href="https://etfiq.com/funds/skhn">ETFIQ</a></figcaption>
</figure>
Four ranked ETF lists in one email every Friday morning. The last note
SKHN, Leveraged ETFs, ETFIQ, data as of Oct 21, 2026. Every figure is calculated from a named public source; the method is at etfiq.com/methodology. ETFIQ is an independent publisher, is not a fund issuer, broker-dealer or investment adviser, and makes no recommendations.
