# SPXL Tracking Error: Up vs Down Days

> Over the 90 days to Nov 4, 2026, SPXL missed three times S&P 500's daily return by 5.3 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.

## SPXL daily tracking

Over the 90 days to Nov 4, 2026, SPXL missed three times S&P 500's daily return by 5.3 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: 19 of 22 days, from Oct 7, 2026 | NAV (stated) | 4.0 | −4.0 | 0.35% | −3.7 (8 days) | −4.2 (11 days) | +0.5 | Not enough days |
| 30 days to Nov 4, 2026, 22 daily returns | closing price | 5.2 | −4.2 | 0.76% | −4.3 (11 days) | −4.0 (11 days) | −0.3 | Not significant (t −0.1) |
| 90 days to Nov 4, 2026, 63 daily returns | closing price (stated) | 5.3 | −3.9 | 0.85% | −4.6 (29 days) | −3.3 (34 days) | −1.3 | Not significant (t −0.9) |
| 180 days to Nov 4, 2026, 124 daily returns | closing price (stated) | 6.3 | −3.8 | 1.25% | −4.8 (62 days) | −2.8 (62 days) | −2.0 | Not significant (t −1.4) |
| 1 year to Nov 4, 2026, 251 daily returns | closing price (stated) | 5.8 | −4.0 | 1.05% | −4.5 (131 days) | −3.4 (120 days) | −1.1 | Not significant (t −1.3) |

### SPXL's largest daily misses

The 5 days SPXL strayed furthest from its daily target in the 1 year to Nov 4, 2026, each on its NAV where ETFIQ holds it, else its closing price.

| # | Day | Read on | S&P 500 moved | Target | SPXL returned | Miss |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | Jun 29, 2026 | closing price | +1.65% | +4.94% | +5.36% | +0.41 pts |
| 2 | Jun 25, 2026 | closing price | +0.14% | +0.43% | +0.16% | −0.27 pts |
| 3 | Jun 30, 2026 | closing price | +0.78% | +2.34% | +2.09% | −0.25 pts |
| 4 | Jun 18, 2026 | closing price | +1.04% | +3.11% | +2.89% | −0.22 pts |
| 5 | Jun 24, 2026 | closing price | −0.05% | −0.14% | −0.33% | −0.19 pts |

### Method

The daily miss is SPXL's return each day less three times S&P 500'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 19 of the 63 sessions. SPXL ranks 4 of 31 3x leveraged ETFs on its 90-day average daily miss. Up days and down days split the miss by whether S&P 500 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. S&P 500 is itself an ETF, so its own fee and tracking are inside the miss. 1 NAV day was held out, where the NAV and the closing price disagreed about the day: Nov 3, 2026. 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 SPXL is listed.

### Where to next

### Sources

Links are sources, not endorsements.

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, SPXL daily tracking, listed by window, data as of Nov 4, 2026. https://etfiq.com/funds/spxl/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/spxl/tracking/