# SPXS Tracking Error: Up vs Down Days

> Over the 90 days to Nov 4, 2026, SPXS missed minus three times S&P 500's daily return by 7.1 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.

## SPXS daily tracking

Over the 90 days to Nov 4, 2026, SPXS missed minus three times S&P 500's daily return by 7.1 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) | 6.2 | +6.2 | 0.66% | +5.1 (8 days) | +7.0 (11 days) | −1.9 | Not enough days |
| 30 days to Nov 4, 2026, 22 daily returns | closing price | 6.8 | +6.2 | 0.76% | +4.9 (11 days) | +7.4 (11 days) | −2.5 | Not significant (t −1.3) |
| 90 days to Nov 4, 2026, 63 daily returns | closing price (stated) | 7.1 | +5.9 | 1.05% | +6.3 (29 days) | +5.6 (34 days) | +0.7 | Not significant (t 0.4) |
| 180 days to Nov 4, 2026, 124 daily returns | closing price (stated) | 7.6 | +5.9 | 1.27% | +7.2 (62 days) | +4.6 (62 days) | +2.6 | Not significant (t 1.8) |
| 1 year to Nov 4, 2026, 251 daily returns | closing price (stated) | 7.0 | +5.9 | 1.09% | +6.8 (131 days) | +5.0 (120 days) | +1.8 | Significant (t 2.0) |

### SPXS's largest daily misses

The 5 days SPXS 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 | SPXS returned | Miss |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | Jun 25, 2026 | closing price | +0.14% | −0.43% | +0.04% | +0.47 pts |
| 2 | Sep 18, 2026 | closing price | +0.13% | −0.39% | −0.12% | +0.27 pts |
| 3 | Jun 18, 2026 | closing price | +1.04% | −3.11% | −2.88% | +0.23 pts |
| 4 | Jul 24, 2026 | closing price | +0.10% | −0.30% | −0.11% | +0.20 pts |
| 5 | Jan 16, 2026 | closing price | −0.08% | +0.25% | +0.44% | +0.19 pts |

### Method

The daily miss is SPXS's return each day less minus 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. SPXS ranks 4 of 19 3x inverse 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 SPXS 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, SPXS daily tracking, listed by window, data as of Nov 4, 2026. https://etfiq.com/funds/spxs/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/spxs/tracking/