# USAX Tracking Error: Up vs Down Days

> Over the 90 days to Nov 4, 2026, USAX missed two times USAR's daily return by 36.4 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.

## USAX daily tracking

Over the 90 days to Nov 4, 2026, USAX missed two times USAR's daily return by 36.4 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, 22 daily returns | closing price (stated) | 44.4 | −4.2 | 8.85% | +46.5 (6 days) | −23.2 (16 days) | +69.7 | Not enough days |
| 90 days to Nov 4, 2026, 63 daily returns | closing price (stated) | 36.4 | −5.2 | 7.40% | +10.3 (20 days) | −12.5 (43 days) | +22.8 | Not significant (t 1.6) |
| 180 days to Nov 4, 2026, 124 daily returns | closing price (stated) | 38.5 | −5.7 | 7.55% | −0.2 (45 days) | −8.8 (79 days) | +8.7 | Not significant (t 0.9) |

### USAX's largest daily misses

The 5 days USAX 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 | USAR moved | Target | USAX returned | Miss |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | Jun 5, 2026 | closing price | −17.08% | −34.17% | −35.36% | −1.19 pts |
| 2 | Jun 4, 2026 | closing price | −3.15% | −6.29% | −5.13% | +1.16 pts |
| 3 | Aug 27, 2026 | closing price | +1.74% | +3.49% | +4.65% | +1.16 pts |
| 4 | Aug 21, 2026 | closing price | +12.57% | +25.13% | +24.14% | −0.99 pts |
| 5 | Oct 27, 2026 | closing price | +16.72% | +33.45% | +34.38% | +0.93 pts |

### Method

The daily miss is USAX's return each day less two times USAR'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 its NAV or its target's is not struck at the 4:00 p.m. close. USAX ranks 340 of 494 2x leveraged ETFs on its 90-day average daily miss. Up days and down days split the miss by whether USAR 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 USAX 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, USAX daily tracking, listed by window, data as of Nov 4, 2026. https://etfiq.com/funds/usax/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/usax/tracking/