{"url":"https://etfiq.com/leverage/multiple","section":"leverage","title":"Leveraged ETF Multiple: Why 3x Is Not 3 Times | ETFIQ","description":"TQQQ returned +22.9% over the year to Oct 27, 2026, against +46.2% for three times QQQ. See why leveraged ETFs drift.","as_of":"Oct 27, 2026","structured_data":[{"@type":"WebApplication","@id":"https://etfiq.com/leverage/multiple#tool","name":"Leveraged ETF multiple","url":"https://etfiq.com/leverage/multiple","applicationCategory":"FinanceApplication","operatingSystem":"Any","isAccessibleForFree":true,"offers":{"@type":"Offer","price":"0","priceCurrency":"USD"},"description":"Over the year to Oct 27, 2026, QQQ returned +15.4%; three times that is +46.2%. TQQQ returned +22.9%, 23.3 points short of the multiple.","dateModified":"2026-10-27","publisher":{"@id":"https://etfiq.com/#org"},"browserRequirements":"The dated answer is in the page; the controls need JavaScript."},{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Is the drift always a loss?","acceptedAnswer":{"@type":"Answer","text":"No. In a steady trend with little back and forth, a leveraged fund can beat its multiple. The expected drift from volatility alone is negative; a strong trend can outweigh it."}},{"@type":"Question","name":"Does the curve include fees?","acceptedAnswer":{"@type":"Answer","text":"No. The curve is compounding alone. The measured table includes fees, because it uses each fund\u2019s own returns."}},{"@type":"Question","name":"What does the multiple imply?","acceptedAnswer":{"@type":"Answer","text":"The fund\u2019s stated multiple times what its underlying returned over the same days. The multiple applies to one day and compounds from there."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Leveraged ETFs","item":"https://etfiq.com/leverage/"},{"@type":"ListItem","position":3,"name":"Leveraged ETF multiple","item":"https://etfiq.com/leverage/multiple"}]},{"@type":"WebPage","name":"Leveraged ETF Multiple: Why 3x Is Not 3 Times","description":"TQQQ returned +22.9% over the year to Oct 27, 2026, against +46.2% for three times QQQ. See why leveraged ETFs drift.","url":"https://etfiq.com/leverage/multiple","dateModified":"2026-10-27","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":1959,"truncated":false,"content":"ETFIQ / Leveraged ETFs / Leveraged ETF multiple \n \n Data as of Oct 27, 2026. Rebuilt every trading night.\n Leveraged ETF multiple\n why a 3x fund does not return 3 times the index\n Over the year to Oct 27, 2026, QQQ returned +15.4%; three times that is +46.2%. TQQQ returned +22.9%, 23.3 points short of the multiple.\n Daily resets compound. The drift grows with volatility and with time held.\n Fund and underlying returns to Oct 27, 2026, computed by ETFIQ from daily prices.\n At the defaults\n Fund Multiple Underlying Multiple implies Fund returned Difference, points \n TQQQ 3x +15.4% +46.2% +22.9% \u221223.3 \n SOXL 3x +68.6% +205.8% +115.9% \u221289.9 \n QLD 2x +15.4% +30.8% +21.3% \u22129.5 \n SSO 2x +13.5% +27.0% +20.1% \u22126.9 \n SPXL 3x +13.5% +40.5% +26.4% \u221214.1 \n TECL 3x +27.4% +82.2% +50.6% \u221231.6 \n Questions people ask\n Is the drift always a loss? No. In a steady trend with little back and forth, a leveraged fund can beat its multiple. The expected drift from volatility alone is negative; a strong trend can outweigh it. Does the curve include fees? No. The curve is compounding alone. The measured table includes fees, because it uses each fund\u2019s own returns. What does the multiple imply? The fund\u2019s stated multiple times what its underlying returned over the same days. The multiple applies to one day and compounds from there. Where to next\n Every leveraged ETF How a daily reset works Leverage methodology \n Cite this page. ETFIQ, Leveraged ETF multiple, data as of Oct 27, 2026. https://etfiq.com/leverage/multiple Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, Leveraged ETF multiple, data as of Oct 27, 2026. https://etfiq.com/leverage/multiple APA ETFIQ. (Oct 27, 2026). Leveraged ETF multiple. Retrieved from https://etfiq.com/leverage/multiple Markdown [Leveraged ETF multiple (ETFIQ, Oct 27, 2026)](https://etfiq.com/leverage/multiple)","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, Leveraged ETF multiple, data as of Oct 27, 2026. https://etfiq.com/leverage/multiple"}