# Leveraged ETF Multiple: Why 3x Is Not 3 Times

> TQQQ returned +22.9% over the year to Oct 27, 2026, against +46.2% for three times QQQ. See why leveraged ETFs drift.

Data as of Oct 27, 2026. Rebuilt every trading night.

Data as of Oct 27, 2026. Rebuilt every trading night.

## Leveraged ETF multiple

why a 3x fund does not return 3 times the index

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.

Daily resets compound. The drift grows with volatility and with time held.

Fund and underlying returns to Oct 27, 2026, computed by ETFIQ from daily prices.

### At the defaults

| Fund | Multiple | Underlying | Multiple implies | Fund returned | Difference, points |
| --- | --- | --- | --- | --- | --- |
| TQQQ | 3x | +15.4% | +46.2% | +22.9% | −23.3 |
| SOXL | 3x | +68.6% | +205.8% | +115.9% | −89.9 |
| QLD | 2x | +15.4% | +30.8% | +21.3% | −9.5 |
| SSO | 2x | +13.5% | +27.0% | +20.1% | −6.9 |
| SPXL | 3x | +13.5% | +40.5% | +26.4% | −14.1 |
| TECL | 3x | +27.4% | +82.2% | +50.6% | −31.6 |

### Questions people ask

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’s own returns. What does the multiple imply? The fund’s stated multiple times what its underlying returned over the same days. The multiple applies to one day and compounds from there.

### Where to next

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, Leveraged ETF multiple, data as of Oct 27, 2026. https://etfiq.com/leverage/multiple
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/leverage/multiple