##  [# Inverse/Leveraged ETFs In Charts](/sections/etf-report-features/inverseleveraged-etfs-charts) 

 

# Inverse/Leveraged ETFs In Charts

 

 

A look at the 2020 performance of key leveraged/inverse ETF complexes.



 

 

 

 

 [![HeatherBell_green_bg](/sites/default/files/styles/author_image_icon/public/2023-03/heather2.png?itok=5J9vBlda)](/contributors/heather-bell) 

[By Heather Bell](/contributors/heather-bell)

 Feb 01, 2021

 Edited by: Heather Bell

 

 

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**The XLF Complex**   
 The $29.9 billion [**Financial Select Sector SPDR Fund (XLF)**](/XLF) shares an index, the S&amp;P Financial Select Sector Index, with the $1.4 billion [**Direxion Daily Financial Bull 3X Shares (FAS)**](/FAS) and the $173.7 million [**Direxion Daily Financial Bear 3X Shares (FAZ)**](/FAZ). XLF is the largest and most actively traded financial services ETF, so it makes sense that there are leveraged and inverse ETFs tied to the same benchmark such that they can be used as precise hedging tools alongside of it.

![](/sites/default/files/images/Magazines/ETF%20Report/2021/02/VisualizingInverseLeveragedETFPerformance_Fig1.jpg)

**The SPY Complex**   
 The largest ETF in the world, the $333.7 billion [**SPDR S&amp;P 500 ETF Trust (SPY)**](/SPY), tracks the S&amp;P 500 Index. There are no fewer than nine inverse or leveraged ETFs tied to this index as well. The ProShares complex alone includes the $1.8 billion [**ProShares Short S&amp;P500 ETF (SH)**](/SH), a -1x fund; the $3.5 billion [**ProShares Ultra S&amp;P 500 ETF (SSO)**](/SSO), a 2x fund; the $1.8 billion[ **ProShares UltraPro S&amp;P500 ETF (UPRO)**](/UPRO), a 3x fund; the $722.6 million [**ProShares UltraShort S&amp;P500 ETF (SDS)**](/SDS), a -2x fund; and the $659.6 million [**ProShares UltraPro Short S&amp;P500 ETF (SPXU)**](/SPXU), a -3x fund. This graph illustrates the pattern of returns for the funds in the complex. Note that UPRO finished the year significantly below SPY, despite the fact that SPY finished the year with positive returns.

![](/sites/default/files/images/Magazines/ETF%20Report/2021/02/VisualizingInverseLeveragedETFPerformance_Fig2.jpg)

**GDX Complex**   
 The $16.3 billion [**VanEck Vectors Gold Miners ETF (GDX)**](/GDX) tracks the NYSE Arca Gold Miners Index. Direxion offers two ETFs tracking the index: the $1.1 billion [**Direxion Daily Gold Miners Index Bull 2X Shares (NUGT)**](/NUGT) and the $104.5 million [**Direxion Daily Gold Miners Index Bear 2X Shares (DUST)**](/DUST). Interestingly, similar to the situation with SPY and UPRO, GDX outperformed its leveraged and inverse counterparts. It further supports the point that daily resets, over time, can produce a return that seems incongruous with the “double exposure” that the ETF provides.

![](/sites/default/files/images/Magazines/ETF%20Report/2021/02/VisualizingInverseLeveragedETFPerformance_Fig3.jpg)

**QQQ Complex**   
 The $149.6 billion [**Invesco QQQ Trust (QQQ)**](/QQQ) tracks an index that it shares with five geared ETFs issued by Proshares. The largest is the $9.4 billion [**ProShares UltraPro QQQ ETF (TQQQ)**](/TQQQ), a 3x fund. It’s followed by the $3.9 billion [**ProShares Ultra QQQ (QLD)**](/QLD), a 2x fund; the $1.5 billion [**ProShares UltraPro Short QQQ (SQQQ)**](/SQQQ), a -3x fund; the $515.8 million [**ProShares Short QQQ ETF (PSQ)**](/PSQ), a -1x fund; and the $243 million [**ProShares UltraShort QQQ ETF (QID)**](/QID), a -2x fund.

![](/sites/default/files/images/Magazines/ETF%20Report/2021/02/VisualizingInverseLeveragedETFPerformance_Fig4.jpg)





 

 

 [ Heather Bell ](/contributors/heather-bell) 

 

 

  Heather Bell is a former managing editor of etf.com. She has also held editorial positions at Dow Jones Indexes and Lehman Brothers. Bell is a…   [View Bio](/contributors/heather-bell)

 



 

 


 Related Topics  [Broad-based](http://www.etf.com/topics/broad-based) 

 [Direxion](http://www.etf.com/topics/direxion) 

 [Equity](http://www.etf.com/topics/equity) 

 [Exchange-specific](http://www.etf.com/topics/exchange-specific) 

 [Financials](http://www.etf.com/topics/financials)