Leveraged Defense - 2024 April - 2x only

Asset Allocation

Position	Category/Sector	Target Weight
UGE ProShares Ultra Consumer Goods	Leveraged Equities	16.67%
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN	Leveraged Equities	16.67%
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN	Leveraged Equities	16.67%
UPW ProShares Ultra Utilities	Leveraged Equities	16.67%
RXL ProShares Ultra Health Care	Leveraged Equities	16.67%
URE ProShares Ultra Real Estate	REIT	16.67%

Benchmark Against

Benchmark

S&P 500 Index

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Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in Leveraged Defense - 2024 April - 2x only, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced Every 3 months.

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Returns By Period

Position	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	-2.64%	-0.21%	7.86%	7.47%	23.05%	19.90%	11.79%	13.33%
Portfolio Leveraged Defense - 2024 April - 2x only	0.48%	2.53%	9.07%	8.89%	16.91%	16.49%	6.56%	—
Portfolio components:
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN	-1.96%	2.48%	12.66%	12.01%	33.56%	31.70%	15.72%	—
RXL ProShares Ultra Health Care	1.52%	13.54%	-4.43%	-2.29%	24.21%	6.37%	3.40%	12.24%
UGE ProShares Ultra Consumer Goods	2.85%	-2.29%	12.50%	11.83%	1.63%	6.36%	-2.34%	8.03%
UPW ProShares Ultra Utilities	2.18%	-1.72%	5.65%	4.14%	16.75%	18.37%	10.16%	10.04%
URE ProShares Ultra Real Estate	0.99%	0.53%	19.97%	18.48%	12.64%	10.75%	-3.08%	3.34%
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN	-1.73%	3.16%	1.71%	1.67%	1.50%	16.28%	7.85%	—

*Multi-year figures are annualized to reflect compound growth (CAGR)

Monthly Returns

Based on dividend-adjusted daily data since Feb 8, 2021, Leveraged Defense - 2024 April - 2x only's average daily return is +0.05%, while the average monthly return is +1.00%. At this rate, an investment would double in approximately 5.8 years.

Historically, 58% of months were positive and 42% were negative. The best month was Jul 2022 with a return of +14.3%, while the worst month was Sep 2022 at -17.8%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 3 months.

On a daily basis, Leveraged Defense - 2024 April - 2x only closed higher 53% of trading days. The best single day was Apr 9, 2025 with a return of +11.2%, while the worst single day was Apr 4, 2025 at -10.3%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	4.11%	10.52%	-12.43%	7.52%	-0.09%	0.77%							9.07%
2025	5.70%	4.08%	-4.22%	-3.06%	1.38%	0.95%	-0.94%	3.19%	2.48%	-0.74%	6.46%	-3.86%	11.24%
2024	-0.11%	5.27%	5.83%	-7.44%	8.39%	0.20%	7.08%	9.42%	3.21%	-5.48%	6.71%	-12.58%	19.29%
2023	6.38%	-7.49%	3.43%	3.65%	-8.06%	7.98%	3.04%	-5.28%	-9.94%	-3.62%	13.30%	8.05%	8.61%
2022	-12.16%	-6.50%	11.95%	-11.33%	-1.36%	-12.28%	14.32%	-7.68%	-17.77%	10.78%	10.10%	-7.89%	-31.23%
2021		-7.16%	11.13%	8.97%	0.45%	3.18%	6.74%	4.36%	-10.25%	14.14%	-3.78%	13.47%	45.18%

Benchmark Metrics

Leveraged Defense - 2024 April - 2x only has an annualized alpha of -5.66%, beta of 1.32, and R2 of 0.70 versus S&P 500 Index. Calculated based on daily prices since February 08, 2021.

This portfolio participated in 155.00% of S&P 500 Index downside but only 149.66% of its upside - more exposed to losses than it benefited from rallies.
This portfolio had an annualized alpha of -5.66% versus S&P 500 Index - delivering less than market exposure alone would predict.

Alpha: -5.66%

Beta: 1.32

R²: 0.70

Upside Capture: 149.66%

Downside Capture: 155.00%

Expense Ratio

Leveraged Defense - 2024 April - 2x only has a high expense ratio of 0.95%, indicating above-average management fees. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

UGE

ProShares Ultra Consumer Goods

USML

ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN

QULL

ETRACS 2x Leveraged MSCI US Quality Factor TR ETN

UPW

ProShares Ultra Utilities

URE

ProShares Ultra Real Estate

RXL

ProShares Ultra Health Care

Return for Risk

Risk / Return Rank

Leveraged Defense - 2024 April - 2x only ranks 11 for risk / return — in the bottom 11% of Portfolios on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.

Overall Rank

Sharpe Ratio Rank

Sortino Ratio Rank

Omega Ratio Rank

Calmar Ratio Rank

Martin Ratio Rank

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

Return / Risk — by metrics

The table below presents risk-adjusted performance metrics for Leveraged Defense - 2024 April - 2x only and compares them with S&P 500 Index.

	Portfolio	Benchmark	Difference
Sharpe ratioReturn per unit of total volatility	1.02	2.01	-0.99
Sortino ratioReturn per unit of downside risk	1.49	2.71	-1.23
Omega ratioGain probability vs. loss probability	1.18	1.36	-0.18
Calmar ratioReturn relative to maximum drawdown	1.22	2.69	-1.46
Martin ratioReturn relative to average drawdown	3.80	12.34	-8.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

How much return does each position deliver for the risk it carries? Higher values mean better reward for the risk taken.

Position	Risk / Return Rank	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN	47	1.46	2.07	1.25	1.94	8.58
RXL ProShares Ultra Health Care	27	0.89	1.48	1.17	1.25	2.94
UGE ProShares Ultra Consumer Goods	11	0.10	0.33	1.04	0.14	0.25
UPW ProShares Ultra Utilities	21	0.62	1.00	1.12	0.94	2.03
URE ProShares Ultra Real Estate	19	0.51	0.84	1.11	0.83	2.00
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN	12	0.18	0.36	1.04	0.22	0.67

Sharpe Ratio

The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

Leveraged Defense - 2024 April - 2x only Sharpe ratios as of Jun 6, 2026 (values are recalculated daily):

1-Year: 1.02
5-Year: 0.25
All Time: 0.34

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

Compared to the broad market, where average Sharpe ratios range from 1.64 to 2.53, this portfolio's current Sharpe ratio places it in the bottom 25%. This suggests weaker risk-adjusted returns than most portfolios, possibly due to lower returns, higher volatility, or both. It may be worth reviewing the allocation. You can use the Portfolio Optimization tool to explore options for improving the Sharpe ratio.

The chart below shows the rolling Sharpe ratio of Leveraged Defense - 2024 April - 2x only compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

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Dividends

Dividend yield

Leveraged Defense - 2024 April - 2x only provided a 1.19% dividend yield over the last twelve months.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	1.19%	1.34%	1.09%	0.85%	0.64%	0.36%	0.39%	0.51%	0.77%	0.54%	0.59%	0.75%
Portfolio components:
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RXL ProShares Ultra Health Care	1.52%	1.43%	1.22%	0.18%	0.32%	0.10%	0.15%	0.27%	0.32%	0.11%	0.12%	0.93%
UGE ProShares Ultra Consumer Goods	2.17%	2.54%	1.43%	1.20%	0.74%	0.20%	0.41%	0.86%	0.76%	0.68%	0.76%	0.60%
UPW ProShares Ultra Utilities	1.52%	1.67%	1.83%	2.40%	1.55%	1.30%	0.83%	0.83%	1.98%	1.51%	1.70%	2.16%
URE ProShares Ultra Real Estate	1.95%	2.42%	2.09%	1.32%	1.26%	0.58%	0.94%	1.10%	1.53%	0.93%	0.96%	0.81%
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the Leveraged Defense - 2024 April - 2x only. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Leveraged Defense - 2024 April - 2x only was 41.67%, occurring on Oct 14, 2022. Recovery took 480 trading sessions.

The current Leveraged Defense - 2024 April - 2x only drawdown is 5.20%.

Related event	Drawdown	Fall	Recovery	Underwater
Bear market2022	-41.67%Oct 2022	9mo 17d	1y 11mo	2y 8moDec 2021 - Sep 2024
2025 selloff2025	-24.39%Apr 2025	5mo 23d	7mo 22d	1y 1moOct 2024 - Nov 2025
2026 correction2026	-15.12%Mar 2026	25d	—	3mo 9dMar 2026 - now
2021 correction2021	-12.18%Oct 2021	1mo 1d	25d	1mo 26dSep 2021 - Oct 2021
2021 correction2021	-11.23%Mar 2021	16d	11d	27dFeb 2021 - Mar 2021

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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Diversification

Diversification Metrics

Number of Effective Assets

The portfolio contains 6 assets, with an effective number of assets of 6.00, reflecting the diversification based on asset allocation. Your capital is spread almost evenly across your holdings, indicating a well-balanced allocation. Note that true diversification also depends on the correlations between assets — check the diversification ratio below.

Diversification Ratio

	1Y	3Y	5Y	All Time
Diversification Ratio	1.40	1.28	1.20	1.20

The portfolio has a diversification ratio of 1.20, placing it in the bottom quartile across portfolios — positions are highly correlated. Consider adding assets from different classes or sectors to reduce risk.

Leveraged Defense - 2024 April - 2x only correlation to the S&P 500 Index

Leveraged Defense - 2024 April - 2x only has a 0.52 correlation to S&P 500 Index over the trailing 12 months. This section compares each holding's correlation to the benchmark and to the portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021	0.76

Benchmark Correlations

Correlation vs. S&P 500 Index. QULL has the highest benchmark correlation at 0.96, while UPW has the lowest at 0.37.

0.37

0.55

0.58

0.60

0.76

0.96

Portfolio Correlations

Correlation vs. Leveraged Defense - 2024 April - 2x only. USML has the highest portfolio correlation at 0.92, while UPW has the lowest at 0.71.

0.71

0.77

0.78

0.81

0.84

0.92

Asset Correlations Table

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.

	UPW	UGE	RXL	URE	QULL	USML
UPW	1.00	0.46	0.45	0.60	0.36	0.59
UGE	0.46	1.00	0.56	0.57	0.56	0.68
RXL	0.45	0.56	1.00	0.59	0.64	0.79
URE	0.60	0.57	0.59	1.00	0.59	0.71
QULL	0.36	0.56	0.64	0.59	1.00	0.79
USML	0.59	0.68	0.79	0.71	0.79	1.00

The correlation results are calculated based on daily price changes starting from Feb 8, 2021

Diversification Analysis

Find what Leveraged Defense - 2024 April - 2x only is missing

See which holdings overlap, where Leveraged Defense - 2024 April - 2x only is concentrated, and which low-correlation assets could fill the gaps.

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