Asset Allocation
| Position | Category/Sector | Target Weight |
|---|---|---|
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | Leveraged Equities, Leveraged | 16.67% |
RXL ProShares Ultra Health Care | Leveraged Equities, Leveraged | 16.67% |
UGE ProShares Ultra Consumer Goods | Leveraged Equities, Leveraged | 16.67% |
UPW ProShares Ultra Utilities | Leveraged Equities, Leveraged | 16.67% |
URE ProShares Ultra Real Estate | REIT, Leveraged | 16.67% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | Leveraged Equities, Leveraged | 16.67% |
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.
Loading graphics...
The earliest data available for this chart is Feb 5, 2021, corresponding to the inception date of USML
Returns By Period
| 1D | 1M | YTD | 6M | 1Y | 3Y* | 5Y* | 10Y* | |
|---|---|---|---|---|---|---|---|---|
Benchmark S&P 500 Index | 0.11% | -3.43% | -3.84% | -1.98% | 16.08% | 16.86% | 10.37% | 12.29% |
Portfolio Leveraged Defense - 2024 April - 2x only | 0.78% | -8.59% | 2.22% | 2.87% | 7.38% | 13.00% | 7.19% | — |
| Portfolio components: | ||||||||
UGE ProShares Ultra Consumer Goods | 0.86% | -12.76% | 10.14% | 9.16% | -2.06% | 3.03% | -1.75% | 7.96% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 1.36% | -7.61% | -2.59% | -4.37% | -4.08% | 13.21% | 8.75% | — |
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | 0.07% | -9.16% | -6.89% | -5.20% | 18.35% | 26.45% | 13.83% | — |
UPW ProShares Ultra Utilities | 0.87% | -2.66% | 16.89% | 10.19% | 31.84% | 19.63% | 13.26% | 11.56% |
URE ProShares Ultra Real Estate | 3.14% | -8.69% | 5.59% | -1.58% | -4.26% | 5.28% | -1.93% | 2.28% |
RXL ProShares Ultra Health Care | -1.52% | -12.01% | -11.04% | 2.92% | -2.27% | 2.78% | 3.73% | 12.41% |
Monthly Returns
Based on dividend-adjusted daily data since Feb 8, 2021, Leveraged Defense - 2024 April - 2x only's average daily return is +0.04%, while the average monthly return is +0.93%. At this rate, your investment would double in approximately 6.2 years.
Historically, 59% of months were positive and 41% 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 52% 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% | 1.45% | 2.22% | ||||||||
| 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 -4.42%, beta of 1.34, and R² of 0.71 versus S&P 500 Index. Calculated based on daily prices since February 08, 2021.
- This portfolio captured 162.74% of S&P 500 Index gains and 158.04% of its losses — amplifying both gains and losses, but participating more in upside than downside.
- This portfolio had an annualized alpha of -4.42% versus S&P 500 Index — delivering less than market exposure alone would predict.
- Alpha
- -4.42%
- Beta
- 1.34
- R²
- 0.71
- Upside Capture
- 162.74%
- Downside Capture
- 158.04%
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.
Return for Risk
Risk / Return Rank
Leveraged Defense - 2024 April - 2x only ranks 8 for risk / return — in the bottom 8% 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.
Return / Risk — by metrics
| Portfolio | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.29 | 0.88 | -0.59 |
Sortino ratioReturn per unit of downside risk | 0.58 | 1.37 | -0.79 |
Omega ratioGain probability vs. loss probability | 1.08 | 1.21 | -0.13 |
Calmar ratioReturn relative to maximum drawdown | 0.45 | 1.39 | -0.94 |
Martin ratioReturn relative to average drawdown | 1.73 | 6.43 | -4.71 |
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.
| Risk / Return Rank | Sharpe ratio | Sortino ratio | Omega ratio | Calmar ratio | Martin ratio | |
|---|---|---|---|---|---|---|
UGE ProShares Ultra Consumer Goods | 10 | -0.07 | 0.09 | 1.01 | -0.14 | -0.30 |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 8 | -0.17 | -0.07 | 0.99 | -0.20 | -0.81 |
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | 29 | 0.49 | 0.99 | 1.14 | 0.81 | 3.74 |
UPW ProShares Ultra Utilities | 49 | 1.02 | 1.44 | 1.19 | 1.75 | 4.09 |
URE ProShares Ultra Real Estate | 9 | -0.13 | 0.04 | 1.01 | -0.14 | -0.42 |
RXL ProShares Ultra Health Care | 11 | -0.06 | 0.16 | 1.02 | -0.04 | -0.07 |
Loading graphics...
Dividends
Dividend yield
Leveraged Defense - 2024 April - 2x only provided a 1.24% dividend yield over the last twelve months.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 1.24% | 1.34% | 1.09% | 0.85% | 0.64% | 0.36% | 0.39% | 0.51% | 0.77% | 0.54% | 0.59% | 0.75% |
| Portfolio components: | ||||||||||||
UGE ProShares Ultra Consumer Goods | 2.21% | 2.54% | 1.43% | 1.20% | 0.74% | 0.20% | 0.41% | 0.86% | 0.76% | 0.68% | 0.76% | 0.60% |
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% |
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% |
UPW ProShares Ultra Utilities | 1.37% | 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 | 2.22% | 2.42% | 2.09% | 1.32% | 1.26% | 0.58% | 0.94% | 1.10% | 1.53% | 0.93% | 0.96% | 0.81% |
RXL ProShares Ultra Health Care | 1.63% | 1.43% | 1.22% | 0.18% | 0.32% | 0.10% | 0.15% | 0.27% | 0.32% | 0.11% | 0.12% | 0.93% |
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.
Loading graphics...
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 11.15%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -41.67% | Dec 31, 2021 | 199 | Oct 14, 2022 | 480 | Sep 13, 2024 | 679 |
| -24.39% | Oct 17, 2024 | 118 | Apr 8, 2025 | 161 | Nov 26, 2025 | 279 |
| -15.12% | Mar 2, 2026 | 20 | Mar 27, 2026 | — | — | — |
| -12.18% | Sep 3, 2021 | 21 | Oct 4, 2021 | 19 | Oct 29, 2021 | 40 |
| -11.23% | Feb 16, 2021 | 13 | Mar 4, 2021 | 7 | Mar 15, 2021 | 20 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading graphics...
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. This number of effective assets indicates a moderate level of diversification, where some assets may have a more significant influence on overall performance.
Asset Correlations Table
| Benchmark | UPW | UGE | RXL | URE | QULL | USML | Portfolio | |
|---|---|---|---|---|---|---|---|---|
| Benchmark | 1.00 | 0.39 | 0.57 | 0.62 | 0.59 | 0.96 | 0.77 | 0.78 |
| UPW | 0.39 | 1.00 | 0.46 | 0.45 | 0.61 | 0.37 | 0.60 | 0.71 |
| UGE | 0.57 | 0.46 | 1.00 | 0.56 | 0.57 | 0.57 | 0.69 | 0.77 |
| RXL | 0.62 | 0.45 | 0.56 | 1.00 | 0.60 | 0.65 | 0.80 | 0.81 |
| URE | 0.59 | 0.61 | 0.57 | 0.60 | 1.00 | 0.60 | 0.72 | 0.84 |
| QULL | 0.96 | 0.37 | 0.57 | 0.65 | 0.60 | 1.00 | 0.80 | 0.79 |
| USML | 0.77 | 0.60 | 0.69 | 0.80 | 0.72 | 0.80 | 1.00 | 0.93 |
| Portfolio | 0.78 | 0.71 | 0.77 | 0.81 | 0.84 | 0.79 | 0.93 | 1.00 |