- Issuer
- Max
- Inception Date
- Dec 4, 2023
- Category
- Leveraged Equities, S&P 500
- Leveraged
- 4x
- Index Tracked
- S&P 500 Index (400%)
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $149M
Share Price Chart
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Performance
XXXX Performance Chart
MAX S&P 500 4X Leveraged ETN (XXXX) is up 22.4% since the beginning of the year. XXXX is currently trading at $34 per share.
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Returns By Period
MAX S&P 500 4X Leveraged ETN (XXXX) has returned 22.43% so far this year and 80.24% over the past 12 months.
MAX S&P 500 4X Leveraged ETN
- 1D
- 3.87%
- 1M
- -0.36%
- YTD
- 22.43%
- 6M
- 22.30%
- 1Y
- 80.24%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.00%
- 1M
- -0.34%
- YTD
- 8.39%
- 6M
- 8.57%
- 1Y
- 24.33%
- 3Y*
- 18.94%
- 5Y*
- 12.24%
- 10Y*
- 13.54%
XXXX Monthly Returns History
Based on dividend-adjusted daily data since Dec 5, 2023, XXXX's average daily return is +0.23%, while the average monthly return is +4.30%. At this rate, an investment would double in approximately 1.4 years.
Historically, 65% of months were positive and 35% were negative. The best month was Apr 2026 with a return of +44.5%, while the worst month was Mar 2025 at -24.1%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 3 months.
On a daily basis, XXXX closed higher 56% of trading days. The best single day was Apr 9, 2025 with a return of +37.2%, while the worst single day was Apr 4, 2025 at -24.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 3.10% | -5.94% | -21.62% | 44.53% | 19.42% | -6.67% | 22.43% | ||||||
| 2025 | 7.40% | -7.95% | -24.11% | -15.17% | 22.29% | 18.81% | 6.71% | 5.07% | 12.03% | 6.04% | -2.35% | -2.44% | 17.36% |
| 2024 | 3.11% | 18.52% | 10.48% | -18.08% | 17.76% | 11.72% | 0.81% | 4.80% | 5.32% | -6.87% | 21.96% | -12.26% | 61.36% |
| 2023 | 16.77% | 16.77% |
Benchmark Metrics
MAX S&P 500 4X Leveraged ETN has an annualized alpha of -19.93%, beta of 3.94, and R2 of 1.00 versus S&P 500 Index. Calculated based on daily prices since December 05, 2023.
- This ETF captured 536.93% of S&P 500 Index gains and 315.86% of its losses - amplifying both gains and losses, but participating more in upside than downside.
- This ETF had an annualized alpha of -19.93% versus S&P 500 Index - delivering less than market exposure alone would predict.
- Beta of 3.94 means this ETF moves significantly more than S&P 500 Index - expect amplified gains in rallies and amplified losses in downturns.
- Alpha
- -19.93%
- Beta
- 3.94
- R²
- 1.00
- Upside Capture
- 536.93%
- Downside Capture
- 315.86%
Expense Ratio
XXXX has a high expense ratio of 2.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
XXXX ranks 44 for risk / return — on par with similar ETFs. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for MAX S&P 500 4X Leveraged ETN (XXXX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| XXXX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.35 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 2.66 | -0.56 |
| Martin ratioReturn relative to average drawdown | 7.84 | 11.86 | -4.02 |
Dividends
Dividend History
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 MAX S&P 500 4X Leveraged ETN. 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 MAX S&P 500 4X Leveraged ETN was 62.27%, occurring on Apr 8, 2025. Recovery took 122 trading sessions.
The current MAX S&P 500 4X Leveraged ETN drawdown is 8.05%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 selloff2025 | -62.27%Apr 2025 | 4mo 4d | 5mo 27d | 10mo 1dDec 2024 - Oct 2025 |
2026 bear market2026 | -37.25%Mar 2026 | 5mo 1d | 1mo 1d | 6mo 2dOct 2025 - Apr 2026 |
2024 bear market2024 | -31.99%Aug 2024 | 19d | 2mo 10d | 2mo 29dJul 2024 - Oct 2024 |
2024 bear market2024 | -21.75%Apr 2024 | 22d | 1mo 2d | 1mo 24dMar 2024 - May 2024 |
2026 correction2026 | -17.78%Jun 2026 | 7d | — | 18d 19hJun 2026 - now |
Drawdown Indicators
| XXXX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.27% | -56.78% | -5.49% |
Max Drawdown (1Y)Largest decline over 1 year | -37.25% | -9.10% | -28.15% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -8.05% | -2.49% | -5.56% |
Average DrawdownAverage peak-to-trough decline | -11.55% | -10.72% | -0.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.96% | 2.03% | +7.93% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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