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Ultra and Inverse ETFs: The Downside of Doubling Up

Some have mentioned that the ultrashorts don't perform as advertised. I have an interesting example. SRS (which I own) closed at 85.18 on 4/3/08. Back on 10/15/07, SRS closed at 86.27. IYR closed at 77.50 on 10/15/07 and closed at 69.99 on 4/3/08. SRS is supposed to be a double short of IYR. Does anyone else see a problem with these numbers? It appears that there is a lot of slippage in the SRS. More than the approximately 1% annual expense ratio.