Krishna Srinivasan

Three Areas of Opportunity for the Bold

The one day difference is surprising - sounds like an arbitrage
opportunity ? :). [maybe it is because of some end-of-day trading differences - which might get wiped the first thing the next day ?]

But anything more than one-day, then it is understandable. The ETFs try to do the two-times-change only on a per-day basis. So in any longer timeframe, the differences will vary.

A quote from a seeking alpha article :
[source : seekingalpha.com/artic...]

For instance, if the Nasdaq Composite Index goes up 10 percent on Monday and then falls 10 percent on Tuesday, the total loss over those two days is 1 percent. The ProShares Ultra QQQ (QLD), however, will rack up a total two-day loss of 4 percent, not 2 percent, as many investors might suppose without a careful reading of the prospectus.