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FAZ inconsistency- down 65% when it should be up 42%

|Includes: Direxion Daily Financial Bear 3x Shares ETF (FAZ)

I read an article on Seeking Alpha that basically says that the financial index that FAZ follows was down 14% from jan 1st thru april 9th 2009, while FAZ, which is supposedto mimic the perfomrnace of that index was DOWN (not up) around 65%! That is quite disturbing... Does anyone know or understand why that is? In theory and supposedly in practice, FAZ should have performed 14x3= +42%. Comments appreciated. I currently do not own any positions in any US or european stocks except for TBT's (short 20 yr treasuries- Lehamn product).