{"slug":"can-german-retail-investors-short-stocks","qid":"inverse_etf_monthly","label":"inverse_etf_monthly","post_title":"can-german-retail-investors-short-stocks","post_url":"/blog/can-german-retail-investors-short-stocks#q-inverse_etf_monthly","columns":["month","spy_return_pct","inverse_etf_return_pct","mirror_gap_pct"],"rows":[{"month":"2025-01","spy_return_pct":2.94,"inverse_etf_return_pct":-2.38,"mirror_gap_pct":0.56},{"month":"2025-02","spy_return_pct":-0.6,"inverse_etf_return_pct":1.1,"mirror_gap_pct":0.5},{"month":"2025-03","spy_return_pct":-4.18,"inverse_etf_return_pct":3.7,"mirror_gap_pct":-0.48},{"month":"2025-04","spy_return_pct":-1.15,"inverse_etf_return_pct":-0.07,"mirror_gap_pct":-1.22},{"month":"2025-05","spy_return_pct":5.54,"inverse_etf_return_pct":-4.81,"mirror_gap_pct":0.73},{"month":"2025-06","spy_return_pct":4.24,"inverse_etf_return_pct":-4.84,"mirror_gap_pct":-0.6},{"month":"2025-07","spy_return_pct":2.34,"inverse_etf_return_pct":-1.66,"mirror_gap_pct":0.68},{"month":"2025-08","spy_return_pct":3.75,"inverse_etf_return_pct":-3.07,"mirror_gap_pct":0.68},{"month":"2025-09","spy_return_pct":4.05,"inverse_etf_return_pct":-4.67,"mirror_gap_pct":-0.62},{"month":"2025-10","spy_return_pct":2.04,"inverse_etf_return_pct":-1.49,"mirror_gap_pct":0.55},{"month":"2025-11","spy_return_pct":0.01,"inverse_etf_return_pct":0.36,"mirror_gap_pct":0.37},{"month":"2025-12","spy_return_pct":0.24,"inverse_etf_return_pct":-1.31,"mirror_gap_pct":-1.07}],"shape":"series","sql":"SELECT\n    formatDateTime(toStartOfMonth(date), '%Y-%m')                          AS month,\n    round((argMaxIf(toFloat64(close), date, ticker = 'SPY')\n         / argMinIf(toFloat64(close), date, ticker = 'SPY') - 1) * 100, 2) AS spy_return_pct,\n    round((argMaxIf(toFloat64(close), date, ticker = 'SH')\n         / argMinIf(toFloat64(close), date, ticker = 'SH')  - 1) * 100, 2) AS inverse_etf_return_pct,\n    round(spy_return_pct + inverse_etf_return_pct, 2)                      AS mirror_gap_pct\nFROM global_markets.stocks_daily_aggs\nWHERE ticker IN ('SPY', 'SH')\n  AND date >= '2025-01-01'\n  AND date <  '2026-01-01'\nGROUP BY month\nORDER BY month","computed_at":"2026-09-22T14:51:36.504100+00:00","elapsed":0.002961639}