{"slug":"how-inverse-etfs-work","qid":"family_april","label":"family_april","post_title":"how-inverse-etfs-work","post_url":"/blog/lang/ja/how-inverse-etfs-work#q-family_april","columns":["ticker","daily_target","month_ret_pct","naive_pct","gap_pp"],"rows":[{"ticker":"SPY","daily_target":"+1x（指数連動）","month_ret_pct":-1.1,"naive_pct":-1.1,"gap_pp":0},{"ticker":"SH","daily_target":"-1x","month_ret_pct":-0.1,"naive_pct":1.1,"gap_pp":-1.2},{"ticker":"SDS","daily_target":"-2x","month_ret_pct":-2.5,"naive_pct":2.3,"gap_pp":-4.8},{"ticker":"SPXU","daily_target":"-3x","month_ret_pct":-7.2,"naive_pct":3.4,"gap_pp":-10.6}],"shape":"table","sql":"WITH\n    (\n        SELECT toFloat64(argMax(close, date)) / toFloat64(argMin(close, date))\n        FROM global_markets.stocks_daily_aggs\n        WHERE ticker = 'SPY'\n          AND date >= '2025-04-01'\n          AND date <  '2025-05-01'\n    ) AS spy_factor\nSELECT\n    ticker,\n    multiIf(ticker = 'SH',   '-1x',\n            ticker = 'SDS',  '-2x',\n            ticker = 'SPXU', '-3x',\n                             '+1x（指数連動）')                                            AS daily_target,\n    round((toFloat64(argMax(close, date)) / toFloat64(argMin(close, date)) - 1) * 100, 1)  AS month_ret_pct,\n    round(multiIf(ticker = 'SH', -1, ticker = 'SDS', -2, ticker = 'SPXU', -3, 1)\n          * (spy_factor - 1) * 100, 1)                                                     AS naive_pct,\n    round(month_ret_pct - naive_pct, 1)                                                    AS gap_pp\nFROM global_markets.stocks_daily_aggs\nWHERE ticker IN ('SPY', 'SH', 'SDS', 'SPXU')\n  AND date >= '2025-04-01'\n  AND date <  '2025-05-01'\nGROUP BY ticker\nORDER BY multiIf(ticker = 'SPY', 0, ticker = 'SH', 1, ticker = 'SDS', 2, 3)","computed_at":"2026-09-20T15:03:27.324980+00:00","elapsed":0.003704263}