{"slug":"how-leveraged-etfs-work","qid":"leveraged_day","label":"One semiconductor selloff, four funds: SOXX, USD, SOXL, SOXS on July 13, 2026","post_title":"How Leveraged ETFs Work (and Why They Decay)","post_url":"/blog/how-leveraged-etfs-work#q-leveraged_day","columns":["fund","jul13_return_pct"],"rows":[{"fund":"SOXS (-3x)","jul13_return_pct":14.33},{"fund":"SOXX (1x index)","jul13_return_pct":-4.88},{"fund":"USD (+2x)","jul13_return_pct":-8.23},{"fund":"SOXL (+3x)","jul13_return_pct":-13.98}],"shape":"ranking","sql":"WITH d AS (\n    SELECT ticker, toDate(toTimeZone(window_start, 'America/New_York')) AS et_date,\n           close, window_start\n    FROM global_markets.delayed_stocks_minute_aggs\n    WHERE ticker IN ('SOXX', 'SOXL', 'SOXS', 'USD')\n      AND window_start >= '2026-07-10 12:00:00' AND window_start < '2026-07-14 00:00:00'\n      AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60\n           + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959\n)\nSELECT\n    multiIf(ticker = 'SOXX', 'SOXX (1x index)',\n            ticker = 'USD',  'USD (+2x)',\n            ticker = 'SOXL', 'SOXL (+3x)',\n            ticker = 'SOXS', 'SOXS (-3x)', ticker) AS fund,\n    round((argMaxIf(close, window_start, et_date = toDate('2026-07-13'))\n         / argMaxIf(close, window_start, et_date = toDate('2026-07-10')) - 1) * 100, 2) AS jul13_return_pct\nFROM d\nGROUP BY ticker\nORDER BY jul13_return_pct DESC","computed_at":"2026-07-15T10:01:51.135478+00:00","elapsed":0.003215033}