Maximum drawdown of leveraged ETFs
What is the maximum drawdown of leveraged ETFs like TQQQ, UPRO and SOXL?
Among the 8 ETFs with available observed history below, TMF had the deepest monthly-close drawdown: 92.28%, from 2020-07-31 to 2026-07-31. Each row uses that fund's own observed prices and available period, excluding modeled pre-inception extensions. These are losses from a prior high, not annual returns. Daily and intraday losses can be deeper. Different start dates limit direct comparisons, and past losses do not bound future losses.
| ETF | Max drawdown | Peak | Trough | Recovered | Peak to recovery | Months | Sample |
|---|---|---|---|---|---|---|---|
| TQQQ | -79.08% | 2021-12-31 | 2022-12-31 | 2025-01-31 | 37 months | 199 | 2010-02-28 to 2026-08-31 |
| UPRO | -62.73% | 2021-12-31 | 2022-09-30 | 2024-06-30 | 30 months | 207 | 2009-06-30 to 2026-08-31 |
| SOXL | -86.91% | 2021-12-31 | 2022-09-30 | 2026-04-30 | 52 months | 198 | 2010-03-31 to 2026-08-31 |
| TECL | -75.09% | 2021-12-31 | 2022-09-30 | 2024-06-30 | 30 months | 213 | 2008-12-31 to 2026-08-31 |
| TMF | -92.28% | 2020-07-31 | 2026-07-31 | Not yet | Unavailable | 209 | 2009-04-30 to 2026-08-31 |
| QLD | -80.65% | 2007-10-31 | 2009-02-28 | 2012-03-31 | 53 months | 243 | 2006-06-30 to 2026-08-31 |
| SSO | -81.35% | 2007-05-31 | 2009-02-28 | 2013-10-31 | 77 months | 243 | 2006-06-30 to 2026-08-31 |
| UDOW | -66.26% | 2019-12-31 | 2020-03-31 | 2021-03-31 | 15 months | 199 | 2010-02-28 to 2026-08-31 |
Last verified
How long does recovery from a leveraged ETF drawdown take?
Recovery runs from the old peak to the first later observation that reaches it again. The table reports the matching event's recovery time when available. An unrecovered loss has no known recovery date, and another crash can take a different amount of time.
Why can leverage decay over time?
Daily resetting makes compounded returns depend on the path of gains and losses. Volatile reversals, financing costs and fees can erode a leveraged fund even when its underlying index ends near where it started. A daily multiple is not a promised long-term multiple.
Where can I see the daily curve?
The linked ETF drawdown pages and Drawdown Analyzer report monthly closes, so they do not provide a daily ETF drawdown curve. For daily ETF prices, consult the issuer or your broker. BestFolio strategy pages separately show daily model NAV drawdowns, which are strategy results rather than fund price histories.