The group still loses on average, just less than usual.
These ETFs decay by design, so most of them lose ground in an average month regardless. The useful question is not whether they fell in September, but whether they fell less than they usually do.
We compared 13 leveraged and inverse ETFs against their own history. For each one we took its average September return and subtracted its average return across all months. 11 of the 13 come out above their own average, by a median of 3.52 points.
The difference between individual ETFs is much larger. DUST averages +7.32% in September versus −1.26% in a typical month. LABD and ZSL also have better than average months in September, and it’s DUST’s strongest month of the year.
On the other hand, UVXY averages −10.41% in September against −8.18% in a typical month and has closed lower in each of its last two Septembers.
DUST and LABD rank among the 6 strongest September performers, while UVXY, SCO and BOIL sit among the 6 weakest.
| Ticker | September Avg | Avg Month | Gap | September Rank | September Higher | Septembers |
|---|---|---|---|---|---|---|
| DUST | +7.32% | −1.26% | +8.58 | 1 of 12 | 53% | 15 |
| LABD | +4.63% | −2.23% | +6.86 | 3 of 12 | 55% | 11 |
| ZSL | +4.30% | −2.12% | +6.41 | 2 of 12 | 47% | 17 |
| FAZ | +0.85% | −4.62% | +5.47 | 1 of 12 | 47% | 17 |
| SQQQ | +0.11% | −4.59% | +4.70 | 1 of 12 | 44% | 16 |
| TZA | +0.08% | −3.88% | +3.96 | 2 of 12 | 47% | 17 |
| GLL | +2.33% | −1.18% | +3.52 | 2 of 12 | 65% | 17 |
| SPXU | −0.05% | −3.46% | +3.41 | 1 of 12 | 35% | 17 |
| SOXS | −3.95% | −6.90% | +2.95 | 2 of 12 | 50% | 16 |
| EDZ | +0.38% | −1.95% | +2.33 | 5 of 12 | 41% | 17 |
| BOIL | −0.44% | −2.64% | +2.20 | 6 of 12 | 36% | 14 |
| SCO | −1.36% | −0.79% | −0.57 | 8 of 12 | 47% | 17 |
| UVXY | −10.41% | −8.18% | −2.24 | 8 of 12 | 29% | 14 |
September is not the worst month of the year for any of the 13 ETFs, but for 0 of them it lands in the bottom 3.
Measured against its own average month, September is stronger for 11 of the 13 ETFs we tested, by a median of 3.52 points. Each ETF is measured only against its own history, never against the others.
The gap between individual ETFs is large. DUST runs 8.58 points above its own average in September. UVXY runs 2.24 points below.
TradeIntel’s Seasonality tool breaks down the historical month-by-month return pattern for stocks, ETFs, and the broad market.
Open the Seasonality Tool
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