So I was looking at different levered etfs (upro vs spy) and the results are what one (roughly) expects. UPRO is 3x (daily) returns so over the past 10 years or so it averaged about 38% vs a little less than 15% for SPY.

If you look at EFA vs DZK over the roughly 11 years, DZK comes out at 6.69% vs 7.22% for EFA. So it's been a bull market and the 3x etf actually underperformed (with substainlly higher drawdowns).

The expense ratios on DZK and UPRO aren't huge (about .2% difference) but I was surprised at the results.

These 3x are only good for holding short term. You shouldn't consider holding them for 10 years.

The reason is because they adjust the leverage ratio daily to keep it 3x.

For example, if you enter a period of choppy up down market.

Let's give a more extreme example to make it clearer: it is up 10% first day, down 10% second day, up 10, down 10.......

Then at the end of first day, it has to increase the leverage by 10% to keep it 3x. So as soon as it increased the leverage by 10%, the market is down 10% next day, so at the end of next day, it has to decrease leverage by 10%, which is also the exact wrong time as it is up 10% again the 3rd day....

So if you hold SPY unleveraged, after 4 days, you are break even, but if you hold 3x leverage, after 4 days, you have 130% * 70% * 130% * 70% = 0.82, so you just lost 18% of your money in 4 days.

Of course if the market is in an up streak, then you'll do extremely well, but up streaks are very rare and usually short even in greatest bull markets.