Yes, BEAR has done much better than BBOZ over the last month. Not just because it has less leverage when it goes down in value. BEAR is a closer match to the theoretical returns, especially for periods of greater than 12 months. As has also been said on the BBUS forum, I suspect this is because the range of exposure varies more in BBOZ (200 to 275%) Vs BEAR (90 to 110%) and that the higher exposure is often on days when the market goes up. In a volatile market that is flat overall, this means that the market needs to go lower than when you bought just to break even, almost like a hidden fee to hold over time. Of course, if there’s significant falls in the market over any period you will be in profit, more profit with BBOZ but more risk.
I currently hold BBOZ and BBUS, mostly as a hedge. I’m considering buying BEAR also as I’m becoming increasingly bearish about the next 1 to 2 years.
