clearly, in trading profunds one doubles the ndx beta (as it is 2x ndx) so the risk-adjusted returns would have to be lowered but fundamentally that's no different than trading ndx vs spx (my spreadsheet analysis shows that in the 2000-2003 period the ndx daily change was 2.2 larger than the spx daily change on average, based on days where both indices went in the same direction and had non-zero changes which happened in about 500 out 800 trading days)
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