AJ, we believe approximation as stated to be *approximately* correct (i.e. it *is* an approximation). On this basis, using a 2X daily vehicle with a system that produced 100% annual returns would result in a total return of ~ 300% annually. The daily compounding effect is not being squared. The square in the the equation is just necesssary for the approximation to give an approximately accurate result. Using real trades, 102% 1X equates to 295% 2X. The actual differences between th two will vary year to year since early profitable trades have a greater impact that late trades due to the compounding effect, and the compounding effect is of course more pronounced using 2X.
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