This chart provides a feel for how long/short can attenuate the downside moves, amplify the upside moves. More so when AIM dynamics of adding low/reducing high are also layered on top.
Look at the individual down years bars, and then look at the up years bars. In down years the down's were somewhat similar, whereas for the up's and some of those were substantially taller.
$50 in a 2x short stock fund at most can lose $50 in that year (assuming yearly rebalancing). $50 in a 3x long stock fund could rise to $100, $200 or more.
Combine those two and you have a positive bias expectancy. Where AIM might also at times have $30 in the short, $70 in the long after stocks had declined and AIM had reduced 'cash' (short stock fund) due to buy trade signals - to add to 3x long stock holdings, such that recovery rebounds following dips are further scaled/amplified.
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