{
 "generated_utc": "2026-09-17T21:41:40+00:00",
 "study_from": 2026,
 "fee_bps_per_side": 10.0,
 "coverage_by_year": {
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  "2024": 0.0,
  "2025": 31.0,
  "2026": 82.3
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 "headline": {
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  "observations": 15852,
  "share_outside_20bps": 24.8,
  "median_persistence_bps": 8.8,
  "widest": 667.9
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   "volume": {
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   "persistence": {
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   "gross_multiple": 4.0,
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   "name": "SQQQ/QQQ",
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   "gross_multiple": 4.0,
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  {
   "name": "TQQQ/QQQ",
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     "mean_bps": 7.1,
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   "name": "TNA/IWM",
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     "mean_bps": 5.8,
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     "mean_bps": 6.9,
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   "gross_multiple": 4.0,
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   "name": "TZA/IWM",
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   "note": "Direxion Small Cap Bear 3X",
   "n_days": 177,
   "n_dark": 1100,
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   "persistence": {
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     "mean_bps": 23.2,
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     "mean_bps": 22.9,
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   "gross_multiple": 4.0,
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   "name": "SQQQ/TQQQ",
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   "leg": "SQQQ",
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     "mean_bps": -0.7,
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     "mean_bps": -1.7,
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   "gross_multiple": 2.0,
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   "name": "SMH/SOXX",
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   "note": "iShares vs VanEck semiconductors",
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     "mean_bps": 6.4,
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     "mean_bps": 7.2,
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     "mean_bps": 6.8,
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   "gross_multiple": 2.0,
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   "name": "TZA/TNA",
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   "persistence": {
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     "mean_bps": 24.1,
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     "mean_bps": 24.4,
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     "mean_bps": 24.9,
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   "gross_multiple": 2.0,
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  {
   "name": "SOXS/SOXL",
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   "note": "Semiconductor Bull 3X against Bear 3X",
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   "n_session": 891,
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   "persistence": {
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     "mean_bps": 29.5,
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     "mean_bps": 34.2,
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     "mean_bps": 31.2,
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   },
   "gross_multiple": 2.0,
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  {
   "name": "UPRO/SPY",
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   "kind": "leverage",
   "note": "ProShares UltraPro S&P 500",
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     "mean_bps": 3.6,
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     "mean_bps": 3.0,
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     "mean_bps": 3.3,
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   "gross_multiple": 4.0,
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  },
  {
   "name": "QLD/QQQ",
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   "note": "ProShares Ultra QQQ",
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   "volume": {
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     "mean_bps": -0.2,
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     "mean_bps": -0.6,
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     "mean_bps": -0.8,
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   },
   "gross_multiple": 3.0,
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   "name": "SPXU/UPRO",
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   "note": "UltraPro S&P against UltraPro Short S&P",
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   "volume": {
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   "persistence": {
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     "mean_bps": -1.5,
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     "mean_bps": -4.8,
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     "mean_bps": -19.7,
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 ]
}