Growth of $100 since 1997: S&P 500 vs 2x S&P (SSO) vs the Bandwagon (log scale)

source: Yahoo Finance month-end closes with dividends (SPY, SSO from Jun 2006, S&P 500 stocks); S&P 500 membership as of each month (point in time, from 1996). Dec 31 1996 to Oct 12 2026; SSO before Jun 2006 simulated: 2x SPY's daily return minus the 3-month T-bill rate (Yahoo ^IRX) on the borrowed half and SSO's 0.87% fee; vs the real SSO 2007-2025 it ran 0.7%/yr ahead (median gap); Bandwagon: equal-weight 5 S&P 500 stocks with the biggest 6-month gain, re-picked each month, 0.2% fee per trade. Yahoo lacks most delisted stocks, which flatters stock picking; tickers Yahoo reuses for a different company are excluded. Before tax. • drawn 2026-10-12 18:28 UTC