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FAS and FAZ have lost whoever buys them a total combined $4.2B. They last had an "eclipse", i.e., the same nominal value, at $8.32. The constant losses since then have continued. The next theoretical meet at this point can be computed by the equation below:
10.43/X = 4.42*X
X = SQRT(2.359) = 1.53
Where 10.43 and 4.42 are the current values. In other words, a 53.6% move will make them meet, or a 17.8% move in the underlying (since these are 3X ETFs).
Next "eclipse" = $6.79
That would be another drop of 18%, and a loss for investors (track it here) of $4.6B!
20-Day Charts:
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