Leveraged ETFs, Dilapidation And $-Cost Averaging

The lower of these two charts is an ETF which tracks the Nasdaq 100 index. In the higher chart, the ETF does something similar but is five times leveraged and rebalanced daily.

There is a striking difference between the two charts. Like the Nasdaq 100, QQQ has been hitting new peaks for almost a year and a half. QQQ5 has recovered strongly from the 2022 lows but is still a long way below the peak.