I am looking at investing/hedging oil through Horizons Beta pro but right now am scratching my head. They have a bull (HOU) ETF and a bear (HOD) that are supposed to mirror the commodity price at 2x exposure. I realize that there should be a certain amount of "erosion" due to management fees etc, but I don't understand the numers as they are. On July 3, oil peaked and the HOU hit 234.50, while the Bear tanked at 3.30. Yesterday, the HOD closed at 31.23, approximately a 9 bagger, while the HOU closed at 5.80, a negative 40 bagger (ouch!). If you put the same amount of money in both on the same day, shouldn't they almost balance each other out? I feel like I am missing something, but a friend says to play these you are better to "short the opposite" on etf's, ie if you are bullish, short the bear.

Am I missing something?