108% vs S&P 500 ~40% over 2 years... timing + leverage or mostly luck?

[https://ibb.co/dswPGXNp](https://ibb.co/dswPGXNp) Posting a portfolio vs S&P 500 comparison over \~2 years for discussion. * Portfolio: \~+108% * S&P 500: \~+40% * Net contributions: none The equity curve probably looks smoother than it actually felt. Most of the gains came from a few entries around sharper drawdowns rather than steady compounding. Mainly used leveraged ETFs like TQQQ / SOXL. No options or additional margin leverage on top of that. Only took a handful of trades overall and spent a lot of time sitting in cash between entries. Most of the time I’m usually just waiting on cash. I only enter when the market reaches certain conditions I’m comfortable with....not exact price levels, more like specific types of pullbacks/price behavior. Not claiming this is repeatable or skill-based. Could easily just be favorable conditions + hindsight making it look cleaner than it was in real time. Trying to understand how much of this kind of outcome is: * timing * leverage/exposure * or just market regime Curious how others here would interpret a return profile like this.