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Tracking Difference

This is the difference between how well the index performed compared to the return of the ETF. The ETF is almost always behind the index in some way as there are other factors that affect it like trading and rebalancing.
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Tracking Error

Based on the difference of the benchmark indexes return compared to the return from the ETF. The benchmark being the index that the ETF has stocks in, and since the ETF mirrors the benchmark their values should be similar.

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