diff --git a/x/interchainstaking/keeper/keeper.go b/x/interchainstaking/keeper/keeper.go
index 7e190c826..4036f700a 100644
--- a/x/interchainstaking/keeper/keeper.go
+++ b/x/interchainstaking/keeper/keeper.go
@@ -733,6 +733,10 @@ func (k *Keeper) GetRatio(ctx sdk.Context, zone *types.Zone, epochRewards sdkmat
 	qAssetAmount := k.BankKeeper.GetSupply(ctx, zone.LocalDenom).Amount
 	escrowAmount := k.BankKeeper.GetBalance(ctx, k.AccountKeeper.GetModuleAddress(types.EscrowModuleAccount), zone.LocalDenom)
 	qAssetAmount = qAssetAmount.Sub(escrowAmount.Amount)
+	k.IterateZoneStatusWithdrawalRecords(ctx, zone.ChainId, types.WithdrawStatusQueued, func(_ int64, record types.WithdrawalRecord) (stop bool) {
+		qAssetAmount = qAssetAmount.Add(record.BurnAmount.Amount)
+		return false
+	})
 
 	// check if zone is fully withdrawn (no qAssets remain)
 	if qAssetAmount.IsZero() {
diff --git a/x/interchainstaking/keeper/keeper_test.go b/x/interchainstaking/keeper/keeper_test.go
index d58e2c388..d444f8efa 100644
--- a/x/interchainstaking/keeper/keeper_test.go
+++ b/x/interchainstaking/keeper/keeper_test.go
@@ -460,6 +460,27 @@ func (suite *KeeperTestSuite) TestGetRatio() {
 			supply:   math.NewInt(17500000),
 			expected: sdk.OneDec(),
 		},
+		{
+			name: "multi unbonding withdrawal, inc queued, delegation, expect 1.0",
+			records: func(ctx sdk.Context, qs *app.Quicksilver, zone icstypes.Zone) []icstypes.WithdrawalRecord {
+				out := make([]icstypes.WithdrawalRecord, 0)
+				out = append(out,
+					icstypes.WithdrawalRecord{ChainId: zone.ChainId, Delegator: zone.DelegationAddress.Address, Recipient: addressutils.GenerateAddressForTestWithPrefix(zone.AccountPrefix), Amount: sdk.NewCoins(sdk.NewCoin(zone.BaseDenom, math.NewInt(3000000))), Status: icstypes.WithdrawStatusQueued, Txhash: randomutils.GenerateRandomHashAsHex(64), BurnAmount: sdk.NewCoin(zone.LocalDenom, math.NewInt(3000000))},
+					icstypes.WithdrawalRecord{ChainId: zone.ChainId, Delegator: zone.DelegationAddress.Address, Recipient: addressutils.GenerateAddressForTestWithPrefix(zone.AccountPrefix), Amount: sdk.NewCoins(sdk.NewCoin(zone.BaseDenom, math.NewInt(10000000))), Status: icstypes.WithdrawStatusUnbond, Txhash: randomutils.GenerateRandomHashAsHex(64), BurnAmount: sdk.NewCoin(zone.LocalDenom, math.NewInt(10000000))},
+					icstypes.WithdrawalRecord{ChainId: zone.ChainId, Delegator: zone.DelegationAddress.Address, Recipient: addressutils.GenerateAddressForTestWithPrefix(zone.AccountPrefix), Amount: sdk.NewCoins(sdk.NewCoin(zone.BaseDenom, math.NewInt(1500000))), Status: icstypes.WithdrawStatusUnbond, Txhash: randomutils.GenerateRandomHashAsHex(64), BurnAmount: sdk.NewCoin(zone.LocalDenom, math.NewInt(1500000))},
+				)
+				return out
+			},
+			delegations: func(ctx sdk.Context, qs *app.Quicksilver, zone icstypes.Zone) []icstypes.Delegation {
+				validators := qs.InterchainstakingKeeper.GetValidatorAddresses(ctx, zone.ChainId)
+				out := make([]icstypes.Delegation, 0)
+				out = append(out, icstypes.NewDelegation(zone.DepositAddress.Address, validators[0], sdk.NewCoin(zone.BaseDenom, sdk.NewInt(3000000))))
+				out = append(out, icstypes.NewDelegation(zone.DepositAddress.Address, validators[1], sdk.NewCoin(zone.BaseDenom, sdk.NewInt(3000000))))
+				return out
+			},
+			supply:   math.NewInt(17500000), // supply 17.5; unbonding 11.5; queued 3.0; delegated 6.0.
+			expected: sdk.OneDec(),
+		},
 		{
 			name: "multi unbonding withdrawal, delegation, sub 1.0",
 			records: func(ctx sdk.Context, qs *app.Quicksilver, zone icstypes.Zone) []icstypes.WithdrawalRecord {
@@ -499,6 +520,27 @@ func (suite *KeeperTestSuite) TestGetRatio() {
 			supply:   math.NewInt(22500000),
 			expected: sdk.NewDec(54).Quo(sdk.NewDec(39)),
 		},
+		{
+			name: "multi unbonding withdrawal inc. withdrawal, delegation, gt 1.0",
+			records: func(ctx sdk.Context, qs *app.Quicksilver, zone icstypes.Zone) []icstypes.WithdrawalRecord {
+				out := make([]icstypes.WithdrawalRecord, 0)
+				out = append(out, icstypes.WithdrawalRecord{ChainId: zone.ChainId, Delegator: zone.DelegationAddress.Address, Recipient: addressutils.GenerateAddressForTestWithPrefix(zone.AccountPrefix), Amount: sdk.NewCoins(sdk.NewCoin(zone.BaseDenom, math.NewInt(3300000))), Status: icstypes.WithdrawStatusUnbond, Txhash: randomutils.GenerateRandomHashAsHex(64), BurnAmount: sdk.NewCoin(zone.LocalDenom, math.NewInt(3000000))})
+				out = append(out, icstypes.WithdrawalRecord{ChainId: zone.ChainId, Delegator: zone.DelegationAddress.Address, Recipient: addressutils.GenerateAddressForTestWithPrefix(zone.AccountPrefix), Amount: sdk.NewCoins(), Status: icstypes.WithdrawStatusQueued, Txhash: randomutils.GenerateRandomHashAsHex(64), BurnAmount: sdk.NewCoin(zone.LocalDenom, math.NewInt(2000000))})
+				return out
+			},
+			delegations: func(ctx sdk.Context, qs *app.Quicksilver, zone icstypes.Zone) []icstypes.Delegation {
+				validators := qs.InterchainstakingKeeper.GetValidatorAddresses(ctx, zone.ChainId)
+				out := make([]icstypes.Delegation, 0)
+				out = append(out,
+					icstypes.NewDelegation(zone.DepositAddress.Address, validators[0], sdk.NewCoin(zone.BaseDenom, sdk.NewInt(3300000))),
+					icstypes.NewDelegation(zone.DepositAddress.Address, validators[1], sdk.NewCoin(zone.BaseDenom, sdk.NewInt(17600000))),
+					icstypes.NewDelegation(zone.DepositAddress.Address, validators[2], sdk.NewCoin(zone.BaseDenom, sdk.NewInt(9100000))),
+				)
+				return out
+			},
+			supply:   math.NewInt(23000000),
+			expected: sdk.NewDec(3).Quo(sdk.NewDec(2)),
+		},
 	}
 
 	for _, tt := range tc {