Well while it's certainly unusual, depending on the type of data you're backing up it is quite possible to have a ratio that high.
There is no upper or lower limit on the amount of compression, it purely depends on the type of data you're backing up. For instance files which are already compressed like executables, jpeg images, zip files etc will get little or no compression, while text files, bmp images etc will get a very high ratio.
The 2:1 ratio normally stated on most tapes is basically a number someone in the tape industry plucked from the air, and has little or no relevance to reality.