Data as of .
MZZ vs SMDD: which held to its multiple?
Over three months against its own daily promise, MZZ finished 2.4 points over and SMDD 3.8 points over.
ETFIQ Decay Resistance Score: SMDD scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 121 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| MZZ | SMDD | MZZ | SMDD | MZZ | SMDD | |
| 1 month | +10.2% | +16.2% | +9.3% | +13.9% | +0.9 pts | +2.3 pts |
| 3 months | +5.2% | +7.5% | +3.9% | +5.8% | +1.3 pts | +1.7 pts |
| 6 months | −18.9% | −28.5% | −23.3% | −34.9% | +4.3 pts | +6.4 pts |
| 1 year | −19.5% | −30.9% | −26.0% | −39.0% | +6.5 pts | +8.1 pts |
| 3 years | −52.1% | −73.5% | −98.4% | −147.6% | +46.2 pts | +74.1 pts |
| Since launch | −99.5% | −100.0% | not meaningful | not meaningful | not meaningful | not meaningful |
| MZZ ProShares UltraShort MidCap400 Aims to return twice the opposite of the daily move of the S&P MidCap 400 | SMDD ProShares UltraPro Short MidCap400 Aims to return three times the opposite of the daily move of the S&P MidCap 400 | |
|---|---|---|
| Issuer | ProShares | ProShares |
| Sets out to return | -2x | -3x |
| On | MDY | MDY |
| Segment | us mid cap | us mid cap |
| Fund returned, 3 months | +5.2% | +7.5% |
| Underlying returned, 3 months | −1.9% | −1.9% |
| What the stated multiple implies, 3 months | +3.9% | +5.8% |
| Difference from stated, 3 months | +1.3 pts | +1.7 pts |
| Fund returned, 1 year or since launch | −19.5% | −30.9% |
| Difference from stated, over that window | +6.5 pts | +8.1 pts |
| Underlying volatility | 12% | 12% |
| Expense ratio | 0.95% | 0.95% |
| Launched | Jan 4, 2010 | Feb 11, 2010 |
MZZ in plain words
Three months to Sep 11, 2026: MZZ returned +5.2% where its own daily promise gave +2.8%, 2.4 points over. Read the multiple against the whole window instead and −2 times MDY's −1.9% implies +3.9%, which makes MZZ look 1.3 points over. 1.0 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. MZZ aims to return -2 times MDY's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. MDY moved at 12% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
SMDD in plain words
Three months to Sep 11, 2026: SMDD returned +7.5% where its own daily promise gave +3.7%, 3.8 points over. Read the multiple against the whole window instead and −3 times MDY's −1.9% implies +5.8%, which makes SMDD look 1.7 points over. 2.1 of that is daily compounding, which happens to any −3 times fund over the same path, and the rest is the fund. SMDD aims to return -3 times MDY's move each day, then resets. Over longer, the daily results compound, so the total is not -3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, MZZ or SMDD?
- Over the window to Sep 11, 2026, MZZ finished 1.3 points from what its multiple implies and SMDD finished 1.7 points from its own, so MZZ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are MZZ and SMDD levered on the same thing?
- Yes. Both are levered on the S&P MidCap 400, MZZ at -2 times and SMDD at -3 times the daily move.
- Which one decays faster, MZZ or SMDD?
- Decay follows how much the underlying moves about. Over this window MZZ’s moved at 12% annualized and SMDD’s at 12%, so MZZ has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold MZZ or SMDD for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, MZZ or SMDD?
- MZZ charges 0.95% a year and SMDD charges 0.95%, so MZZ is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, MZZ against SMDD, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/MZZ-SMDD Free to use with attribution; the underlying files are at Open data.