Data as of .
SMCC vs SMCZ: which held to its multiple?
Over a month against its own daily promise, SMCC finished 3.0 points short and SMCZ 1.3 points short.
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| SMCC | SMCZ | SMCC | SMCZ | SMCC | SMCZ | |
| 1 month | +7.5% | −21.3% | +13.2% | −13.2% | −5.8 pts | −8.1 pts |
| 3 months | not published | −73.9% | not published | −63.3% | not published | −10.6 pts |
| 6 months | not published | −92.9% | not published | −60.8% | not published | −32.1 pts |
| 1 year | not published | −93.0% | not published | +17.5% | not published | −110.5 pts |
| Since launch | +53.0% | −98.2% | +73.4% | −28.8% | −20.4 pts | −69.4 pts |
| SMCC Corgi SMCI 2x Daily ETF Aims to return twice the daily move of SMCI | SMCZ Defiance Daily Target 2X Short SMCI ETF Aims to return twice the opposite of the daily move of SMCI | |
|---|---|---|
| Issuer | Corgi | Defiance |
| Sets out to return | +2x | -2x |
| On | SMCI | SMCI |
| Segment | company | company |
| Fund returned, 3 months | +7.5% | −73.9% |
| Underlying returned, 3 months | +6.6% | +31.6% |
| What the stated multiple implies, 3 months | +13.2% | −63.3% |
| Difference from stated, 3 months | −5.8 pts | −10.6 pts |
| Fund returned, 1 year or since launch | +53.0% | −93.0% |
| Difference from stated, over that window | −20.4 pts | −110.5 pts |
| Underlying volatility | 61% | 95% |
| Difference over the days both have traded | −5.8 pts | no shared window |
| Expense ratio | 0.45% | 1.55% |
| Launched | Jun 30, 2026 | Apr 1, 2025 |
SMCC in plain words
One month to Sep 11, 2026: SMCC returned +7.5% where its own daily promise gave +10.4%, 3.0 points short. Read the multiple against the whole window instead and +2 times SMCI's 6.6% implies +13.2%, which makes SMCC look 5.8 points short. 2.8 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. SMCC aims to return +2 times SMCI'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. SMCI moved at 61% 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.
SMCZ in plain words
Three months to Sep 11, 2026: SMCZ returned −73.9% where its own daily promise gave −72.3%, 1.6 points short. Read the multiple against the whole window instead and −2 times SMCI's 31.6% implies −63.3%, which makes SMCZ look 10.6 points short. 9.0 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. SMCZ aims to return -2 times SMCI's move each day, then resets. 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. SMCI moved at 95% annualized over that window.
Questions people ask
- Which came closer to its stated multiple, SMCC or SMCZ?
- Over the window to Sep 11, 2026, SMCC finished 5.8 points from what its multiple implies and SMCZ finished 10.6 points from its own, so SMCC came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are SMCC and SMCZ levered on the same thing?
- Yes. Both are levered on SMCI, SMCC at +2 times and SMCZ at -2 times the daily move.
- Which one decays faster, SMCC or SMCZ?
- Decay follows how much the underlying moves about. Over this window SMCC’s moved at 61% annualized and SMCZ’s at 95%, so SMCZ has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SMCC or SMCZ 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, SMCC or SMCZ?
- SMCC charges 0.45% a year and SMCZ charges 1.55%, so SMCC 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, SMCC against SMCZ, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/SMCC-SMCZ Free to use with attribution; the underlying files are at Open data.