Data as of .
SMCL vs SMCZ: which held to its multiple?
Over three months against its own daily promise, SMCL finished 7.4 points short and SMCZ 1.6 points short.
ETFIQ Decay Resistance Score: SMCZ scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 391 leveraged ETFs, long, 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 | |||
|---|---|---|---|---|---|---|
| SMCL | SMCZ | SMCL | SMCZ | SMCL | SMCZ | |
| 1 month | +8.5% | −21.3% | +13.2% | −13.2% | −4.8 pts | −8.1 pts |
| 3 months | +35.3% | −73.9% | +63.3% | −63.3% | −28.0 pts | −10.6 pts |
| 6 months | −34.3% | −92.9% | +60.8% | −60.8% | −95.1 pts | −32.1 pts |
| 1 year | −77.4% | −93.0% | −17.5% | +17.5% | −59.8 pts | −110.5 pts |
| Since launch | −88.4% | −98.2% | +11.4% | −28.8% | −99.8 pts | −69.4 pts |
| SMCL GraniteShares 2x Long SMCI 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 | GraniteShares | Defiance |
| Sets out to return | +2x | -2x |
| On | SMCI | SMCI |
| Segment | company | company |
| Fund returned, 3 months | +35.3% | −73.9% |
| Underlying returned, 3 months | +31.6% | +31.6% |
| What the stated multiple implies, 3 months | +63.3% | −63.3% |
| Difference from stated, 3 months | −28.0 pts | −10.6 pts |
| Fund returned, 1 year or since launch | −77.4% | −93.0% |
| Difference from stated, over that window | −59.8 pts | −110.5 pts |
| Underlying volatility | 95% | 95% |
| Difference over the days both have traded | −4.8 pts | no shared window |
| Expense ratio | 1.50% | 1.55% |
| Launched | Dec 12, 2024 | Apr 1, 2025 |
SMCL in plain words
Three months to Sep 11, 2026: SMCL returned +35.3% where its own daily promise gave +42.8%, 7.4 points short. Read the multiple against the whole window instead and +2 times SMCI's 31.6% implies +63.3%, which makes SMCL look 28.0 points short. 20.5 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. SMCL 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 95% 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.
Questions people ask
- Which came closer to its stated multiple, SMCL or SMCZ?
- Over the window to Sep 11, 2026, SMCL finished 28.0 points from what its multiple implies and SMCZ finished 10.6 points from its own, so SMCZ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are SMCL and SMCZ levered on the same thing?
- Yes. Both are levered on SMCI, SMCL at +2 times and SMCZ at -2 times the daily move.
- Which one decays faster, SMCL or SMCZ?
- Decay follows how much the underlying moves about. Over this window SMCL’s moved at 95% annualized and SMCZ’s at 95%, so SMCL has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SMCL 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, SMCL or SMCZ?
- SMCL charges 1.50% a year and SMCZ charges 1.55%, so SMCL 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, SMCL against SMCZ, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/SMCL-SMCZ Free to use with attribution; the underlying files are at Open data.