Data as of .
SMRX vs SMUP: which held to its multiple?
Over the days both have traded, SMRX finished 5.9 points from its stated multiple and SMUP 6.9.
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| SMRX | SMUP | SMRX | SMUP | SMRX | SMUP | |
| 1 month | −26.4% | −27.4% | −20.4% | −20.4% | −5.9 pts | −6.9 pts |
| 3 months | not published | −41.4% | not published | −25.9% | not published | −15.6 pts |
| 6 months | not published | −69.3% | not published | −54.1% | not published | −15.3 pts |
| 1 year | not published | −98.3% | not published | −151.1% | not published | +52.8 pts |
| Since launch | −24.2% | −99.3% | −9.5% | −166.7% | −14.7 pts | +67.4 pts |
| SMRX Corgi SMR 2x Daily ETF Aims to return twice the daily move of SMR | SMUP T-REX 2X Long SMR Daily Target ETF Aims to return twice the daily move of SMR | |
|---|---|---|
| Issuer | Corgi | T-REX |
| Sets out to return | +2x | +2x |
| On | SMR | SMR |
| Segment | company | company |
| Fund returned, 3 months | −26.4% | −41.4% |
| Underlying returned, 3 months | −10.2% | −12.9% |
| What the stated multiple implies, 3 months | −20.4% | −25.9% |
| Difference from stated, 3 months | −5.9 pts | −15.6 pts |
| Fund returned, 1 year or since launch | −24.2% | −98.3% |
| Difference from stated, over that window | −14.7 pts | +52.8 pts |
| Underlying volatility | 101% | 93% |
| Difference over the days both have traded | −5.9 pts | −6.9 pts |
| Expense ratio | not published | 1.50% |
| Launched | Jul 10, 2026 | Jul 25, 2025 |
SMRX in plain words
One month to Sep 11, 2026: SMRX returned −26.4% where its own daily promise gave −26.3%, 0.1 points short. Read the multiple against the whole window instead and +2 times SMR's −10.2% implies −20.4%, which makes SMRX look 5.9 points short. 5.8 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. SMRX aims to return +2 times SMR'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. SMR moved at 101% 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.
SMUP in plain words
Three months to Sep 11, 2026: SMUP returned −41.4% where its own daily promise gave −38.7%, 2.7 points short. Read the multiple against the whole window instead and +2 times SMR's −12.9% implies −25.9%, which makes SMUP look 15.6 points short. 12.8 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. SMUP aims to return +2 times SMR's move each day, then resets. SMR moved at 93% annualized over that window.
Questions people ask
- Which came closer to its stated multiple, SMRX or SMUP?
- Over the window to Sep 11, 2026, SMRX finished 5.9 points from what its multiple implies and SMUP finished 15.6 points from its own, so SMRX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are SMRX and SMUP levered on the same thing?
- Yes. Both are levered on SMR, SMRX at +2 times and SMUP at +2 times the daily move.
- Which one decays faster, SMRX or SMUP?
- Decay follows how much the underlying moves about. Over this window SMRX’s moved at 101% annualized and SMUP’s at 93%, so SMRX has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SMRX or SMUP 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.
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, SMRX against SMUP, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/SMRX-SMUP Free to use with attribution; the underlying files are at Open data.