Which came closer to its stated multiple, DDM or DXD?

Over the window to Sep 30, 2026, DDM finished 1.7 points from what its multiple implies and DXD finished 1.7 points from its own, so DDM came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are DDM and DXD levered on the same thing?

Yes. Both are levered on the Dow 30, DDM at +2 times and DXD at -2 times the daily move.

Which one decays faster, DDM or DXD?

Decay follows how much the underlying moves about. Over this window DDM’s moved at 12% annualized and DXD’s at 12%, so DDM has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold DDM or DXD 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, DDM or DXD?

DDM charges 0.95% a year and DXD charges 0.95%, so DDM is cheaper. Fees come from each fund's prospectus.

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DDM vs DXD: which held to its multiple?

Over three months against its own daily promise, DDM finished 1.4 points short and DXD 2.6 points over. ProShares Ultra Dow30 and ProShares UltraShort Dow30.

−6.3%

DDM returned, 3 months

+6.3%

DXD returned, 3 months

−1.7 pts

DDM from its stated multiple

+1.7 pts

DXD from its stated multiple

DDM · 3 months to Sep 30, 20261.7 pts short of its stated multiple

DDM returned −6.3% while 2 times DIA's move would have been −4.6%

DXD · 3 months to Sep 30, 20261.7 pts ahead of its stated multiple

DXD returned +6.3% while −2 times DIA's move would have been +4.6%

ETFIQ Decay Resistance Score · DDM scores higherDid it keep up with its own daily multiple, compounded day by day?

DDM among the 470 leveraged ETFs, long, over three months

DDM 89.8

0.1, the lowest in this set99.9, the highest

DXD among the 125 inverse ETFs over three months

DXD 76.4

0.4, the lowest in this set99.6, the highest

A percentile among the 470 leveraged ETFs, long, over three months. DXD is a percentile among the 125 inverse ETFs over three months, a different set, so the two marks are not on one scale. 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

	Total return		Multiple would give		Difference
Window	DDM	DXD	DDM	DXD	DDM	DXD
1 month	−8.8%	+9.2%	−8.2%	+8.2%	−0.5 pts	+1.0 pts
3 months	−6.3%	+6.3%	−4.6%	+4.6%	−1.7 pts	+1.7 pts
6 months	+17.1%	−15.3%	+20.1%	−20.1%	−3.0 pts	+4.7 pts
1 year	+15.3%	−14.8%	+22.6%	−22.6%	−7.3 pts	+7.7 pts
3 years	+99.2%	−52.0%	+118.6%	−118.6%	−19.4 pts	+66.6 pts
Since launch DDM Jan 2010 · DXD Jan 2010	+1743.8%	−99.0%	not meaningful	not meaningful	not meaningful	not meaningful

DDM and DXD over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

DDM

ProShares Ultra Dow30 · Aims to return twice the daily move of the Dow 30

DXD

ProShares UltraShort Dow30 · Aims to return twice the opposite of the daily move of the Dow 30

Issuer ProShares ProShares

Sets out to return +2x -2x

Underlying asset DIA DIA

Segment us large cap us large cap

Fund returned, 3 months or since launch −6.3% +6.3%

Underlying returned, over that window −2.3% −2.3%

What the stated multiple implies, over that window −4.6% +4.6%

Difference from stated, over that window −1.7 pts +1.7 pts

Fund returned, 1 year or since launch +15.3% −14.8%

Difference from stated, over that window −7.3 pts +7.7 pts

Underlying volatility 12% 12%

Expense ratio 0.95% 0.95%

Launched Jan 4, 2010 Jan 4, 2010

Net assets $502m $46m

DDM and DXD on the same fields, as of Sep 30, 2026. Source: ETFIQ.

DDM in plain words

Three months to Sep 30, 2026: DDM returned −6.3% where its own daily promise gave −4.9%, 1.4 points short. Read the multiple against the whole window instead and 2 times DIA's −2.3% implies −4.6%, which makes DDM look 1.7 points short. 0.3 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. DDM aims to return +2 times DIA'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. DIA 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.

DXD in plain words

Three months to Sep 30, 2026: DXD returned +6.3% where its own daily promise gave +3.7%, 2.6 points over. Read the multiple against the whole window instead and −2 times DIA's −2.3% implies +4.6%, which makes DXD look 1.7 points over. 0.9 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. DXD aims to return -2 times DIA'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, DDM or DXD?: Over the window to Sep 30, 2026, DDM finished 1.7 points from what its multiple implies and DXD finished 1.7 points from its own, so DDM came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are DDM and DXD levered on the same thing?: Yes. Both are levered on the Dow 30, DDM at +2 times and DXD at -2 times the daily move.
Which one decays faster, DDM or DXD?: Decay follows how much the underlying moves about. Over this window DDM’s moved at 12% annualized and DXD’s at 12%, so DDM has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold DDM or DXD 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, DDM or DXD?: DDM charges 0.95% a year and DXD charges 0.95%, so DDM is cheaper. Fees come from each fund's prospectus.

Other comparisons

DDM vs DOG DDM vs SDOW DDM vs UDOW DXD vs SDOW DXD vs UDOW DXD vs DOG

DIA →DDM on its own →DXD on its own →How every figure is computed →Standards and sources →

Where these figures came from

DDM and DXD filings on SEC EDGAR ↗DDM and DXD prospectus with the expense ratio (SEC) ↗ProShares page for DDM ↗ProShares page for DXD ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, DDM against DXD, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/ddm-vs-dxd

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.