DXD vs UDOW: which held to its multiple?
Over three months against its own daily promise, DXD finished 2.6 points over and UDOW 2.3 points short. ProShares UltraShort Dow30 and ProShares UltraPro Dow30.
DXD returned +6.3% while −2 times DIA's move would have been +4.6%
UDOW returned −10.1% while 3 times DIA's move would have been −7.0%
DXD among the 125 inverse ETFs over three months
UDOW among the 470 leveraged ETFs, long, over three months
A percentile among the 125 inverse ETFs over three months. UDOW is a percentile among the 470 leveraged ETFs, long, 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 | DXD | UDOW | DXD | UDOW | DXD | UDOW |
| 1 month | +9.2% | −12.9% | +8.2% | −12.3% | +1.0 pts | −0.5 pts |
| 3 months | +6.3% | −10.1% | +4.6% | −7.0% | +1.7 pts | −3.1 pts |
| 6 months | −15.3% | +24.3% | −20.1% | +30.1% | +4.7 pts | −5.8 pts |
| 1 year | −14.8% | +19.0% | −22.6% | +33.8% | +7.7 pts | −14.9 pts |
| 3 years | −52.0% | +142.8% | −118.6% | +177.9% | +66.6 pts | −35.1 pts |
| Since launch DXD Jan 2010 · UDOW Feb 2010 | −99.0% | +4113.2% | not meaningful | not meaningful | not meaningful | not meaningful |
DXD and UDOW over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
DXD and UDOW on the same fields, as of Sep 30, 2026. Source: ETFIQ.
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 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.
UDOW in plain words
Three months to Sep 30, 2026: UDOW returned −10.1% where its own daily promise gave −7.8%, 2.3 points short. Read the multiple against the whole window instead and 3 times DIA's −2.3% implies −7.0%, which makes UDOW look 3.1 points short. 0.8 of that is daily compounding, which happens to any 3 times fund over the same path, and the rest is the fund. UDOW aims to return +3 times DIA'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, DXD or UDOW?
- Over the window to Sep 30, 2026, DXD finished 1.7 points from what its multiple implies and UDOW finished 3.1 points from its own, so DXD came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are DXD and UDOW levered on the same thing?
- Yes. Both are levered on the Dow 30, DXD at -2 times and UDOW at +3 times the daily move.
- Which one decays faster, DXD or UDOW?
- Decay follows how much the underlying moves about. Over this window DXD’s moved at 12% annualized and UDOW’s at 12%, so DXD has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold DXD or UDOW 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.
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.
ETFIQ, DXD against UDOW, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/dxd-vs-udow
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, DXD against UDOW, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/dxd-vs-udow Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, DXD against UDOW, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/dxd-vs-udow
- APA
- ETFIQ. (Sep 30, 2026). DXD against UDOW. Retrieved from https://etfiq.com/compare/leverage/dxd-vs-udow
- Markdown
- [DXD against UDOW (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/dxd-vs-udow)