MVV vs MZZ: which held to its multiple?
Over three months against its own daily promise, MVV finished 1.2 points short and MZZ 2.9 points over. ProShares Ultra MidCap400 and ProShares UltraShort MidCap400.
MVV returned −12.3% while 2 times MDY's move would have been −11.1%
MZZ returned +13.8% while −2 times MDY's move would have been +11.1%
MVV among the 470 leveraged ETFs, long, over three months
MZZ among the 125 inverse ETFs over three months
A percentile among the 470 leveraged ETFs, long, over three months. MZZ 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 | MVV | MZZ | MVV | MZZ | MVV | MZZ |
| 1 month | −8.8% | +9.5% | −8.4% | +8.4% | −0.4 pts | +1.1 pts |
| 3 months | −12.3% | +13.8% | −11.1% | +11.1% | −1.2 pts | +2.7 pts |
| 6 months | +8.9% | −9.5% | +12.3% | −12.3% | −3.4 pts | +2.8 pts |
| 1 year | +15.4% | −17.0% | +22.8% | −22.8% | −7.4 pts | +5.8 pts |
| 3 years | +68.6% | −51.9% | +98.0% | −98.0% | −29.4 pts | +46.1 pts |
| Since launch MVV Jan 2010 · MZZ Jan 2010 | +1071.1% | −99.4% | not meaningful | not meaningful | not meaningful | not meaningful |
MVV and MZZ over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
MVV and MZZ on the same fields, as of Sep 30, 2026. Source: ETFIQ.
MVV in plain words
Three months to Sep 30, 2026: MVV returned −12.3% where its own daily promise gave −11.1%, 1.2 points short. Read the multiple against the whole window instead and 2 times MDY's −5.6% implies −11.1%, which makes MVV look 1.2 points short. 0.0 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. MVV aims to return +2 times MDY'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. MDY 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.
MZZ in plain words
Three months to Sep 30, 2026: MZZ returned +13.8% where its own daily promise gave +11.0%, 2.9 points over. Read the multiple against the whole window instead and −2 times MDY's −5.6% implies +11.1%, which makes MZZ look 2.7 points over. 0.1 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. MZZ aims to return -2 times MDY'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, MVV or MZZ?
- Over the window to Sep 30, 2026, MVV finished 1.2 points from what its multiple implies and MZZ finished 2.7 points from its own, so MVV came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are MVV and MZZ levered on the same thing?
- Yes. Both are levered on the S&P MidCap 400, MVV at +2 times and MZZ at -2 times the daily move.
- Which one decays faster, MVV or MZZ?
- Decay follows how much the underlying moves about. Over this window MVV’s moved at 12% annualized and MZZ’s at 12%, so MVV has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold MVV or MZZ 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, MVV against MZZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/mvv-vs-mzz
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, MVV against MZZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/mvv-vs-mzz Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, MVV against MZZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/mvv-vs-mzz
- APA
- ETFIQ. (Sep 30, 2026). MVV against MZZ. Retrieved from https://etfiq.com/compare/leverage/mvv-vs-mzz
- Markdown
- [MVV against MZZ (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/mvv-vs-mzz)