{"url":"https://etfiq.com/compare/leverage/mzz-vs-smdd","section":"compare","title":"MZZ vs SMDD: which held to its multiple? | ETFIQ","description":"MZZ sets out to return -2 times MDY each day and SMDD -3 times. Over the three months to Sep 30, 2026 they finished +2.7 pts and +4.0 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, MZZ or SMDD?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, MZZ finished 2.7 points from what its multiple implies and SMDD finished 4.0 points from its own, so MZZ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are MZZ and SMDD levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on the S&P MidCap 400, MZZ at -2 times and SMDD at -3 times the daily move."}},{"@type":"Question","name":"Which one decays faster, MZZ or SMDD?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window MZZ\u2019s moved at 12% annualized and SMDD\u2019s at 12%, so MZZ has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold MZZ or SMDD for a year?","acceptedAnswer":{"@type":"Answer","text":"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\u2019s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way."}},{"@type":"Question","name":"Which is cheaper, MZZ or SMDD?","acceptedAnswer":{"@type":"Answer","text":"MZZ charges 0.95% a year and SMDD charges 0.95%, so MZZ is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Leveraged ETFs","item":"https://etfiq.com/leverage/"},{"@type":"ListItem","position":3,"name":"MZZ vs SMDD","item":"https://etfiq.com/compare/leverage/mzz-vs-smdd"}]},{"@type":"WebPage","name":"MZZ vs SMDD: which held to its multiple?","description":"MZZ sets out to return -2 times MDY each day and SMDD -3 times. Over the three months to Sep 30, 2026 they finished +2.7 pts and +4.0 pts away.","url":"https://etfiq.com/compare/leverage/mzz-vs-smdd","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, MZZ finished 2.9 points over and SMDD 4.3 points over.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of MZZ and SMDD","description":"MZZ sets out to return -2 times MDY each day and SMDD -3 times. Over the three months to Sep 30, 2026 they finished +2.7 pts and +4.0 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/mzz-vs-smdd","license":"https://etfiq.com/standards/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/leverage.json"}],"variableMeasured":["Stated multiple","Underlying return","What the stated multiple implies","Fund total return","Difference against the label","Volatility of the underlying","Expense ratio"],"keywords":["exchange-traded funds","ETF","Leveraged ETFs","fund data","SEC filings"]}],"characters":6797,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / MZZ vs SMDD \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n MZZ vs SMDD: which held to its multiple?\n\n Over three months against its own daily promise, MZZ finished 2.9 points over and SMDD 4.3 points over.\n Copy this for sharing \n \n ProShares UltraShort MidCap400 and ProShares UltraPro Short MidCap400.\n\n Download as PDF \n\n +13.8% MZZ returned, 3 months \n +20.7% SMDD returned, 3 months \n +2.7 pts MZZ from its stated multiple \n +4.0 pts SMDD from its stated multiple \n\n ETFIQ Decay Resistance Score: SMDD scores higher\n Did it keep u","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","citation":"ETFIQ, as of Sep 30, 2026. https://etfiq.com/compare/leverage/mzz-vs-smdd","a":{"ticker":"MZZ","name":"ProShares UltraShort MidCap400","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: MZZ returned +13.8% where its own daily promise gave +11.0%, 2.9 points over.","url":"https://etfiq.com/funds/mzz","key_facts":[{"label":"What MDY did","value":"\u22125.6%","as_of":"2026-09-30","source":null},{"label":"What \u22122 times a day gives","value":"+11.0%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+13.8%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+2.9 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$5m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.95%","as_of":"2026-09-30","source":"485BPOS XBRL, Sep 25, 2026"}]},"b":{"ticker":"SMDD","name":"ProShares UltraPro Short MidCap400","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: SMDD returned +20.7% where its own daily promise gave +16.4%, 4.3 points over.","url":"https://etfiq.com/funds/smdd","key_facts":[{"label":"What MDY did","value":"\u22125.6%","as_of":"2026-09-30","source":null},{"label":"What \u22123 times a day gives","value":"+16.4%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+20.7%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+4.3 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$2m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.95%","as_of":"2026-09-30","source":"485BPOS XBRL, Sep 25, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/leverage/mzz-vs-smdd"}