Which came closer to its stated multiple, SMCL or SMCZ?

Over the window to Sep 30, 2026, SMCL finished 19.5 points from what its multiple implies and SMCZ finished 20.2 points from its own, so SMCL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are SMCL and SMCZ levered on the same thing?

Yes. Both are levered on Super Micro Computer, SMCL at +2 times and SMCZ at -2 times the daily move.

Which one decays faster, SMCL or SMCZ?

Decay follows how much the underlying moves about. Over this window SMCL’s moved at 86% annualized and SMCZ’s at 86%, so SMCL has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold SMCL or SMCZ 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, SMCL or SMCZ?

SMCL charges 1.50% a year and SMCZ charges 1.55%, so SMCL is cheaper. Fees come from each fund's prospectus.

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SMCL vs SMCZ: which held to its multiple?

Over three months against its own daily promise, SMCL finished 9.4 points short and SMCZ 1.1 points short. GraniteShares 2x Long SMCI Daily ETF and Defiance Daily Target 2X Short SMCI ETF.

+77.5%

SMCL returned, 3 months

−76.8%

SMCZ returned, 3 months

−19.5 pts

SMCL from its stated multiple

+20.3 pts

SMCZ from its stated multiple

SMCL · 3 months to Sep 30, 202619.5 pts short of its stated multiple

SMCL returned +77.5% while 2 times SMCI's move would have been +97.1%

SMCZ · 3 months to Sep 30, 202620.3 pts ahead of its stated multiple

SMCZ returned −76.8% while −2 times SMCI's move would have been −97.1%

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

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

SMCL 2.4

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

SMCZ among the 125 inverse ETFs over three months

SMCZ 7.6

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

A percentile among the 470 leveraged ETFs, long, over three months. SMCZ 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	SMCL	SMCZ	SMCL	SMCZ	SMCL	SMCZ
1 month	+15.2%	−26.9%	+20.3%	−20.3%	−5.1 pts	−6.6 pts
3 months	+77.5%	−76.8%	+97.1%	−97.1%	−19.5 pts	+20.3 pts
6 months	+72.5%	−95.0%	+164.9%	−164.9%	−92.4 pts	+69.9 pts
1 year	−80.3%	−92.6%	−28.7%	+28.7%	−51.6 pts	−121.3 pts
Since launch SMCL Dec 2024 · SMCZ Apr 2025	−88.2%	−98.5%	+16.6%	−34.4%	−104.8 pts	−64.1 pts

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

On the same fields

SMCL

GraniteShares 2x Long SMCI Daily ETF · Aims to return twice the daily move of Super Micro Computer (SMCI)

SMCZ

Defiance Daily Target 2X Short SMCI ETF · Aims to return twice the opposite of the daily move of Super Micro Computer (SMCI)

Issuer GraniteShares Defiance

Sets out to return +2x -2x

Underlying asset SMCI SMCI

Segment company company

Fund returned, 3 months or since launch +77.5% −76.8%

Underlying returned, over that window +48.5% +48.5%

What the stated multiple implies, over that window +97.1% −97.1%

Difference from stated, over that window −19.5 pts +20.3 pts

Fund returned, 1 year or since launch −80.3% −92.6%

Difference from stated, over that window −51.6 pts −121.3 pts

Underlying volatility 86% 86%

Difference over the days both have traded −19.5 pts no shared window

Expense ratio 1.50% 1.55%

Launched Dec 12, 2024 Apr 1, 2025

Net assets $49m $10m

SMCL and SMCZ on the same fields, as of Sep 30, 2026. Source: ETFIQ.

SMCL in plain words

Three months to Sep 30, 2026: SMCL returned +77.5% where its own daily promise gave +86.9%, 9.4 points short. Read the multiple against the whole window instead and 2 times SMCI's 48.5% implies +97.1%, which makes SMCL look 19.5 points short. 10.2 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. SMCL aims to return +2 times SMCI'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. SMCI moved at 86% 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.

SMCZ in plain words

Three months to Sep 30, 2026: SMCZ returned −76.8% where its own daily promise gave −75.8%, 1.1 points short. Read the multiple against the whole window instead and −2 times SMCI's 48.5% implies −97.1%, which makes SMCZ look 20.2 points over. 21.3 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. SMCZ aims to return -2 times SMCI'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, SMCL or SMCZ?: Over the window to Sep 30, 2026, SMCL finished 19.5 points from what its multiple implies and SMCZ finished 20.2 points from its own, so SMCL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are SMCL and SMCZ levered on the same thing?: Yes. Both are levered on Super Micro Computer, SMCL at +2 times and SMCZ at -2 times the daily move.
Which one decays faster, SMCL or SMCZ?: Decay follows how much the underlying moves about. Over this window SMCL’s moved at 86% annualized and SMCZ’s at 86%, so SMCL has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold SMCL or SMCZ 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, SMCL or SMCZ?: SMCL charges 1.50% a year and SMCZ charges 1.55%, so SMCL is cheaper. Fees come from each fund's prospectus.

Other comparisons

SMCL vs SMCX SMCL vs SMCC SMCZ vs SMCC SMCZ vs SMCX

SMCL on its own →SMCZ on its own →How every figure is computed →Standards and sources →

Where these figures came from

SMCL filings on SEC EDGAR ↗SMCL prospectus with the expense ratio (SEC) ↗GraniteShares page for SMCL ↗SMCZ filings on SEC EDGAR ↗SMCZ prospectus with the expense ratio (SEC) ↗Defiance page for SMCZ ↗

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, SMCL against SMCZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/smcl-vs-smcz

Open data

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