{"url":"https://etfiq.com/compare/leverage/smdd-vs-umdd","section":"compare","title":"SMDD vs UMDD: which held to its multiple? | ETFIQ","description":"SMDD sets out to return -3 times MDY each day and UMDD +3 times. Over the three months to Sep 30, 2026 they finished +4.0 pts and \u22121.5 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, SMDD or UMDD?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, SMDD finished 4.0 points from what its multiple implies and UMDD finished 1.5 points from its own, so UMDD came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are SMDD and UMDD levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on the S&P MidCap 400, SMDD at -3 times and UMDD at +3 times the daily move."}},{"@type":"Question","name":"Which one decays faster, SMDD or UMDD?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window SMDD\u2019s moved at 12% annualized and UMDD\u2019s at 12%, so SMDD has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold SMDD or UMDD 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, SMDD or UMDD?","acceptedAnswer":{"@type":"Answer","text":"SMDD charges 0.95% a year and UMDD charges 0.95%, so SMDD 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":"SMDD vs UMDD","item":"https://etfiq.com/compare/leverage/smdd-vs-umdd"}]},{"@type":"WebPage","name":"SMDD vs UMDD: which held to its multiple?","description":"SMDD sets out to return -3 times MDY each day and UMDD +3 times. Over the three months to Sep 30, 2026 they finished +4.0 pts and \u22121.5 pts away.","url":"https://etfiq.com/compare/leverage/smdd-vs-umdd","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, SMDD finished 4.3 points over and UMDD 1.6 points short.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of SMDD and UMDD","description":"SMDD sets out to return -3 times MDY each day and UMDD +3 times. Over the three months to Sep 30, 2026 they finished +4.0 pts and \u22121.5 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/smdd-vs-umdd","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":7173,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / SMDD vs UMDD \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n SMDD vs UMDD: which held to its multiple?\n\n Over three months against its own daily promise, SMDD finished 4.3 points over and UMDD 1.6 points short.\n Copy this for sharing \n \n ProShares UltraPro Short MidCap400 and ProShares UltraPro MidCap400.\n\n Download as PDF \n\n +20.7% SMDD returned, 3 months \n \u221218.2% UMDD returned, 3 months \n +4.0 pts SMDD from its stated multiple \n \u22121.5 pts UMDD from its stated multiple \n\n ETFIQ Decay Resistance Score: SMDD scores higher\n Did it ke","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/smdd-vs-umdd","a":{"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"}]},"b":{"ticker":"UMDD","name":"ProShares UltraPro MidCap400","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: UMDD returned \u221218.2% where its own daily promise gave \u221216.6%, 1.6 points short.","url":"https://etfiq.com/funds/umdd","key_facts":[{"label":"What MDY did","value":"\u22125.6%","as_of":"2026-09-30","source":null},{"label":"What 3 times a day gives","value":"\u221216.6%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u221218.2%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22121.6 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$26m","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/smdd-vs-umdd"}