{"url":"https://etfiq.com/compare/leverage/smn-vs-uym","section":"compare","title":"SMN vs UYM: which held to its multiple? | ETFIQ","description":"SMN sets out to return -2 times XLB each day and UYM +2 times. Over the three months to Sep 30, 2026 they finished +0.4 pts and \u22122.7 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, SMN or UYM?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, SMN finished 0.4 points from what its multiple implies and UYM finished 2.7 points from its own, so SMN came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are SMN and UYM levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on State Street Materials Select Sector SPDR ETF, SMN at -2 times and UYM at +2 times the daily move."}},{"@type":"Question","name":"Which one decays faster, SMN or UYM?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window SMN\u2019s moved at 17% annualized and UYM\u2019s at 17%, so SMN has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold SMN or UYM 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, SMN or UYM?","acceptedAnswer":{"@type":"Answer","text":"SMN charges 0.95% a year and UYM charges 0.95%, so SMN 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":"SMN vs UYM","item":"https://etfiq.com/compare/leverage/smn-vs-uym"}]},{"@type":"WebPage","name":"SMN vs UYM: which held to its multiple?","description":"SMN sets out to return -2 times XLB each day and UYM +2 times. Over the three months to Sep 30, 2026 they finished +0.4 pts and \u22122.7 pts away.","url":"https://etfiq.com/compare/leverage/smn-vs-uym","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, SMN finished 2.2 points over and UYM 2.2 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 SMN and UYM","description":"SMN sets out to return -2 times XLB each day and UYM +2 times. Over the three months to Sep 30, 2026 they finished +0.4 pts and \u22122.7 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/smn-vs-uym","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":7008,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / SMN vs UYM \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n SMN vs UYM: which held to its multiple?\n\n Over three months against its own daily promise, SMN finished 2.2 points over and UYM 2.2 points short.\n Copy this for sharing \n \n ProShares UltraShort Materials and ProShares Ultra Materials.\n\n Download as PDF \n\n +8.6% SMN returned, 3 months \n \u221210.9% UYM returned, 3 months \n +0.4 pts SMN from its stated multiple \n \u22122.7 pts UYM from its stated multiple \n\n ETFIQ Decay Resistance Score: SMN scores higher\n Did it keep up with its own ","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/smn-vs-uym","a":{"ticker":"SMN","name":"ProShares UltraShort Materials","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: SMN returned +8.6% where its own daily promise gave +6.4%, 2.2 points over.","url":"https://etfiq.com/funds/smn","key_facts":[{"label":"What XLB did","value":"\u22124.1%","as_of":"2026-09-30","source":null},{"label":"What \u22122 times a day gives","value":"+6.4%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+8.6%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+2.2 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$4m","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":"UYM","name":"ProShares Ultra Materials","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: UYM returned \u221210.9% where its own daily promise gave \u22128.7%, 2.2 points short.","url":"https://etfiq.com/funds/uym","key_facts":[{"label":"What XLB did","value":"\u22124.1%","as_of":"2026-09-30","source":null},{"label":"What 2 times a day gives","value":"\u22128.7%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u221210.9%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22122.2 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$34m","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/smn-vs-uym"}