{"url":"https://etfiq.com/compare/leverage/stsm-vs-tsmz","section":"compare","title":"STSM vs TSMZ: which held to its multiple? | ETFIQ","description":"STSM sets out to return -2 times TSM each day and TSMZ -1 times. Over the three months to Sep 30, 2026 they finished \u22128.0 pts and \u22121.2 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, STSM or TSMZ?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, STSM finished 8.0 points from what its multiple implies and TSMZ finished 1.2 points from its own, so TSMZ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are STSM and TSMZ levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on Taiwan Semiconductor Manufacturing, STSM at -2 times and TSMZ at -1 times the daily move."}},{"@type":"Question","name":"Which one decays faster, STSM or TSMZ?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window STSM\u2019s moved at 34% annualized and TSMZ\u2019s at 34%, so STSM has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold STSM or TSMZ 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, STSM or TSMZ?","acceptedAnswer":{"@type":"Answer","text":"STSM charges 1.30% a year and TSMZ charges 1.01%, so TSMZ 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":"STSM vs TSMZ","item":"https://etfiq.com/compare/leverage/stsm-vs-tsmz"}]},{"@type":"WebPage","name":"STSM vs TSMZ: which held to its multiple?","description":"STSM sets out to return -2 times TSM each day and TSMZ -1 times. Over the three months to Sep 30, 2026 they finished \u22128.0 pts and \u22121.2 pts away.","url":"https://etfiq.com/compare/leverage/stsm-vs-tsmz","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, STSM finished 0.1 points short and TSMZ 1.5 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 STSM and TSMZ","description":"STSM sets out to return -2 times TSM each day and TSMZ -1 times. Over the three months to Sep 30, 2026 they finished \u22128.0 pts and \u22121.2 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/stsm-vs-tsmz","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":6883,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / STSM vs TSMZ \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n STSM vs TSMZ: which held to its multiple?\n\n Over three months against its own daily promise, STSM finished 0.1 points short and TSMZ 1.5 points over.\n Copy this for sharing \n \n Defiance Daily Target 2X Short TSM ETF and Direxion Daily TSM Bear 1X ETF.\n\n Download as PDF \n\n \u221213.9% STSM returned, 3 months \n \u22124.2% TSMZ returned, 3 months \n \u22128.0 pts STSM from its stated multiple \n \u22121.2 pts TSMZ from its stated multiple \n\n ETFIQ Decay Resistance Score: TSMZ scores higher\n Did ","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/stsm-vs-tsmz","a":{"ticker":"STSM","name":"Defiance Daily Target 2X Short TSM ETF","issuer":"Defiance","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: STSM returned \u221213.9% where its own daily promise gave \u221213.8%, 0.1 points short.","url":"https://etfiq.com/funds/stsm","key_facts":[{"label":"What TSM did","value":"+3.0%","as_of":"2026-09-30","source":null},{"label":"What \u22122 times a day gives","value":"\u221213.8%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u221213.9%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22120.1 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$1m","as_of":"2026-09-30","source":"the issuer\u2019s own daily fund list, as of Sep 30, 2026"},{"label":"Expense ratio","value":"1.30%","as_of":"2026-09-30","source":"485BPOS XBRL, Aug 25, 2026"}]},"b":{"ticker":"TSMZ","name":"Direxion Daily TSM Bear 1X ETF","issuer":"Direxion","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: TSMZ returned \u22124.2% where its own daily promise gave \u22125.7%, 1.5 points over.","url":"https://etfiq.com/funds/tsmz","key_facts":[{"label":"What TSM did","value":"+3.0%","as_of":"2026-09-30","source":null},{"label":"What \u22121 times a day gives","value":"\u22125.7%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u22124.2%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+1.5 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$3m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"1.01%","as_of":"2026-09-30","source":"485BPOS XBRL, Feb 26, 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/stsm-vs-tsmz"}