{"url":"https://etfiq.com/compare/leverage/twm-vs-tza","section":"compare","title":"TWM vs TZA: which held to its multiple? | ETFIQ","description":"TWM sets out to return -2 times IWM each day and TZA -3 times. Over the three months to Sep 30, 2026 they finished +3.0 pts and +4.2 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, TWM or TZA?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, TWM finished 3.0 points from what its multiple implies and TZA finished 4.2 points from its own, so TWM came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are TWM and TZA levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on the Russell 2000, TWM at -2 times and TZA at -3 times the daily move."}},{"@type":"Question","name":"Which one decays faster, TWM or TZA?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window TWM\u2019s moved at 13% annualized and TZA\u2019s at 13%, so TWM has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold TWM or TZA 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, TWM or TZA?","acceptedAnswer":{"@type":"Answer","text":"TWM charges 0.95% a year and TZA charges 0.99%, so TWM 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":"TWM vs TZA","item":"https://etfiq.com/compare/leverage/twm-vs-tza"}]},{"@type":"WebPage","name":"TWM vs TZA: which held to its multiple?","description":"TWM sets out to return -2 times IWM each day and TZA -3 times. Over the three months to Sep 30, 2026 they finished +3.0 pts and +4.2 pts away.","url":"https://etfiq.com/compare/leverage/twm-vs-tza","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, TWM finished 3.0 points over and TZA 4.2 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 TWM and TZA","description":"TWM sets out to return -2 times IWM each day and TZA -3 times. Over the three months to Sep 30, 2026 they finished +3.0 pts and +4.2 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/twm-vs-tza","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":6879,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / TWM vs TZA \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n TWM vs TZA: which held to its multiple?\n\n Over three months against its own daily promise, TWM finished 3.0 points over and TZA 4.2 points over.\n Copy this for sharing \n \n ProShares UltraShort Russell2000 and Direxion Daily Small Cap Bear 3X ETF.\n\n Download as PDF \n\n +16.9% TWM returned, 3 months \n +25.0% TZA returned, 3 months \n +3.0 pts TWM from its stated multiple \n +4.2 pts TZA from its stated multiple \n\n ETFIQ Decay Resistance Score: TZA scores higher\n Did it keep up ","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/twm-vs-tza","a":{"ticker":"TWM","name":"ProShares UltraShort Russell2000","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: TWM returned +16.9% where its own daily promise gave +13.9%, 3.0 points over.","url":"https://etfiq.com/funds/twm","key_facts":[{"label":"What IWM did","value":"\u22126.9%","as_of":"2026-09-30","source":null},{"label":"What \u22122 times a day gives","value":"+13.9%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+16.9%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+3.0 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$66m","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":"TZA","name":"Direxion Daily Small Cap Bear 3X ETF","issuer":"Direxion","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: TZA returned +25.0% where its own daily promise gave +20.8%, 4.2 points over.","url":"https://etfiq.com/funds/tza","key_facts":[{"label":"What IWM did","value":"\u22126.9%","as_of":"2026-09-30","source":null},{"label":"What \u22123 times a day gives","value":"+20.8%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+25.0%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+4.2 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$237m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.99%","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/twm-vs-tza"}