{"url":"https://etfiq.com/compare/leverage/tza-vs-uwm","section":"compare","title":"TZA vs UWM: which held to its multiple? | ETFIQ","description":"TZA sets out to return -3 times IWM each day and UWM +2 times. Over the three months to Sep 30, 2026 they finished +4.2 pts and \u22121.0 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, TZA or UWM?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, TZA finished 4.2 points from what its multiple implies and UWM finished 1.0 points from its own, so UWM came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are TZA and UWM levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on the Russell 2000, TZA at -3 times and UWM at +2 times the daily move."}},{"@type":"Question","name":"Which one decays faster, TZA or UWM?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window TZA\u2019s moved at 13% annualized and UWM\u2019s at 13%, so TZA has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold TZA or UWM 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, TZA or UWM?","acceptedAnswer":{"@type":"Answer","text":"TZA charges 0.99% a year and UWM charges 0.95%, so UWM 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":"TZA vs UWM","item":"https://etfiq.com/compare/leverage/tza-vs-uwm"}]},{"@type":"WebPage","name":"TZA vs UWM: which held to its multiple?","description":"TZA sets out to return -3 times IWM each day and UWM +2 times. Over the three months to Sep 30, 2026 they finished +4.2 pts and \u22121.0 pts away.","url":"https://etfiq.com/compare/leverage/tza-vs-uwm","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, TZA finished 4.2 points over and UWM 1.1 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 TZA and UWM","description":"TZA sets out to return -3 times IWM each day and UWM +2 times. Over the three months to Sep 30, 2026 they finished +4.2 pts and \u22121.0 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/tza-vs-uwm","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":7115,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / TZA vs UWM \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n TZA vs UWM: which held to its multiple?\n\n Over three months against its own daily promise, TZA finished 4.2 points over and UWM 1.1 points short.\n Copy this for sharing \n \n Direxion Daily Small Cap Bear 3X ETF and ProShares Ultra Russell2000.\n\n Download as PDF \n\n +25.0% TZA returned, 3 months \n \u221214.9% UWM returned, 3 months \n +4.2 pts TZA from its stated multiple \n \u22121.0 pts UWM from its stated multiple \n\n ETFIQ Decay Resistance Score: TZA scores higher\n Did it keep up with","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/tza-vs-uwm","a":{"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"}]},"b":{"ticker":"UWM","name":"ProShares Ultra Russell2000","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: UWM returned \u221214.9% where its own daily promise gave \u221213.7%, 1.1 points short.","url":"https://etfiq.com/funds/uwm","key_facts":[{"label":"What IWM did","value":"\u22126.9%","as_of":"2026-09-30","source":null},{"label":"What 2 times a day gives","value":"\u221213.7%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u221214.9%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22121.1 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$221m","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/tza-vs-uwm"}