# TSMZ Tracking Error: Up vs Down Days

> Over the 90 days to Nov 4, 2026, TSMZ missed minus one times TSM's daily return by 12.3 basis points a day on average, on its closing price.

Data as of Nov 4, 2026. Rebuilt every trading night.

As of Nov 4, 2026 . Rebuilt every trading night.

## TSMZ daily tracking

Over the 90 days to Nov 4, 2026, TSMZ missed minus one times TSM's daily return by 12.3 basis points a day on average, on its closing price.

| Window | Read on | Average daily miss, bp | Signed average, bp | Tracking error | Up days, bp | Down days, bp | Up less down, bp | Confidence |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 30 days to Nov 4, 2026: 20 of 22 days, from Oct 7, 2026 | NAV (stated) | 6.5 | +0.8 | 1.48% | −1.9 (9 days) | +3.0 (11 days) | −4.8 | Not enough days |
| 30 days to Nov 4, 2026, 22 daily returns | closing price | 14.8 | +3.0 | 2.87% | +8.4 (9 days) | −0.7 (13 days) | +9.1 | Not enough days |
| 90 days to Nov 4, 2026, 63 daily returns | closing price (stated) | 12.3 | +2.6 | 2.39% | +5.3 (35 days) | −0.9 (28 days) | +6.2 | Not significant (t 1.6) |
| 180 days to Nov 4, 2026, 124 daily returns | closing price (stated) | 13.6 | +2.3 | 2.66% | +6.1 (65 days) | −1.9 (59 days) | +8.0 | Significant (t 2.7) |
| 1 year to Nov 4, 2026, 251 daily returns | closing price (stated) | 12.8 | +2.4 | 2.60% | +3.5 (132 days) | +1.2 (119 days) | +2.3 | Not significant (t 1.1) |

### TSMZ's largest daily misses

The 5 days TSMZ strayed furthest from its daily target in the 1 year to Nov 4, 2026, each on its NAV where ETFIQ holds it, else its closing price.

| # | Day | Read on | TSM moved | Target | TSMZ returned | Miss |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | Jan 21, 2026 | closing price | −0.32% | +0.32% | −0.27% | −0.59 pts |
| 2 | Jan 22, 2026 | closing price | +0.38% | −0.38% | +0.16% | +0.54 pts |
| 3 | Nov 28, 2025 | closing price | +0.53% | −0.53% | −0.11% | +0.42 pts |
| 4 | Mar 13, 2026 | closing price | +0.48% | −0.48% | −0.07% | +0.41 pts |
| 5 | Aug 6, 2026 | closing price | +1.01% | −1.01% | −0.61% | +0.41 pts |

### Method

The daily miss is TSMZ's return each day less minus one times TSM's return that day. A basis point is a hundredth of a percentage point. Each window is read twice where ETFIQ holds both NAVs: on NAVs, and on closing prices. It is stated on the closing price because NAVs for 20 of the 63 sessions. TSMZ ranks 33 of 34 1x inverse ETFs on its 90-day average daily miss. Up days and down days split the miss by whether TSM rose or fell; Significant means the gap is at least two standard errors from zero. The average miss carries its sign: a negative one is what the fund kept below its target each day, its fees and financing among it. Not every fund here has traded for a year, and a number over eight months does not order against one over twelve. This page lists each fund with its window and dates instead of ranking them. It becomes a ranking on the night four of them share a full year. Every window ETFIQ can measure for TSMZ is listed.

### Where to next

### Sources

Links are sources, not endorsements.

A ranking is not a recommendation or an opinion. ETFIQ is an independent publisher, not an adviser. Standards and sources

---

Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, TSMZ daily tracking, listed by window, data as of Nov 4, 2026. https://etfiq.com/funds/tsmz/tracking/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/funds/tsmz/tracking/