# UWM Tracking Error: Up vs Down Days

> Over the 90 days to Nov 4, 2026, UWM missed two times Russell2000's daily return by 2.3 basis points a day on average, on its NAV. No fund is recommended.

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

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

## UWM daily tracking

Over the 90 days to Nov 4, 2026, UWM missed two times Russell2000's daily return by 2.3 basis points a day on average, on its NAV.

| 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: 21 of 22 days, from Oct 7, 2026 | NAV (stated) | 2.4 | −1.9 | 0.34% | −2.0 (13 days) | −1.7 (8 days) | −0.3 | Not enough days |
| 30 days to Nov 4, 2026, 22 daily returns | closing price | 6.0 | −2.5 | 1.14% | −3.2 (12 days) | −1.8 (10 days) | −1.4 | Not significant (t −0.5) |
| 90 days to Nov 4, 2026: 61 of 63 days, from Aug 7, 2026 | NAV (stated) | 2.3 | −2.1 | 0.29% | −2.5 (32 days) | −1.6 (29 days) | −0.9 | Not significant (t −1.9) |
| 90 days to Nov 4, 2026, 63 daily returns | closing price | 6.1 | −2.4 | 1.11% | −4.1 (32 days) | −0.6 (31 days) | −3.5 | Significant (t −2.1) |
| 180 days to Nov 4, 2026: 122 of 124 days, from May 11, 2026 | NAV (stated) | 2.3 | −2.1 | 0.32% | −2.2 (64 days) | −1.9 (58 days) | −0.2 | Not significant (t −0.6) |
| 180 days to Nov 4, 2026, 124 daily returns | closing price | 8.0 | −2.2 | 2.80% | −6.4 (63 days) | +2.1 (61 days) | −8.6 | Significant (t −2.8) |
| 1 year to Nov 4, 2026: 249 of 251 days, from Nov 5, 2025 | NAV (stated) | 2.2 | −2.1 | 0.27% | −2.2 (138 days) | −2.0 (111 days) | −0.2 | Not significant (t −0.8) |
| 1 year to Nov 4, 2026, 251 daily returns | closing price | 7.3 | −2.2 | 2.16% | −4.8 (139 days) | +1.0 (112 days) | −5.8 | Significant (t −3.4) |

### UWM's largest daily misses

The 5 days UWM 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 | Russell2000 moved | Target | UWM returned | Miss |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | Oct 6, 2026 | closing price | −0.72% | −1.44% | −1.53% | −0.09 pts |
| 2 | Jun 26, 2026 | NAV | +0.07% | +0.15% | +0.07% | −0.08 pts |
| 3 | Jun 18, 2026 | NAV | +2.12% | +4.24% | +4.17% | −0.07 pts |
| 4 | Jul 17, 2026 | NAV | −0.41% | −0.83% | −0.89% | −0.07 pts |
| 5 | Apr 2, 2026 | NAV | +0.71% | +1.42% | +1.36% | −0.06 pts |

### Method

The daily miss is UWM's return each day less two times Russell2000'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. UWM ranks 4 of 494 2x leveraged ETFs on its 90-day average daily miss. Up days and down days split the miss by whether Russell2000 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. Russell2000 is itself an ETF, so its own fee and tracking are inside the miss. 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 UWM 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, UWM daily tracking, listed by window, data as of Nov 4, 2026. https://etfiq.com/funds/uwm/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/uwm/tracking/