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SMDD vs TZA

ProShares UltraPro Short MidCap400

SMDDCNYSE Arca

Direxion Daily Small Cap Bear 3X ETF

TZABNYSE Arca

Overlap

Expense ratio

SMDD −0.04pt a year

SMDD0.95%TZA0.99%

Avg volume · 30D

TZA 1677.9×the volume

SMDD10.6KTZA17.8M

10Y return · a year

SMDD +2.4pt

SMDD−39.4%TZA−41.8%

SMDD vs TZA Performance

Oct 29, 2021 – Oct 30, 2026

−79.1%SMDD−79.9%TZA

Oct 29, 2021 to Oct 30, 2026. SMDD −79.1%. TZA −79.9%. Use the arrow keys to read each point.0%50%100%Oct 2021Apr 2024Oct 2026
Expense ratio
SMDD 0.95%, better
TZA 0.99%
Fund size
SMDD $2M
TZA $191M
1Y total return
SMDD −32.1%, better
TZA −37.2%
Yield (12M)
SMDD 3.82%
TZA 4.06%, better
Holdings
SMDD 1
TZA 7
Avg volume (30D)
SMDD 10.6K sh
TZA 17.8M sh, better
NAV per share
SMDD $8.74
TZA $44.49
52W range

ETF.net Grade

SMDD: Cost 84, Risk 66, Mission not scored, Tradability 28, Holdings not scored, Durability 39. TZA: Cost 64, Risk 54, Mission 75, Tradability 63, Holdings not scored, Durability 60.
Pillar letters and Scores for SMDD, TZA, with each pillar’s weight
PillarSMDDTZA
Cost30% weightA84HigherB64
Mission25% weightNot scoredA75
Risk15% weightB66HigherC54
Tradability15% weightD28B63Higher
Holdings10% weightNot scoredNot scored
Durability5% weightD39B60Higher

Rank among 3x Leveraged Inverse funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. SMDD and TZA are both graded against the same 14 3x Leveraged Inverse funds, so their Grades compare head to head.

3x Leveraged Inverse⁠

Category · 14 funds
See all 14 ›

TZA ranks 4th and SMDD 9th of 14 funds in the 3x Leveraged Inverse Category.

  1. Rank 1ASQQQProShares UltraPro Short QQQScore 83
  2. Rank 2ASDOWProShares UltraPro Short Dow30Score 78
  3. Rank 3ASRTYProShares UltraPro Short Russell2000Score 71
  4. Rank 4BTZADirexion Daily Small Cap Bear 3X ETFScore 61
  5. Rank 5BSOXSDirexion Daily Semiconductor Bear 3X ETFScore 55
  6. Rank 8CYANGDirexion Daily FTSE China Bear 3X ETFScore 45
  7. Rank 9CSMDDProShares UltraPro Short MidCap400Score 40
  8. Rank 10DDRVDirexion Daily Real Estate Bear 3X ETFScore 39

Our read on each fund

ETF.net Research

SMDDCProShares UltraPro Short MidCap400

TZABDirexion Daily Small Cap Bear 3X ETF

In short

SMDD The 3x bear trade on the market's forgotten middle. SMDD aims to deliver three times the inverse of the S&P MidCap 400's daily move, at 0.95% net of a waiver through September 30, 2027, and no peer in its category points at the same index.

TZA Born in the wreckage of 2008, TZA aims to move three times the inverse of the Russell 2000's daily swing. A heavily traded way to press a bearish small-cap view, with a daily reset that makes it a tool for days, not quarters.

Stated mandate

SMDD The fund seeks inverse daily exposure equal to three times the daily decline of the S&P MidCap 400.

TZA The Fund seeks daily inverse leveraged investment results equal to negative three times the daily performance of the Russell 2000 Index. Its leverage makes it potentially riskier than nonleveraged alternatives.

Why people hold it

  • SMDD The only 3x bear fund in its category aimed at the S&P MidCap 400. Everyone else crowds the Nasdaq-100, the Dow and small caps.
  • 0.95% net of a waiver through September 30, 2027: below the category median, and under TZA (0.99%) and SOXS (1.00%).
  • The objective is a single day, NAV to NAV. The fund stays fully invested in instruments giving inverse leveraged exposure and rebalances daily.proshares.com
  • Running since 2010, which makes it one of the longer-tenured geared bear funds still trading.
  • TZA Fee of 0.99% comes in under the typical leveraged bear fund, and under every other Russell 2000 short ETF on the shelf (RWM, TWM, SRTY).
  • Very actively traded, which usually means tight spreads and easy exits when a short-term view changes fast.
  • Running since 2008, a long life for a leveraged fund, and it has stayed close to its stated daily target.
  • Sits in the upper half of a crowded leveraged bear peer group on our overall read.

Worth knowing

  • SMDD Hold past one day and compounding takes over: results can differ from three times the index move over that stretch. ProShares tells holders to monitor as often as daily.proshares.com
  • A small fund and thinly traded, so spreads can bite on a position where entry and exit timing is the whole trade.
  • The gross expense ratio is 4.27%. The 0.95% you pay rests on a waiver that runs to September 30, 2027.
  • TZA The -3x target resets every day. Hold longer and compounding pulls results away from three times the index move over that stretch, up or down.
  • Triple leverage cuts both ways: a 1% up day in the Russell 2000 is roughly a 3% down day here, before costs.
  • Direxion's own filing flags the fund as potentially riskier than nonleveraged alternatives and built for daily monitoring.

Full SMDD profile⁠

Full TZA profile⁠

SMDD vs TZA Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SMDD vs TZA Cost

Overpaying TZA vs SMDD

$656

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • SMDD 0.95%

    $17,869

  • TZA 0.99%

    $18,525

$10,000
30 years

Cost over time

  • SMDD 0.95%
  • TZA 0.99%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TZA $18,525SMDD $17,869

Year by year

YearSMDDTZAOverpaying
10$1,678$1,746$68
20$6,322$6,565$243
30$17,869$18,525$656

Expense ratio

  • 0.95%SMDD, cheaper
  • 0.99%TZA
  • Middle half of 3x Leveraged Inverse funds
  • Median 1.02%

SMDD 2nd cheapest of 14 funds

TZA 5th cheapest of 14 funds

SMDD vs TZA Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
SMDD 3.82%
TZA 4.06%, better
Payout (12M)
SMDD $0.33
TZA $1.90
Last payment
SMDD $0.07
TZA $0.47
Ex-dividend
SMDD Sep 23, 2026
TZA Sep 22, 2026
Paid on
SMDD Sep 29, 2026
TZA Sep 29, 2026
Frequency
SMDD Quarterly
TZA Quarterly

Distribution history

Per share, 2018 to 2026, same scale for both

SMDDQuarterly · 14 paymentsAll SMDD payments⁠
One bar per payment. 14 payments from 2018 to 2026 YTD. Dec 26, 2018 $0.77; Jun 25, 2019 $2.05; Sep 25, 2019 $1.47; Jun 21, 2023 $0.24; Mar 20, 2024 $0.07; Jun 26, 2024 $0.12; Dec 23, 2024 $0.31; Mar 26, 2025 $0.09; Jun 25, 2025 $0.19; Sep 24, 2025 $0.20; Dec 24, 2025 $0.14; Mar 25, 2026 $0.05; Jun 24, 2026 $0.07; Sep 23, 2026 $0.07. Use the arrow keys to read each point.$0$25202020232026YTD
TZAQuarterly · 21 paymentsAll TZA payments⁠
One bar per payment. 21 payments from 2018 to 2026 YTD. Mar 20, 2018 $6.00; Sep 25, 2018 $12.00; Dec 27, 2018 $20.23; Mar 19, 2019 $2.16; Sep 24, 2019 $26.07; Dec 23, 2019 $7.17; Mar 21, 2023 $4.60; Jun 21, 2023 $2.36; Sep 19, 2023 $2.88; Dec 21, 2023 $1.11; Mar 19, 2024 $2.36; Jun 25, 2024 $2.33; Sep 24, 2024 $1.47; Dec 23, 2024 $0.84; Mar 25, 2025 $2.38; Jun 24, 2025 $0.56; Sep 23, 2025 $0.53; Dec 23, 2025 $0.34; Mar 24, 2026 $0.71; Jun 23, 2026 $0.38; Sep 22, 2026 $0.47. Use the arrow keys to read each point.$0$25202020232026YTD

SMDD vs TZA Risk

Fall from peak · 5 years

  • SMDD
  • TZA
Oct 29, 2021 to Oct 30, 2026. Worst fall: TZA −92.1% · Aug 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
SMDD 44.0%, betterTZA 53.9%
Return per unit of riskSharpe ratio, 3 years
SMDD −1.04TZA −1.01, better
Worst fallMax drawdown, 5 years
SMDD −89.3%, betterTZA −92.1%
Market sensitivityBeta, 5 years
SMDD −2.86TZA −3.25

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