ProShares UltraShort MidCap400 (MZZ) belongs to the Leveraged Equities category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with MZZ. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to MZZ
MZZ charges 0.95% annually. There are 100 ETFs in the Leveraged Equities category with lower expense ratios, going as low as 0.35%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| WisdomTree Efficient U.S. Plus International Equit... | 0.35% | 44.22M | Mar 2026 | MZZ vs NTSD | |
| ETRACS IFED Invest with the Fed TR Index ETN | 0.45% | 49.31M | Sep 2021 | MZZ vs IFED | |
| Direxion Daily S&P 500 Bull 2X ETF | 0.60% | 257.66M | May 2014 | MZZ vs SPUU | |
| Leverage Shares 2X Long CBRS Daily ETF | 0.75% | 72.66M | May 2026 | MZZ vs CBRG | |
| Leverage Shares 2X Long NBIS Daily ETF | 0.75% | 117.50M | Oct 2025 | MZZ vs NBIG |
Best Risk-Adjusted Alternatives to MZZ
MZZ has a PortfoliosLab risk / return rank of 2. There are 219 ETFs in the Leveraged Equities category with higher risk-adjusted ranks, going as high as 99.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Direxion Daily MU Bull 2X Shares | 99 | 6.16B | Oct 2024 | MZZ vs MUU | |
| GraniteShares 2x Long MU Daily ETF | 98 | 923.53M | Nov 2024 | MZZ vs MULL | |
| Innovator U.S. Equity Accelerated Plus ETF | 98 | 22.82M | Apr 2021 | MZZ vs XTAP | |
| Innovator Growth Accelerated Plus ETF - April | 97 | 20.50M | Apr 2021 | MZZ vs QTAP | |
| GraniteShares 2x Long INTC Daily ETF | 97 | 509.42M | Feb 2025 | MZZ vs INTW |
Top Performing MZZ Alternatives (YTD)
MZZ is at -23.87% YTD. There are 232 ETFs in the Leveraged Equities category with higher YTD returns, going as high as 770.75%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| GraniteShares 2x Long DELL Daily ETF | 770.75% | 162.40M | Feb 2025 | MZZ vs DLLL | |
| Direxion Daily MU Bull 2X Shares | 642.75% | 6.16B | Oct 2024 | MZZ vs MUU | |
| GraniteShares 2x Long MU Daily ETF | 619.42% | 923.53M | Nov 2024 | MZZ vs MULL | |
| Direxion Daily INTC Bull 2X Shares | 464.60% | 101.49M | Nov 2025 | MZZ vs LINT | |
| GraniteShares 2x Long INTC Daily ETF | 463.06% | 509.42M | Feb 2025 | MZZ vs INTW |
Lowest Volatility Alternatives to MZZ
MZZ has 31.72% 1-year volatility. There are 43 ETFs in the Leveraged Equities category with lower 1-year volatility, going as low as 4.76%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Innovator U.S. Equity Accelerated Plus ETF | 4.76% | 22.82M | Apr 2021 | MZZ vs XTAP | |
| Innovator Growth Accelerated Plus ETF - April | 6.17% | 20.50M | Apr 2021 | MZZ vs QTAP | |
| Innovator U.S. Equity Accelerated Plus ETF - July | 7.36% | 13.45M | Jul 2021 | MZZ vs XTJL | |
| Innovator Growth Accelerated Plus ETF - July | 10.35% | 20.95M | Jul 2021 | MZZ vs QTJL | |
| Innovator US Equity Accelerated ETF | 10.53% | 69.49M | Apr 2021 | MZZ vs XDSQ |
Lowest Drawdown Alternatives to MZZ
MZZ has a 1-year max drawdown of -35.02%. There are 85 ETFs in the Leveraged Equities category with shallower 1-year drawdowns, going as shallow as -1.72%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Innovator U.S. Equity Accelerated Plus ETF | -1.72% | 22.82M | Apr 2021 | MZZ vs XTAP | |
| Innovator Growth Accelerated Plus ETF - April | -2.49% | 20.50M | Apr 2021 | MZZ vs QTAP | |
| Innovator U.S. Equity Accelerated Plus ETF - July | -5.12% | 13.45M | Jul 2021 | MZZ vs XTJL | |
| Innovator Growth Accelerated Plus ETF - July | -6.68% | 20.95M | Jul 2021 | MZZ vs QTJL | |
| Innovator US Equity Accelerated ETF | -9.60% | 69.49M | Apr 2021 | MZZ vs XDSQ |
Other ETFs from ProShares
The 10 most viewed ProShares ETFs shown here include TQQQ, QLD, BITO and span 10 categories. AUM among these funds goes as high as $37B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| ProShares UltraPro QQQ | Leveraged Equities | 53 | 46.69% | 37.04B | Feb 2010 | MZZ vs TQQQ | |
| ProShares Ultra QQQ | Leveraged Equities | 55 | 33.19% | 14.15B | Jun 2006 | MZZ vs QLD | |
| ProShares Bitcoin Strategy ETF | Cryptocurrency | 2 | -28.18% | 1.45B | Oct 2021 | MZZ vs BITO | |
| ProShares UltraPro S&P 500 | Leveraged Equities, S&P 500 | 53 | 26.83% | 5.47B | Jun 2009 | MZZ vs UPRO | |
| ProShares Ultra S&P500 | Leveraged Equities, S&P 500 | 56 | 19.14% | 8.13B | Jun 2006 | MZZ vs SSO | |
| ProShares Ultra Semiconductors | Leveraged Equities, Semiconductors | 78 | 85.14% | 2.97B | Jan 2007 | MZZ vs USD | |
| ProShares S&P 500 Dividend Aristocrats ETF | Dividend, S&P 500, Large Cap Value Equities | 33 | 10.28% | 11.63B | Oct 2013 | MZZ vs NOBL | |
| ProShares UltraPro Short QQQ | Leveraged Equities, Inverse Equities, Nasdaq-100 | 1 | -43.51% | 2.09B | Feb 2010 | MZZ vs SQQQ | |
| ProShares Nasdaq-100 High Income ETF | Nasdaq-100, Derivative Income, Dividend | 59 | 15.80% | 410.75M | Mar 2024 | MZZ vs IQQQ | |
| ProShares Ultra VIX Short-Term Futures ETF | Volatility | 1 | -35.49% | 216.19M | Oct 2011 | MZZ vs UVXY |
Often Compared With MZZ
Investors most often compare MZZ with XMMO, WTIU, ARMG. These 20 comparison targets span 9 categories, based on PortfoliosLab usage data.
Compare MZZ with Any Fund or Stock
Compare MZZ with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair MZZ with funds that move differently
ProShares UltraShort MidCap400 alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to MZZ.
Explore MZZ Diversifiers