ARMG vs. MZZ

Last updated Apr 2, 2026

Compare and contrast key facts about Leverage Shares 2X Long ARM Daily ETF (ARMG) and ProShares UltraShort MidCap400 (MZZ).

ARMG and MZZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ARMG is an actively managed fund by Leverage Shares. It was launched on Jan 14, 2025. MZZ is a passively managed fund by ProShares that tracks the performance of the S&P MidCap 400 Index (-200%). It was launched on Jul 11, 2006.

Performance

ARMG vs. MZZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long ARM Daily ETF (ARMG) and ProShares UltraShort MidCap400 (MZZ). The values are adjusted to include any dividend payments, if applicable.

ARMG vs. MZZ - Yearly Performance Comparison

	2026 (YTD)	2025
ARMG Leverage Shares 2X Long ARM Daily ETF	78.95%	-61.80%
MZZ ProShares UltraShort MidCap400	-6.17%	-12.62%

Returns By Period

In the year-to-date period, ARMG achieves a 78.95% return, which is significantly higher than MZZ's -6.17% return.

ARMG

• 1D: 5.05%
• 1M: 45.92%
• YTD: 78.95%
• 6M: -13.55%
• 1Y: 34.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MZZ

• 1D: -1.57%
• 1M: 11.07%
• YTD: -6.17%
• 6M: -7.73%
• 1Y: -29.14%
• 3Y*: -18.28%
• 5Y*: -14.69%
• 10Y*: -24.40%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ARMG vs. MZZ - Expense Ratio Comparison

ARMG has a 0.75% expense ratio, which is lower than MZZ's 0.95% expense ratio.

MZZ

ProShares UltraShort MidCap400

ARMG

Leverage Shares 2X Long ARM Daily ETF

Return for Risk

ARMG vs. MZZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ARMG

ARMG Risk / Return Rank: 29
ARMG Sharpe Ratio Rank: 19
ARMG Sortino Ratio Rank: 46
ARMG Omega Ratio Rank: 39
ARMG Calmar Ratio Rank: 22
ARMG Martin Ratio Rank: 18

MZZ

MZZ Risk / Return Rank: 3
MZZ Sharpe Ratio Rank: 2
MZZ Sortino Ratio Rank: 2
MZZ Omega Ratio Rank: 2
MZZ Calmar Ratio Rank: 3
MZZ Martin Ratio Rank: 6

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ARMG vs. MZZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long ARM Daily ETF (ARMG) and ProShares UltraShort MidCap400 (MZZ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ARMG	MZZ	Difference
Sharpe ratio Return per unit of total volatility	0.29	-0.69	+0.99
Sortino ratio Return per unit of downside risk	1.34	-0.82	+2.16
Omega ratio Gain probability vs. loss probability	1.17	0.89	+0.27
Calmar ratio Return relative to maximum drawdown	0.51	-0.59	+1.10
Martin ratio Return relative to average drawdown	0.92	-0.77	+1.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARMG vs. MZZ - Sharpe Ratio Comparison

The current ARMG Sharpe Ratio is 0.29, which is higher than the MZZ Sharpe Ratio of -0.69. The chart below compares the historical Sharpe Ratios of ARMG and MZZ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ARMG	MZZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.29	-0.69	+0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.38	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.22	-0.59	+0.37

Correlation

The correlation between ARMG and MZZ is -0.52. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

ARMG vs. MZZ - Dividend Comparison

ARMG's dividend yield for the trailing twelve months is around 2.72%, less than MZZ's 5.53% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ARMG Leverage Shares 2X Long ARM Daily ETF	2.72%	4.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MZZ ProShares UltraShort MidCap400	5.53%	5.27%	6.36%	4.52%	0.25%	0.00%	0.22%	1.53%	0.53%

Drawdowns

ARMG vs. MZZ - Drawdown Comparison

The maximum ARMG drawdown since its inception was -80.28%, smaller than the maximum MZZ drawdown of -99.89%. Use the drawdown chart below to compare losses from any high point for ARMG and MZZ.

Drawdown Indicators

	ARMG	MZZ	Difference
Max Drawdown Largest peak-to-trough decline	-80.28%	-99.89%	+19.61%
Max Drawdown (1Y) Largest decline over 1 year	-68.13%	-50.56%	-17.57%
Max Drawdown (5Y) Largest decline over 5 years	—	-65.94%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-94.79%	—
Current Drawdown Current decline from peak	-57.60%	-99.88%	+42.28%
Average Drawdown Average peak-to-trough decline	-56.38%	-85.96%	+29.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.78%	38.49%	-0.71%

Volatility

ARMG vs. MZZ - Volatility Comparison

Leverage Shares 2X Long ARM Daily ETF (ARMG) has a higher volatility of 45.35% compared to ProShares UltraShort MidCap400 (MZZ) at 12.84%. This indicates that ARMG's price experiences larger fluctuations and is considered to be riskier than MZZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARMG	MZZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	45.35%	12.84%	+32.51%
Volatility (6M) Calculated over the trailing 6-month period	76.96%	23.97%	+52.99%
Volatility (1Y) Calculated over the trailing 1-year period	117.71%	42.23%	+75.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	123.23%	39.15%	+84.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	123.23%	41.34%	+81.89%