ARMG vs. SMDD

Last updated Aug 4, 2026

ARMG (Leverage Shares 2X Long ARM Daily ETF) and SMDD (ProShares UltraPro Short MidCap400) are both Leveraged Equities funds. ARMG is actively managed, while SMDD is passively managed. Over the past year, ARMG returned 58.82% vs -47.68% for SMDD. Their -0.50 correlation means they have often moved in opposite directions in the past. ARMG charges 0.75%/yr vs 0.95%/yr for SMDD.

Performance

ARMG vs. SMDD - 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 UltraPro Short MidCap400 (SMDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARMG achieves a 188.60% return, which is significantly higher than SMDD's -36.11% return.

ARMG

• 1D: -0.48%
• 1M: -46.52%
• 6M: 209.21%
• YTD: 188.60%
• 1Y: 58.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.97%

SMDD

• 1D: -3.09%
• 1M: 0.51%
• 6M: -26.46%
• YTD: -36.11%
• 1Y: -47.68%
• 3Y*: -34.79%
• 5Y*: -30.41%
• 10Y*: -39.48%
• ALL TIME*: -42.51%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ARMG Leverage Shares 2X Long ARM Daily ETF	$14.41M	$19.14M	$65.85M
SMDD ProShares UltraPro Short MidCap400	$45.43K	$77.72K	$69.81K

ARMG vs. SMDD - Yearly Performance Comparison

	2026 (YTD)	2025
ARMG Leverage Shares 2X Long ARM Daily ETF	188.60%	-62.65%
SMDD ProShares UltraPro Short MidCap400	-36.11%	-27.38%

Correlation

The correlation between ARMG and SMDD is -0.45, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.45
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	-0.50

The correlation between ARMG and SMDD has been stable across timeframes, ranging from -0.50 to -0.45 - a consistent structural relationship.

Return for Risk

ARMG vs. SMDD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ARMG

ARMG Risk / Return Rank: 30
ARMG Sharpe Ratio Rank: 20
ARMG Sortino Ratio Rank: 44
ARMG Omega Ratio Rank: 41
ARMG Calmar Ratio Rank: 25
ARMG Martin Ratio Rank: 21

SMDD

SMDD Risk / Return Rank: 1
SMDD Sharpe Ratio Rank: 1
SMDD Sortino Ratio Rank: 2
SMDD Omega Ratio Rank: 2
SMDD Calmar Ratio Rank: 1
SMDD Martin Ratio Rank: 0

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ARMG vs. SMDD - 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 UltraPro Short MidCap400 (SMDD). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ARMG	SMDD	Difference
Sharpe ratio: Return per unit of total volatility	0.40	-1.02	+1.42
Sortino ratio: Return per unit of downside risk	1.69	-1.51	+3.20
Omega ratio: Gain probability vs. loss probability	1.20	0.83	+0.38
Calmar ratio: Return relative to maximum drawdown	0.77	-0.96	+1.73
Martin ratio: Return relative to average drawdown	1.43	-1.58	+3.01

ARMG vs. SMDD - Sharpe Ratio Comparison

The current ARMG Sharpe Ratio is 0.40, which is higher than the SMDD Sharpe Ratio of -1.02. The chart below compares the historical Sharpe Ratios of ARMG and SMDD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ARMG vs. SMDD - Drawdown Comparison

The maximum ARMG drawdown since its inception was -80.28%, smaller than the maximum SMDD drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for ARMG and SMDD.

Drawdown Indicators

	ARMG	SMDD	Difference
Max Drawdown Largest peak-to-trough decline	-80.28%	-99.99%	+19.71%
Max Drawdown (1Y) Largest decline over 1 year	-76.64%	-49.76%	-26.88%
Max Drawdown (3Y) Largest decline over 3 years	—	-82.62%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-88.24%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.45%	—
Current Drawdown Current decline from peak	-73.68%	-99.99%	+26.31%
Average Drawdown Average peak-to-trough decline	-52.19%	-93.01%	+40.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.34%	30.51%	+10.83%

Volatility

ARMG vs. SMDD - Volatility Comparison

Leverage Shares 2X Long ARM Daily ETF (ARMG) has a higher volatility of 49.60% compared to ProShares UltraPro Short MidCap400 (SMDD) at 10.41%. This indicates that ARMG's price experiences larger fluctuations and is considered to be riskier than SMDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARMG	SMDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	49.60%	10.41%	+39.19%
Volatility (6M) Calculated over the trailing 6-month period	128.11%	34.96%	+93.15%
Volatility (1Y) Calculated over the trailing 1-year period	147.13%	47.02%	+100.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	145.23%	58.62%	+86.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	145.23%	63.26%	+81.97%

ARMG vs. SMDD - Expense Ratio Comparison

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

Dividends

ARMG vs. SMDD - Dividend Comparison

ARMG's dividend yield for the trailing twelve months is around 1.69%, less than SMDD's 5.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ARMG Leverage Shares 2X Long ARM Daily ETF	1.69%	4.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMDD ProShares UltraPro Short MidCap400	5.85%	4.96%	4.09%	3.86%	0.14%	0.00%	0.13%	1.51%	0.09%

Frequently Asked Questions

Can I hold both ARMG and SMDD in my portfolio?

ARMG and SMDD have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARMG or SMDD?

ARMG has higher volatility (49.60%) compared to SMDD (10.41%). In terms of maximum drawdown, ARMG dropped -80.28% vs SMDD's -99.99%.

Which ETF is better, ARMG or SMDD?

On 1-year performance, ARMG leads with 58.82% vs -47.68% for SMDD. On fees, ARMG is cheaper at 0.75% per year. On volatility, SMDD has been the lower-risk option at 10.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ARMG or SMDD?

Over the 1-year period, ARMG has performed better with a 58.82% return vs -47.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ARMG or SMDD?

ARMG is cheaper with a 0.75% expense ratio, compared with 0.95% for SMDD.

Which ETF pays a higher dividend yield, ARMG or SMDD?

SMDD has the higher dividend yield at 5.85%, compared with 1.69% for ARMG.

What is the main difference between ARMG and SMDD?

They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for ARMG and 0.95% for SMDD.

Which has better risk-adjusted returns?

ARMG currently has the higher Sharpe Ratio (0.40 vs -1.02), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.