MEMAX vs. SPXU

Last updated Jun 3, 2026

MEMAX (MFS Emerging Markets Equity Fund) and SPXU (ProShares UltraPro Short S&P500) are both funds - MEMAX is a Emerging Markets Diversified fund managed by MFS, while SPXU is a Leveraged Equities fund tracking the S&P 500 Index (-300%). Over the past 10 years, MEMAX returned 9.26%/yr vs -42.07%/yr for SPXU. At a correlation of -0.66, they often move in opposite directions. MEMAX charges 1.31%/yr vs 0.93%/yr for SPXU.

Performance

MEMAX vs. SPXU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Emerging Markets Equity Fund (MEMAX) and ProShares UltraPro Short S&P500 (SPXU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MEMAX achieves a 20.70% return, which is significantly higher than SPXU's -27.12% return. Over the past 10 years, MEMAX has outperformed SPXU with an annualized return of 9.26%, while SPXU has yielded a comparatively lower -42.07% annualized return.

MEMAX

• 1D: 1.78%
• 1M: 9.03%
• YTD: 20.70%
• 6M: 22.49%
• 1Y: 46.26%
• 3Y*: 22.64%
• 5Y*: 6.46%
• 10Y*: 9.26%

SPXU

• 1D: -0.39%
• 1M: -14.02%
• YTD: -27.12%
• 6M: -27.28%
• 1Y: -50.84%
• 3Y*: -43.41%
• 5Y*: -35.52%
• 10Y*: -42.07%

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

MEMAX vs. SPXU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MEMAX MFS Emerging Markets Equity Fund	20.70%	33.44%	10.96%	10.89%	-20.10%	-6.98%	10.17%	19.81%	-14.02%	37.38%
SPXU ProShares UltraPro Short S&P500	-27.12%	-41.73%	-43.31%	-46.02%	36.05%	-57.94%	-70.39%	-56.27%	3.97%	-44.23%

Correlation

The correlation between MEMAX and SPXU is -0.50, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.50
Correlation (3Y) Calculated over the trailing 3-year period	-0.55
Correlation (5Y) Calculated over the trailing 5-year period	-0.56
Correlation (10Y) Calculated over the trailing 10-year period	-0.60
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009	-0.66

The correlation between MEMAX and SPXU shifts across timeframes, from -0.66 (all time) to -0.50 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MEMAX vs. SPXU — Risk / Return Rank

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

MEMAX

MEMAX Risk / Return Rank: 85
MEMAX Sharpe Ratio Rank: 93
MEMAX Sortino Ratio Rank: 88
MEMAX Omega Ratio Rank: 85
MEMAX Calmar Ratio Rank: 81
MEMAX Martin Ratio Rank: 77

SPXU

SPXU Risk / Return Rank: 0
SPXU Sharpe Ratio Rank: 0
SPXU Sortino Ratio Rank: 0
SPXU Omega Ratio Rank: 0
SPXU Calmar Ratio Rank: 0
SPXU Martin Ratio Rank: 0

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.

MEMAX vs. SPXU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Emerging Markets Equity Fund (MEMAX) and ProShares UltraPro Short S&P500 (SPXU). 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.

	MEMAX	SPXU	Difference
Sharpe ratio Return per unit of total volatility	3.16	-1.44	+4.60
Sortino ratio Return per unit of downside risk	4.21	-2.47	+6.68
Omega ratio Gain probability vs. loss probability	1.58	0.74	+0.85
Calmar ratio Return relative to maximum drawdown	3.71	-1.02	+4.72
Martin ratio Return relative to average drawdown	14.58	-1.73	+16.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MEMAX vs. SPXU - Sharpe Ratio Comparison

The current MEMAX Sharpe Ratio is 3.16, which is higher than the SPXU Sharpe Ratio of -1.44. The chart below compares the historical Sharpe Ratios of MEMAX and SPXU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MEMAX	SPXU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.16	-1.44	+4.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	-0.71	+1.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	-0.79	+1.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	-0.84	+1.17

Drawdowns

MEMAX vs. SPXU - Drawdown Comparison

The maximum MEMAX drawdown since its inception was -67.04%, smaller than the maximum SPXU drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for MEMAX and SPXU.

Drawdown Indicators

	MEMAX	SPXU	Difference
Max Drawdown Largest peak-to-trough decline	-67.04%	-99.99%	+32.95%
Max Drawdown (1Y) Largest decline over 1 year	-12.27%	-50.82%	+38.55%
Max Drawdown (3Y) Largest decline over 3 years	-14.48%	-84.36%	+69.88%
Max Drawdown (5Y) Largest decline over 5 years	-40.94%	-90.23%	+49.29%
Max Drawdown (10Y) Largest decline over 10 years	-42.32%	-99.63%	+57.31%
Current Drawdown Current decline from peak	0.00%	-99.99%	+99.99%
Average Drawdown Average peak-to-trough decline	-19.69%	-93.33%	+73.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	29.93%	-26.81%

Volatility

MEMAX vs. SPXU - Volatility Comparison

The current volatility for MFS Emerging Markets Equity Fund (MEMAX) is 6.16%, while ProShares UltraPro Short S&P500 (SPXU) has a volatility of 8.31%. This indicates that MEMAX experiences smaller price fluctuations and is considered to be less risky than SPXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEMAX	SPXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.16%	8.31%	-2.15%
Volatility (6M) Calculated over the trailing 6-month period	12.37%	26.80%	-14.43%
Volatility (1Y) Calculated over the trailing 1-year period	14.96%	35.32%	-20.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.02%	50.32%	-34.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.67%	53.38%	-36.71%

MEMAX vs. SPXU - Expense Ratio Comparison

MEMAX has a 1.31% expense ratio, which is higher than SPXU's 0.93% expense ratio.

Dividends

MEMAX vs. SPXU - Dividend Comparison

MEMAX's dividend yield for the trailing twelve months is around 2.05%, less than SPXU's 8.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MEMAX MFS Emerging Markets Equity Fund	2.05%	2.47%	2.41%	2.48%	0.99%	1.97%	0.53%	1.64%	0.47%	0.09%	0.54%	0.14%
SPXU ProShares UltraPro Short S&P500	8.05%	7.02%	9.53%	7.06%	0.39%	0.00%	0.70%	2.14%	1.41%	0.10%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MEMAX and SPXU in my portfolio?

MEMAX and SPXU have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEMAX or SPXU?

SPXU has higher volatility (8.31%) compared to MEMAX (6.16%). In terms of maximum drawdown, MEMAX dropped -67.04% vs SPXU's -99.99%.

Which has better risk-adjusted returns?

MEMAX currently has the higher Sharpe Ratio (3.16 vs -1.44), 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.