MYY vs. ESML
MYY (ProShares Short S&P Mid Cap400) and ESML (iShares ESG Aware MSCI USA Small-Cap ETF) are both exchange-traded funds - MYY is a Inverse Equities fund tracking the S&P Mid Cap 400 (-100%), while ESML is a Small Cap Growth Equities fund tracking the MSCI USA Small Cap Extended ESG Focus Index. Both are passively managed. Over the past 5 years, MYY returned -6.17%/yr vs 7.60%/yr for ESML. At a correlation of -0.97, they often move in opposite directions. MYY charges 0.95%/yr vs 0.17%/yr for ESML.
Performance
MYY vs. ESML - Performance Comparison
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Returns By Period
In the year-to-date period, MYY achieves a -12.52% return, which is significantly lower than ESML's 20.76% return.
MYY
- 1D
- -0.74%
- 1M
- -2.15%
- YTD
- -12.52%
- 6M
- -10.65%
- 1Y
- -17.63%
- 3Y*
- -10.09%
- 5Y*
- -6.17%
- 10Y*
- -11.74%
ESML
- 1D
- 1.71%
- 1M
- 4.45%
- YTD
- 20.76%
- 6M
- 18.06%
- 1Y
- 37.48%
- 3Y*
- 18.62%
- 5Y*
- 7.60%
- 10Y*
- —
MYY vs. ESML - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
MYY ProShares Short S&P Mid Cap400 | -12.52% | -4.05% | -7.08% | -9.46% | 10.23% | -23.04% | -25.94% | -19.98% | 12.29% |
ESML iShares ESG Aware MSCI USA Small-Cap ETF | 20.76% | 10.62% | 12.01% | 17.27% | -17.28% | 19.28% | 19.56% | 29.12% | -10.72% |
Correlation
The correlation between MYY and ESML is -0.96, 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 | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (All Time) Calculated using the full available price history since Apr 12, 2018 | -0.97 |
The correlation between MYY and ESML has been stable across timeframes, ranging from -0.98 to -0.96 - a consistent structural relationship.
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Return for Risk
MYY vs. ESML — Risk / Return Rank
MYY
ESML
MYY vs. ESML - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P Mid Cap400 (MYY) and iShares ESG Aware MSCI USA Small-Cap ETF (ESML). 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.
| MYY | ESML | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.32 | ||
| Sortino ratioReturn per unit of downside risk | -4.61 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.37 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 4.17 | -5.18 |
| Martin ratioReturn relative to average drawdown | -1.96 | 15.29 | -17.25 |
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Drawdowns
MYY vs. ESML - Drawdown Comparison
The maximum MYY drawdown since its inception was -95.15%, which is greater than ESML's maximum drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for MYY and ESML.
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Drawdown Indicators
| MYY | ESML | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.15% | -41.97% | -53.18% |
Max Drawdown (1Y)Largest decline over 1 year | -17.46% | -9.04% | -8.42% |
Max Drawdown (3Y)Largest decline over 3 years | -34.51% | -26.68% | -7.83% |
Max Drawdown (5Y)Largest decline over 5 years | -37.19% | -28.61% | -8.58% |
Max Drawdown (10Y)Largest decline over 10 years | -71.66% | — | — |
Current DrawdownCurrent decline from peak | -95.15% | 0.00% | -95.15% |
Average DrawdownAverage peak-to-trough decline | -72.20% | -8.91% | -63.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.31% | 2.46% | +6.85% |
Volatility
MYY vs. ESML - Volatility Comparison
The current volatility for ProShares Short S&P Mid Cap400 (MYY) is 4.30%, while iShares ESG Aware MSCI USA Small-Cap ETF (ESML) has a volatility of 5.54%. This indicates that MYY experiences smaller price fluctuations and is considered to be less risky than ESML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MYY | ESML | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.30% | 5.54% | -1.24% |
Volatility (6M)Calculated over the trailing 6-month period | 11.74% | 12.43% | -0.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.84% | 17.18% | -1.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.63% | 21.30% | -1.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.24% | 23.39% | -2.15% |
MYY vs. ESML - Expense Ratio Comparison
MYY has a 0.95% expense ratio, which is higher than ESML's 0.17% expense ratio.
Dividends
MYY vs. ESML - Dividend Comparison
MYY's dividend yield for the trailing twelve months is around 4.36%, more than ESML's 0.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ESML iShares ESG Aware MSCI USA Small-Cap ETF | 0.90% | 1.08% | 1.22% | 1.31% | 1.46% | 0.94% | 0.99% | 1.10% | 1.07% |
MYY ProShares Short S&P Mid Cap400 | 4.36% | 4.20% | 4.92% | 5.08% | 0.40% | 0.00% | 0.05% | 1.52% | 0.34% |
Frequently Asked Questions
MYY and ESML have a correlation of -0.96, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ESML has higher volatility (5.54%) compared to MYY (4.30%). In terms of maximum drawdown, MYY dropped -95.15% vs ESML's -41.97%.
On 5-year performance, ESML leads with 7.60% vs -6.17% for MYY. On fees, ESML is cheaper at 0.17% per year. On volatility, MYY has been the lower-risk option at 4.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ESML has performed better with a 7.60% return vs -6.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ESML is cheaper with a 0.17% expense ratio, compared with 0.95% for MYY.
MYY has the higher dividend yield at 4.36%, compared with 0.90% for ESML.
MYY is categorized as Inverse Equities, while ESML is Small Cap Growth Equities. MYY tracks S&P Mid Cap 400 (-100%), while ESML tracks MSCI USA Small Cap Extended ESG Focus Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for MYY and 0.17% for ESML.
ESML currently has the higher Sharpe Ratio (2.20 vs -1.12), 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.
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