MYY vs. SPY
MYY (ProShares Short S&P Mid Cap400) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - MYY is a Inverse Equities fund tracking the S&P Mid Cap 400 (-100%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, MYY returned -10.81%/yr vs 15.07%/yr for SPY. Their -0.87 correlation means they have often moved in opposite directions in the past. MYY charges 0.95%/yr vs 0.09%/yr for SPY.
Performance
MYY vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, MYY achieves a -10.96% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, MYY has underperformed SPY with an annualized return of -10.81%, while SPY has yielded a comparatively higher 15.07% annualized return.
MYY
- 1D
- 0.02%
- 1M
- 1.28%
- 6M
- -7.74%
- YTD
- -10.96%
- 1Y
- -15.28%
- 3Y*
- -7.56%
- 5Y*
- -5.91%
- 10Y*
- -10.81%
- ALL TIME*
- -11.59%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $319.02K | $183.72K | $161.47K | |
| $37.27B | $35.99B | $39.23B |
MYY vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MYY ProShares Short S&P Mid Cap400 | -10.96% | -4.05% | -7.08% | -9.46% | 10.23% | -23.04% | -25.94% | -19.98% | 12.79% | -14.63% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between MYY and SPY is -0.76, 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. | -0.76 |
Correlation (3Y) Balances recent behavior with more history. | -0.79 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.84 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.83 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006 | -0.87 |
The correlation between MYY and SPY shifts across timeframes, from -0.87 (all time) to -0.76 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MYY vs. SPY — Risk / Return Rank
MYY
SPY
MYY vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P Mid Cap400 (MYY) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.41 | ||
| Sortino ratioReturn per unit of downside risk | -3.29 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.27 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 2.20 | -2.97 |
| Martin ratioReturn relative to average drawdown | -1.35 | 9.40 | -10.75 |
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Drawdowns
MYY vs. SPY - Drawdown Comparison
The maximum MYY drawdown since its inception was -95.20%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MYY and SPY.
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Drawdown Indicators
| MYY | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.20% | -55.19% | -40.01% |
Max Drawdown (1Y)Largest decline over 1 year | -18.25% | -8.88% | -9.37% |
Max Drawdown (3Y)Largest decline over 3 years | -35.14% | -18.76% | -16.38% |
Max Drawdown (5Y)Largest decline over 5 years | -37.79% | -24.50% | -13.29% |
Max Drawdown (10Y)Largest decline over 10 years | -71.93% | -33.72% | -38.21% |
Current DrawdownCurrent decline from peak | -95.07% | -1.40% | -93.67% |
Average DrawdownAverage peak-to-trough decline | -72.31% | -9.01% | -63.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.38% | 2.08% | +8.30% |
Volatility
MYY vs. SPY - Volatility Comparison
The current volatility for ProShares Short S&P Mid Cap400 (MYY) is 3.36%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.58%. This indicates that MYY experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MYY | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.36% | 3.58% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 11.59% | 10.14% | +1.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.70% | 12.89% | +2.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.53% | 17.18% | +2.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.21% | 17.95% | +3.26% |
MYY vs. SPY - Expense Ratio Comparison
MYY has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
MYY vs. SPY - Dividend Comparison
MYY's dividend yield for the trailing twelve months is around 4.28%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MYY ProShares Short S&P Mid Cap400 | 4.28% | 4.20% | 4.92% | 5.08% | 0.40% | 0.00% | 0.05% | 1.52% | 0.34% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
MYY and SPY have a correlation of -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (3.58%) compared to MYY (3.36%). In terms of maximum drawdown, MYY dropped -95.20% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.07% vs -10.81% for MYY. On fees, SPY is cheaper at 0.09% per year. On volatility, MYY has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.07% return vs -10.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for MYY.
MYY has the higher dividend yield at 4.28%, compared with 1.01% for SPY.
MYY is categorized as Inverse Equities, while SPY is S&P 500. MYY tracks S&P Mid Cap 400 (-100%), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for MYY and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.52 vs -0.90), 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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