MZZ vs. BBMC
MZZ (ProShares UltraShort MidCap400) and BBMC (JPMorgan BetaBuilders U.S. Mid Cap Equity ETF) are both exchange-traded funds - MZZ is a Leveraged Equities fund tracking the S&P MidCap 400 Index (-200%), while BBMC is a Small Cap Growth Equities fund tracking the Morningstar US Mid Cap Target Market Exposure Extended Index. Both are passively managed. Over the past 5 years, MZZ returned -16.07%/yr vs 7.73%/yr for BBMC. At a correlation of -0.98, they often move in opposite directions. MZZ charges 0.95%/yr vs 0.07%/yr for BBMC.
Performance
MZZ vs. BBMC - Performance Comparison
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Returns By Period
In the year-to-date period, MZZ achieves a -20.20% return, which is significantly lower than BBMC's 13.49% return.
MZZ
- 1D
- 3.69%
- 1M
- 2.05%
- YTD
- -20.20%
- 6M
- -19.44%
- 1Y
- -32.48%
- 3Y*
- -22.27%
- 5Y*
- -16.07%
- 10Y*
- -24.84%
BBMC
- 1D
- -2.87%
- 1M
- -0.89%
- YTD
- 13.49%
- 6M
- 12.88%
- 1Y
- 29.73%
- 3Y*
- 18.01%
- 5Y*
- 7.73%
- 10Y*
- —
MZZ vs. BBMC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -20.20% | -14.68% | -17.75% | -23.67% | 13.02% | -42.14% | -64.59% |
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | 13.49% | 12.24% | 15.15% | 18.37% | -19.77% | 17.64% | 61.98% |
Correlation
The correlation between MZZ and BBMC is -0.97, 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 | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2020 | -0.98 |
The correlation between MZZ and BBMC has been stable across timeframes, ranging from -0.98 to -0.97 - a consistent structural relationship.
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Return for Risk
MZZ vs. BBMC — Risk / Return Rank
MZZ
BBMC
MZZ vs. BBMC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) and JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (BBMC). 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.
| MZZ | BBMC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.85 | ||
| Sortino ratioReturn per unit of downside risk | -3.98 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.31 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 3.06 | -3.98 |
| Martin ratioReturn relative to average drawdown | -1.60 | 12.04 | -13.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MZZ | BBMC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.04 | 1.80 | -2.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.41 | 0.38 | -0.79 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.60 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.60 | 0.82 | -1.42 |
Drawdowns
MZZ vs. BBMC - Drawdown Comparison
The maximum MZZ drawdown since its inception was -99.90%, which is greater than BBMC's maximum drawdown of -30.11%. Use the drawdown chart below to compare losses from any high point for MZZ and BBMC.
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Drawdown Indicators
| MZZ | BBMC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.90% | -30.11% | -69.79% |
Max Drawdown (1Y)Largest decline over 1 year | -35.62% | -9.75% | -25.87% |
Max Drawdown (3Y)Largest decline over 3 years | -62.37% | -24.18% | -38.19% |
Max Drawdown (5Y)Largest decline over 5 years | -68.83% | -30.11% | -38.72% |
Max Drawdown (10Y)Largest decline over 10 years | -95.13% | — | — |
Current DrawdownCurrent decline from peak | -99.89% | -2.87% | -97.02% |
Average DrawdownAverage peak-to-trough decline | -86.08% | -8.92% | -77.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.27% | 2.48% | +17.79% |
Volatility
MZZ vs. BBMC - Volatility Comparison
ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 8.39% compared to JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (BBMC) at 5.26%. This indicates that MZZ's price experiences larger fluctuations and is considered to be riskier than BBMC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MZZ | BBMC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.39% | 5.26% | +3.13% |
Volatility (6M)Calculated over the trailing 6-month period | 23.21% | 12.49% | +10.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.28% | 16.56% | +14.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.18% | 20.62% | +18.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.38% | 21.10% | +20.28% |
MZZ vs. BBMC - Expense Ratio Comparison
MZZ has a 0.95% expense ratio, which is higher than BBMC's 0.07% expense ratio.
Dividends
MZZ vs. BBMC - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 6.50%, more than BBMC's 1.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | 1.13% | 1.25% | 1.31% | 1.36% | 1.48% | 0.87% | 0.69% | 0.00% | 0.00% |
MZZ ProShares UltraShort MidCap400 | 6.50% | 5.27% | 6.36% | 4.52% | 0.25% | 0.00% | 0.22% | 1.53% | 0.53% |
Frequently Asked Questions
MZZ and BBMC have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MZZ has higher volatility (8.39%) compared to BBMC (5.26%). In terms of maximum drawdown, MZZ dropped -99.90% vs BBMC's -30.11%.
On 5-year performance, BBMC leads with 7.73% vs -16.07% for MZZ. On fees, BBMC is cheaper at 0.07% per year. On volatility, BBMC has been the lower-risk option at 5.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BBMC has performed better with a 7.73% return vs -16.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BBMC is cheaper with a 0.07% expense ratio, compared with 0.95% for MZZ.
MZZ has the higher dividend yield at 6.50%, compared with 1.13% for BBMC.
MZZ is categorized as Leveraged Equities, while BBMC is Small Cap Growth Equities. MZZ tracks S&P MidCap 400 Index (-200%), while BBMC tracks Morningstar US Mid Cap Target Market Exposure Extended Index. They also come from different issuers: ProShares and JPMorgan. Their fees differ too: 0.95% for MZZ and 0.07% for BBMC.
BBMC currently has the higher Sharpe Ratio (1.80 vs -1.04), 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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