MZZ vs. DIG
MZZ (ProShares UltraShort MidCap400) and DIG (ProShares Ultra Oil & Gas) are both Leveraged Equities funds from ProShares - MZZ tracks the S&P MidCap 400 Index (-200%) while DIG tracks the Dow Jones U.S. Oil & Gas Index (200%). Both are passively managed. Over the past 10 years, MZZ returned -24.84%/yr vs 4.00%/yr for DIG. At a correlation of -0.64, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
MZZ vs. DIG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MZZ achieves a -20.20% return, which is significantly lower than DIG's 59.93% return. Over the past 10 years, MZZ has underperformed DIG with an annualized return of -24.84%, while DIG has yielded a comparatively higher 4.00% annualized 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%
DIG
- 1D
- -4.13%
- 1M
- 1.09%
- YTD
- 59.93%
- 6M
- 53.07%
- 1Y
- 90.41%
- 3Y*
- 21.65%
- 5Y*
- 27.28%
- 10Y*
- 4.00%
MZZ vs. DIG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -20.20% | -14.68% | -17.75% | -23.67% | 13.02% | -42.14% | -53.08% | -38.03% | 22.83% | -27.72% |
DIG ProShares Ultra Oil & Gas | 59.93% | 2.73% | 0.93% | -13.04% | 125.34% | 115.63% | -70.36% | 12.51% | -40.11% | -7.39% |
Correlation
The correlation between MZZ and DIG is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.53 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007 | -0.64 |
Over the past year, the inverse relationship between MZZ and DIG has weakened: their correlation has moved from -0.64 to -0.09, meaning they move in opposite directions less often than they have historically.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MZZ vs. DIG — Risk / Return Rank
MZZ
DIG
MZZ vs. DIG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) and ProShares Ultra Oil & Gas (DIG). 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 | DIG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.27 | ||
| Sortino ratioReturn per unit of downside risk | -4.07 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.33 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 3.90 | -4.82 |
| Martin ratioReturn relative to average drawdown | -1.60 | 10.56 | -12.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| MZZ | DIG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.04 | 2.22 | -3.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.41 | 0.53 | -0.94 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.60 | 0.07 | -0.67 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.60 | -0.00 | -0.59 |
Drawdowns
MZZ vs. DIG - Drawdown Comparison
The maximum MZZ drawdown since its inception was -99.90%, roughly equal to the maximum DIG drawdown of -97.04%. Use the drawdown chart below to compare losses from any high point for MZZ and DIG.
Loading charts...
Drawdown Indicators
| MZZ | DIG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.90% | -97.04% | -2.86% |
Max Drawdown (1Y)Largest decline over 1 year | -35.62% | -23.29% | -12.33% |
Max Drawdown (3Y)Largest decline over 3 years | -62.37% | -42.41% | -19.96% |
Max Drawdown (5Y)Largest decline over 5 years | -68.83% | -46.02% | -22.81% |
Max Drawdown (10Y)Largest decline over 10 years | -95.13% | -92.53% | -2.60% |
Current DrawdownCurrent decline from peak | -99.89% | -53.15% | -46.74% |
Average DrawdownAverage peak-to-trough decline | -86.08% | -64.36% | -21.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.27% | 8.59% | +11.68% |
Volatility
MZZ vs. DIG - Volatility Comparison
The current volatility for ProShares UltraShort MidCap400 (MZZ) is 8.39%, while ProShares Ultra Oil & Gas (DIG) has a volatility of 14.60%. This indicates that MZZ experiences smaller price fluctuations and is considered to be less risky than DIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MZZ | DIG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.39% | 14.60% | -6.21% |
Volatility (6M)Calculated over the trailing 6-month period | 23.21% | 33.16% | -9.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.28% | 40.87% | -9.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.18% | 51.60% | -12.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.38% | 57.80% | -16.42% |
MZZ vs. DIG - Expense Ratio Comparison
Both MZZ and DIG have an expense ratio of 0.95%.
Dividends
MZZ vs. DIG - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 6.50%, more than DIG's 1.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIG ProShares Ultra Oil & Gas | 1.56% | 2.62% | 3.13% | 0.61% | 1.33% | 2.24% | 3.18% | 2.72% | 2.30% | 1.76% | 1.09% | 1.56% |
MZZ ProShares UltraShort MidCap400 | 6.50% | 5.27% | 6.36% | 4.52% | 0.25% | 0.00% | 0.22% | 1.53% | 0.53% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MZZ and DIG have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DIG has higher volatility (14.60%) compared to MZZ (8.39%). In terms of maximum drawdown, MZZ dropped -99.90% vs DIG's -97.04%.
On 10-year performance, DIG leads with 4.00% vs -24.84% for MZZ. Both ETFs have the same 0.95% expense ratio. On volatility, MZZ has been the lower-risk option at 8.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DIG has performed better with a 4.00% return vs -24.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MZZ and DIG have the same expense ratio: 0.95% per year.
MZZ has the higher dividend yield at 6.50%, compared with 1.56% for DIG.
MZZ tracks S&P MidCap 400 Index (-200%), while DIG tracks Dow Jones U.S. Oil & Gas Index (200%).
DIG currently has the higher Sharpe Ratio (2.22 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.
Find the right allocation for MZZ and DIG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer