MZZ vs. FNX
MZZ (ProShares UltraShort MidCap400) and FNX (First Trust Mid Cap Core AlphaDEX Fund) are both exchange-traded funds - MZZ is a Leveraged Equities fund tracking the S&P MidCap 400 Index (-200%), while FNX is a Mid Cap Blend Equities fund tracking the NASDAQ AlphaDEX Mid Cap Core Index. Both are passively managed. Over the past 10 years, MZZ returned -24.68%/yr vs 11.77%/yr for FNX. At a correlation of -0.93, they often move in opposite directions. MZZ charges 0.95%/yr vs 0.60%/yr for FNX.
Performance
MZZ vs. FNX - Performance Comparison
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Returns By Period
In the year-to-date period, MZZ achieves a -22.84% return, which is significantly lower than FNX's 13.19% return. Over the past 10 years, MZZ has underperformed FNX with an annualized return of -24.68%, while FNX has yielded a comparatively higher 11.77% annualized return.
MZZ
- 1D
- 1.34%
- 1M
- 2.15%
- 6M
- -15.26%
- YTD
- -22.84%
- 1Y
- -28.20%
- 3Y*
- -20.37%
- 5Y*
- -17.33%
- 10Y*
- -24.68%
FNX
- 1D
- -0.47%
- 1M
- -0.98%
- 6M
- 7.34%
- YTD
- 13.19%
- 1Y
- 21.92%
- 3Y*
- 14.35%
- 5Y*
- 9.11%
- 10Y*
- 11.77%
MZZ vs. FNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -22.84% | -14.68% | -17.75% | -23.67% | 13.02% | -42.14% | -53.08% | -38.03% | 22.83% | -27.72% |
FNX First Trust Mid Cap Core AlphaDEX Fund | 13.19% | 9.87% | 12.21% | 20.39% | -13.57% | 25.05% | 16.04% | 26.97% | -11.23% | 17.66% |
Correlation
The correlation between MZZ and FNX 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 | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.96 |
Correlation (All Time) Calculated using the full available price history since May 10, 2007 | -0.93 |
The correlation between MZZ and FNX has been stable across timeframes, ranging from -0.98 to -0.93 - a consistent structural relationship.
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Return for Risk
MZZ vs. FNX — Risk / Return Rank
MZZ
FNX
MZZ vs. FNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) and First Trust Mid Cap Core AlphaDEX Fund (FNX). 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.
| MZZ | FNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -3.21 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.24 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 2.38 | -3.19 |
| Martin ratioReturn relative to average drawdown | -1.48 | 8.12 | -9.61 |
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Drawdowns
MZZ vs. FNX - Drawdown Comparison
The maximum MZZ drawdown since its inception was -99.90%, which is greater than FNX's maximum drawdown of -57.11%. Use the drawdown chart below to compare losses from any high point for MZZ and FNX.
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Drawdown Indicators
| MZZ | FNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.90% | -57.11% | -42.79% |
Max Drawdown (1Y)Largest decline over 1 year | -35.02% | -9.24% | -25.78% |
Max Drawdown (3Y)Largest decline over 3 years | -64.13% | -24.97% | -39.16% |
Max Drawdown (5Y)Largest decline over 5 years | -70.29% | -24.97% | -45.32% |
Max Drawdown (10Y)Largest decline over 10 years | -94.79% | -43.95% | -50.84% |
Current DrawdownCurrent decline from peak | -99.90% | -2.98% | -96.92% |
Average DrawdownAverage peak-to-trough decline | -86.13% | -8.36% | -77.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.06% | 2.70% | +16.36% |
Volatility
MZZ vs. FNX - Volatility Comparison
ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 8.91% compared to First Trust Mid Cap Core AlphaDEX Fund (FNX) at 4.08%. This indicates that MZZ's price experiences larger fluctuations and is considered to be riskier than FNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MZZ | FNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.91% | 4.08% | +4.83% |
Volatility (6M)Calculated over the trailing 6-month period | 23.63% | 11.54% | +12.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.75% | 16.32% | +15.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.14% | 20.48% | +18.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.24% | 21.90% | +19.34% |
MZZ vs. FNX - Expense Ratio Comparison
MZZ has a 0.95% expense ratio, which is higher than FNX's 0.60% expense ratio.
Dividends
MZZ vs. FNX - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 5.60%, more than FNX's 0.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNX First Trust Mid Cap Core AlphaDEX Fund | 0.82% | 0.88% | 1.26% | 1.11% | 1.19% | 0.94% | 1.04% | 1.21% | 1.01% | 0.90% | 1.07% | 1.07% |
MZZ ProShares UltraShort MidCap400 | 5.60% | 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 FNX 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 (8.91%) compared to FNX (4.08%). In terms of maximum drawdown, MZZ dropped -99.90% vs FNX's -57.11%.
On 10-year performance, FNX leads with 11.77% vs -24.68% for MZZ. On fees, FNX is cheaper at 0.60% per year. On volatility, FNX has been the lower-risk option at 4.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FNX has performed better with a 11.77% return vs -24.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FNX is cheaper with a 0.60% expense ratio, compared with 0.95% for MZZ.
MZZ has the higher dividend yield at 5.60%, compared with 0.82% for FNX.
MZZ is categorized as Leveraged Equities, while FNX is Mid Cap Blend Equities. MZZ tracks S&P MidCap 400 Index (-200%), while FNX tracks NASDAQ AlphaDEX Mid Cap Core Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for MZZ and 0.60% for FNX.
FNX currently has the higher Sharpe Ratio (1.35 vs -0.89), 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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