MZZ vs. IFED
MZZ (ProShares UltraShort MidCap400) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - MZZ tracks the S&P MidCap 400 Index (-200%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, MZZ returned -20.89%/yr vs 15.08%/yr for IFED. At a correlation of -0.81, they often move in opposite directions. MZZ charges 0.95%/yr vs 0.45%/yr for IFED.
Performance
MZZ vs. IFED - Performance Comparison
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Returns By Period
In the year-to-date period, MZZ achieves a -23.87% return, which is significantly lower than IFED's -3.41% return.
MZZ
- 1D
- -0.17%
- 1M
- 0.80%
- 6M
- -16.61%
- YTD
- -23.87%
- 1Y
- -29.15%
- 3Y*
- -20.89%
- 5Y*
- -16.96%
- 10Y*
- -24.79%
IFED
- 1D
- 0.00%
- 1M
- -0.42%
- 6M
- -3.84%
- YTD
- -3.41%
- 1Y
- 0.90%
- 3Y*
- 15.08%
- 5Y*
- —
- 10Y*
- —
MZZ vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -23.87% | -14.68% | -17.75% | -23.67% | 13.02% | -14.96% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | -3.41% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between MZZ and IFED is -0.61, 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 | -0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.74 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | -0.81 |
Over the past year, the inverse relationship between MZZ and IFED has weakened: their correlation has moved from -0.81 to -0.61, meaning they move in opposite directions less often than they have historically.
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Return for Risk
MZZ vs. IFED — Risk / Return Rank
MZZ
IFED
MZZ vs. IFED - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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 | IFED | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.01 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | -0.04 | -0.76 |
| Martin ratioReturn relative to average drawdown | -1.48 | -0.09 | -1.38 |
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Drawdowns
MZZ vs. IFED - Drawdown Comparison
The maximum MZZ drawdown since its inception was -99.90%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for MZZ and IFED.
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Drawdown Indicators
| MZZ | IFED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.90% | -22.36% | -77.54% |
Max Drawdown (1Y)Largest decline over 1 year | -35.02% | -14.65% | -20.37% |
Max Drawdown (3Y)Largest decline over 3 years | -64.13% | -22.36% | -41.77% |
Max Drawdown (5Y)Largest decline over 5 years | -70.29% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -94.79% | — | — |
Current DrawdownCurrent decline from peak | -99.90% | -5.39% | -94.51% |
Average DrawdownAverage peak-to-trough decline | -86.13% | -5.83% | -80.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.96% | 6.00% | +12.96% |
Volatility
MZZ vs. IFED - Volatility Comparison
ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 9.27% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 8.34%. This indicates that MZZ's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MZZ | IFED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.27% | 8.34% | +0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 23.59% | 15.10% | +8.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.72% | 17.83% | +13.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.15% | 20.03% | +19.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.23% | 20.03% | +21.20% |
MZZ vs. IFED - Expense Ratio Comparison
MZZ has a 0.95% expense ratio, which is higher than IFED's 0.45% expense ratio.
Dividends
MZZ vs. IFED - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 5.67%, while IFED has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IFED ETRACS IFED Invest with the Fed TR Index ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MZZ ProShares UltraShort MidCap400 | 5.67% | 5.27% | 6.36% | 4.52% | 0.25% | 0.00% | 0.22% | 1.53% | 0.53% |
Frequently Asked Questions
MZZ and IFED have a correlation of -0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MZZ has higher volatility (9.27%) compared to IFED (8.34%). In terms of maximum drawdown, MZZ dropped -99.90% vs IFED's -22.36%.
On 3-year performance, IFED leads with 15.08% vs -20.89% for MZZ. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 8.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IFED has performed better with a 15.08% return vs -20.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for MZZ.
MZZ has the higher dividend yield at 5.67%, compared with 0.00% for IFED.
MZZ tracks S&P MidCap 400 Index (-200%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: ProShares and UBS. Their fees differ too: 0.95% for MZZ and 0.45% for IFED.
IFED currently has the higher Sharpe Ratio (-0.03 vs -0.88), 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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