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 -23.59%/yr vs 17.19%/yr for IFED. At a correlation of -0.82, 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 -22.57% return, which is significantly lower than IFED's -2.31% return.
MZZ
- 1D
- -1.64%
- 1M
- -5.89%
- YTD
- -22.57%
- 6M
- -23.66%
- 1Y
- -35.66%
- 3Y*
- -23.59%
- 5Y*
- -16.74%
- 10Y*
- -25.27%
IFED
- 1D
- -1.64%
- 1M
- 6.11%
- YTD
- -2.31%
- 6M
- -1.82%
- 1Y
- 4.42%
- 3Y*
- 17.19%
- 5Y*
- —
- 10Y*
- —
MZZ vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -22.57% | -14.68% | -17.75% | -23.67% | 13.02% | -13.14% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | -2.31% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between MZZ and IFED is -0.63, 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 | -0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.75 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2021 | -0.82 |
The correlation between MZZ and IFED shifts across timeframes, from -0.82 (all time) to -0.63 (1 year), reflecting how their relationship changes across market environments.
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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.
| MZZ | IFED | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.15 | 0.27 | -1.42 |
Sortino ratioReturn per unit of downside risk | -1.65 | 0.51 | -2.16 |
Omega ratioGain probability vs. loss probability | 0.81 | 1.06 | -0.25 |
Calmar ratioReturn relative to maximum drawdown | -0.99 | 0.33 | -1.32 |
Martin ratioReturn relative to average drawdown | -1.73 | 0.84 | -2.57 |
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 | IFED | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | 0.27 | -1.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.43 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.61 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.60 | 0.66 | -1.26 |
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 | -35.22% | -14.65% | -20.57% |
Max Drawdown (3Y)Largest decline over 3 years | -62.13% | -22.36% | -39.77% |
Max Drawdown (5Y)Largest decline over 5 years | -68.64% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -95.10% | — | — |
Current DrawdownCurrent decline from peak | -99.90% | -4.31% | -95.59% |
Average DrawdownAverage peak-to-trough decline | -86.07% | -5.84% | -80.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.39% | 5.74% | +14.65% |
Volatility
MZZ vs. IFED - Volatility Comparison
ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 8.88% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 4.24%. 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 | 8.88% | 4.24% | +4.64% |
Volatility (6M)Calculated over the trailing 6-month period | 22.99% | 12.80% | +10.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.15% | 16.17% | +14.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.16% | 19.88% | +19.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.39% | 19.88% | +21.51% |
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 6.70%, 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 | 6.70% | 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 -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MZZ has higher volatility (8.88%) compared to IFED (4.24%). In terms of maximum drawdown, MZZ dropped -99.90% vs IFED's -22.36%.
On 3-year performance, IFED leads with 17.19% vs -23.59% for MZZ. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 4.24%. 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 17.19% return vs -23.59%. 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 6.70%, 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 (0.27 vs -1.15), 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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