MZZ vs. IJH
MZZ (ProShares UltraShort MidCap400) and IJH (iShares Core S&P Mid-Cap ETF) are both exchange-traded funds - MZZ is a Leveraged Equities fund tracking the S&P MidCap 400 Index (-200%), while IJH is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, MZZ returned -25.84%/yr vs 11.74%/yr for IJH. At a correlation of -0.98, they often move in opposite directions. MZZ charges 0.95%/yr vs 0.05%/yr for IJH.
Performance
MZZ vs. IJH - Performance Comparison
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Returns By Period
In the year-to-date period, MZZ achieves a -24.81% return, which is significantly lower than IJH's 15.82% return. Over the past 10 years, MZZ has underperformed IJH with an annualized return of -25.84%, while IJH has yielded a comparatively higher 11.74% annualized return.
MZZ
- 1D
- -0.54%
- 1M
- -6.96%
- YTD
- -24.81%
- 6M
- -21.44%
- 1Y
- -36.23%
- 3Y*
- -24.16%
- 5Y*
- -17.60%
- 10Y*
- -25.84%
IJH
- 1D
- 0.38%
- 1M
- 3.76%
- YTD
- 15.82%
- 6M
- 13.38%
- 1Y
- 27.53%
- 3Y*
- 16.50%
- 5Y*
- 8.90%
- 10Y*
- 11.74%
MZZ vs. IJH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -24.81% | -14.68% | -17.75% | -23.67% | 13.02% | -42.14% | -53.08% | -38.03% | 22.83% | -27.72% |
IJH iShares Core S&P Mid-Cap ETF | 15.82% | 7.42% | 13.92% | 16.40% | -13.11% | 24.72% | 13.60% | 26.10% | -11.19% | 16.26% |
Correlation
The correlation between MZZ and IJH is -1.00, 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.97 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2006 | -0.98 |
The correlation between MZZ and IJH has been stable across timeframes, ranging from -1.00 to -0.97 - a consistent structural relationship.
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Return for Risk
MZZ vs. IJH — Risk / Return Rank
MZZ
IJH
MZZ vs. IJH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) and iShares Core S&P Mid-Cap ETF (IJH). 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 | IJH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.89 | ||
| Sortino ratioReturn per unit of downside risk | -4.19 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.31 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -1.03 | 3.13 | -4.16 |
| Martin ratioReturn relative to average drawdown | -1.87 | 11.45 | -13.32 |
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Drawdowns
MZZ vs. IJH - Drawdown Comparison
The maximum MZZ drawdown since its inception was -99.90%, which is greater than IJH's maximum drawdown of -55.07%. Use the drawdown chart below to compare losses from any high point for MZZ and IJH.
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Drawdown Indicators
| MZZ | IJH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.90% | -55.07% | -44.83% |
Max Drawdown (1Y)Largest decline over 1 year | -35.26% | -8.83% | -26.43% |
Max Drawdown (3Y)Largest decline over 3 years | -63.27% | -24.10% | -39.17% |
Max Drawdown (5Y)Largest decline over 5 years | -69.58% | -24.10% | -45.48% |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | -42.18% | -53.07% |
Current DrawdownCurrent decline from peak | -99.90% | -0.12% | -99.78% |
Average DrawdownAverage peak-to-trough decline | -86.09% | -7.56% | -78.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.52% | 2.41% | +18.11% |
Volatility
MZZ vs. IJH - Volatility Comparison
ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 8.82% compared to iShares Core S&P Mid-Cap ETF (IJH) at 4.59%. This indicates that MZZ's price experiences larger fluctuations and is considered to be riskier than IJH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MZZ | IJH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.82% | 4.59% | +4.23% |
Volatility (6M)Calculated over the trailing 6-month period | 23.61% | 11.70% | +11.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.71% | 15.87% | +15.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.19% | 19.76% | +19.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.42% | 21.21% | +20.21% |
MZZ vs. IJH - Expense Ratio Comparison
MZZ has a 0.95% expense ratio, which is higher than IJH's 0.05% expense ratio.
Dividends
MZZ vs. IJH - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 6.90%, more than IJH's 1.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IJH iShares Core S&P Mid-Cap ETF | 1.17% | 1.36% | 1.33% | 1.46% | 1.68% | 1.18% | 1.28% | 1.63% | 1.72% | 1.19% | 1.60% | 1.56% |
MZZ ProShares UltraShort MidCap400 | 6.90% | 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 IJH have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MZZ has higher volatility (8.82%) compared to IJH (4.59%). In terms of maximum drawdown, MZZ dropped -99.90% vs IJH's -55.07%.
On 10-year performance, IJH leads with 11.74% vs -25.84% for MZZ. On fees, IJH is cheaper at 0.05% per year. On volatility, IJH has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IJH has performed better with a 11.74% return vs -25.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IJH is cheaper with a 0.05% expense ratio, compared with 0.95% for MZZ.
MZZ has the higher dividend yield at 6.90%, compared with 1.17% for IJH.
MZZ is categorized as Leveraged Equities, while IJH is Mid Cap Blend Equities. MZZ tracks S&P MidCap 400 Index (-200%), while IJH tracks S&P MidCap 400 Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for MZZ and 0.05% for IJH.
IJH currently has the higher Sharpe Ratio (1.75 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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