MZZ vs. IQSM
MZZ (ProShares UltraShort MidCap400) and IQSM (IQ Candriam U.S. Mid Cap Equity ETF) are both exchange-traded funds - MZZ is a Leveraged Equities fund tracking the S&P MidCap 400 Index (-200%), while IQSM is a Mid Cap Blend Equities fund tracking the IQ Candriam ESG U.S. Mid Cap Equity Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, MZZ returned -24.16%/yr vs 13.88%/yr for IQSM. At a correlation of -0.98, they often move in opposite directions. MZZ charges 0.95%/yr vs 0.15%/yr for IQSM.
Performance
MZZ vs. IQSM - 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 IQSM's 12.62% 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%
IQSM
- 1D
- 0.19%
- 1M
- 2.84%
- YTD
- 12.62%
- 6M
- 10.34%
- 1Y
- 24.75%
- 3Y*
- 13.88%
- 5Y*
- —
- 10Y*
- —
MZZ vs. IQSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -24.81% | -14.68% | -17.75% | -23.67% | -10.32% |
IQSM IQ Candriam U.S. Mid Cap Equity ETF | 12.62% | 7.97% | 9.15% | 15.82% | 2.29% |
Correlation
The correlation between MZZ and IQSM 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 | -0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2022 | -0.98 |
The correlation between MZZ and IQSM has been stable across timeframes, ranging from -0.98 to -0.97 - a consistent structural relationship.
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Return for Risk
MZZ vs. IQSM — Risk / Return Rank
MZZ
IQSM
MZZ vs. IQSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) and IQ Candriam U.S. Mid Cap Equity ETF (IQSM). 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 | IQSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.78 | ||
| Sortino ratioReturn per unit of downside risk | -4.02 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.28 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -1.03 | 2.80 | -3.83 |
| Martin ratioReturn relative to average drawdown | -1.87 | 10.23 | -12.10 |
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Drawdowns
MZZ vs. IQSM - Drawdown Comparison
The maximum MZZ drawdown since its inception was -99.90%, which is greater than IQSM's maximum drawdown of -23.66%. Use the drawdown chart below to compare losses from any high point for MZZ and IQSM.
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Drawdown Indicators
| MZZ | IQSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.90% | -23.66% | -76.24% |
Max Drawdown (1Y)Largest decline over 1 year | -35.26% | -8.86% | -26.40% |
Max Drawdown (3Y)Largest decline over 3 years | -63.27% | -23.66% | -39.61% |
Max Drawdown (5Y)Largest decline over 5 years | -69.58% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | — | — |
Current DrawdownCurrent decline from peak | -99.90% | -0.52% | -99.38% |
Average DrawdownAverage peak-to-trough decline | -86.09% | -4.81% | -81.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.52% | 2.43% | +18.09% |
Volatility
MZZ vs. IQSM - Volatility Comparison
ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 8.82% compared to IQ Candriam U.S. Mid Cap Equity ETF (IQSM) at 4.24%. This indicates that MZZ's price experiences larger fluctuations and is considered to be riskier than IQSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MZZ | IQSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.82% | 4.24% | +4.58% |
Volatility (6M)Calculated over the trailing 6-month period | 23.61% | 11.43% | +12.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.71% | 15.25% | +16.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.19% | 17.88% | +21.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.42% | 17.88% | +23.54% |
MZZ vs. IQSM - Expense Ratio Comparison
MZZ has a 0.95% expense ratio, which is higher than IQSM's 0.15% expense ratio.
Dividends
MZZ vs. IQSM - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 6.90%, more than IQSM's 1.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IQSM IQ Candriam U.S. Mid Cap Equity ETF | 1.07% | 1.18% | 1.22% | 1.11% | 0.32% | 0.00% | 0.00% | 0.00% | 0.00% |
MZZ ProShares UltraShort MidCap400 | 6.90% | 5.27% | 6.36% | 4.52% | 0.25% | 0.00% | 0.22% | 1.53% | 0.53% |
Frequently Asked Questions
MZZ and IQSM 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 (8.82%) compared to IQSM (4.24%). In terms of maximum drawdown, MZZ dropped -99.90% vs IQSM's -23.66%.
On 3-year performance, IQSM leads with 13.88% vs -24.16% for MZZ. On fees, IQSM is cheaper at 0.15% per year. On volatility, IQSM 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, IQSM has performed better with a 13.88% return vs -24.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IQSM is cheaper with a 0.15% expense ratio, compared with 0.95% for MZZ.
MZZ has the higher dividend yield at 6.90%, compared with 1.07% for IQSM.
MZZ is categorized as Leveraged Equities, while IQSM is Mid Cap Blend Equities. MZZ tracks S&P MidCap 400 Index (-200%), while IQSM tracks IQ Candriam ESG U.S. Mid Cap Equity Index - Benchmark TR Net. They also come from different issuers: ProShares and IndexIQ. Their fees differ too: 0.95% for MZZ and 0.15% for IQSM.
IQSM currently has the higher Sharpe Ratio (1.63 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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