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 -20.04%/yr vs 11.61%/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 -23.67% return, which is significantly lower than IQSM's 13.71% return.
MZZ
- 1D
- -2.21%
- 1M
- 0.96%
- 6M
- -16.58%
- YTD
- -23.67%
- 1Y
- -30.02%
- 3Y*
- -20.04%
- 5Y*
- -17.51%
- 10Y*
- -24.70%
- ALL TIME*
- -26.24%
IQSM
- 1D
- 0.63%
- 1M
- 1.16%
- 6M
- 9.52%
- YTD
- 13.71%
- 1Y
- 21.30%
- 3Y*
- 11.61%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 13.16%
MZZ vs. IQSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -23.67% | -14.68% | -17.75% | -23.67% | -10.32% |
IQSM IQ Candriam U.S. Mid Cap Equity ETF | 13.71% | 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 | -2.37 | ||
| Sortino ratioReturn per unit of downside risk | -3.39 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.25 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 2.41 | -3.27 |
| Martin ratioReturn relative to average drawdown | -1.53 | 8.77 | -10.29 |
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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 | -35.02% | -8.86% | -26.16% |
Max Drawdown (3Y)Largest decline over 3 years | -64.13% | -23.66% | -40.47% |
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% | -1.57% | -98.33% |
Average DrawdownAverage peak-to-trough decline | -86.15% | -4.73% | -81.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.69% | 2.44% | +17.25% |
Volatility
MZZ vs. IQSM - Volatility Comparison
ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 6.99% compared to IQ Candriam U.S. Mid Cap Equity ETF (IQSM) at 3.17%. 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 | 6.99% | 3.17% | +3.82% |
Volatility (6M)Calculated over the trailing 6-month period | 23.67% | 11.47% | +12.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.56% | 15.10% | +16.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.02% | 17.76% | +21.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.24% | 17.76% | +23.48% |
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 5.66%, more than IQSM's 1.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IQSM IQ Candriam U.S. Mid Cap Equity ETF | 1.06% | 1.18% | 1.22% | 1.11% | 0.32% | 0.00% | 0.00% | 0.00% | 0.00% |
MZZ ProShares UltraShort MidCap400 | 5.66% | 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 (6.99%) compared to IQSM (3.17%). In terms of maximum drawdown, MZZ dropped -99.90% vs IQSM's -23.66%.
On 3-year performance, IQSM leads with 11.61% vs -20.04% for MZZ. On fees, IQSM is cheaper at 0.15% per year. On volatility, IQSM has been the lower-risk option at 3.17%. 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 11.61% return vs -20.04%. 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 5.66%, compared with 1.06% 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 (1.42 vs -0.96), 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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