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MZZ vs. IVOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MZZ vs. IVOO

Last updated Jun 6, 2026

MZZ (ProShares UltraShort MidCap400) and IVOO (Vanguard S&P Mid-Cap 400 ETF) are both exchange-traded funds - MZZ is a Leveraged Equities fund tracking the S&P MidCap 400 Index (-200%), while IVOO is a Small Cap Growth Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, MZZ returned -24.84%/yr vs 10.91%/yr for IVOO. At a correlation of -0.96, they often move in opposite directions. MZZ charges 0.95%/yr vs 0.10%/yr for IVOO.

Performance

MZZ vs. IVOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MidCap400 (MZZ) and Vanguard S&P Mid-Cap 400 ETF (IVOO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MZZ achieves a -20.20% return, which is significantly lower than IVOO's 12.28% return. Over the past 10 years, MZZ has underperformed IVOO with an annualized return of -24.84%, while IVOO has yielded a comparatively higher 10.91% annualized return.

MZZ

1D
3.69%
1M
2.05%
YTD
-20.20%
6M
-19.44%
1Y
-32.48%
3Y*
-22.27%
5Y*
-16.07%
10Y*
-24.84%

IVOO

1D
-1.98%
1M
-0.93%
YTD
12.28%
6M
11.91%
1Y
23.91%
3Y*
15.07%
5Y*
7.80%
10Y*
10.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MZZ vs. IVOO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MZZ
ProShares UltraShort MidCap400		-20.20%-14.68%-17.75%-23.67%13.02%-42.14%-53.08%-38.03%22.83%-27.72%
IVOO
Vanguard S&P Mid-Cap 400 ETF		12.28%7.47%13.77%16.45%-13.17%24.61%13.61%26.18%-11.33%16.38%

Correlation

The correlation between MZZ and IVOO 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 Sep 10, 2010

-0.96

The correlation between MZZ and IVOO has been stable across timeframes, ranging from -1.00 to -0.96 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort MidCap400

Vanguard S&P Mid-Cap 400 ETF

Often compared with MZZ:
MZZ vs. XMMOMZZ vs. WTIUMZZ vs. ARMGMZZ vs. MULLMZZ vs. UPROMZZ vs. NVDGMZZ vs. HOOG
Often compared with IVOO:
IVOO vs. VOOIVOO vs. VOIVOO vs. IJHIVOO vs. VOOGIVOO vs. VIOVIVOO vs. VIOGIVOO vs. VSPMX

Return for Risk

MZZ vs. IVOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MZZ
MZZ Risk / Return Rank: 11
Overall Rank
MZZ Sharpe Ratio Rank: 11
Sharpe Ratio Rank
MZZ Sortino Ratio Rank: 22
Sortino Ratio Rank
MZZ Omega Ratio Rank: 22
Omega Ratio Rank
MZZ Calmar Ratio Rank: 11
Calmar Ratio Rank
MZZ Martin Ratio Rank: 11
Martin Ratio Rank
IVOO
IVOO Risk / Return Rank: 5050
Overall Rank
IVOO Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
IVOO Sortino Ratio Rank: 4646
Sortino Ratio Rank
IVOO Omega Ratio Rank: 4444
Omega Ratio Rank
IVOO Calmar Ratio Rank: 5757
Calmar Ratio Rank
IVOO Martin Ratio Rank: 5858
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MZZ vs. IVOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) and Vanguard S&P Mid-Cap 400 ETF (IVOO). 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.

MZZIVOODifference
Sharpe ratioReturn per unit of total volatility
-1.04
1.53

-2.58

Sortino ratioReturn per unit of downside risk
-1.46
2.24

-3.70

Omega ratioGain probability vs. loss probability

0.83

1.27

-0.44

Calmar ratioReturn relative to maximum drawdown

-0.92

2.73

-3.64

Martin ratioReturn relative to average drawdown

-1.60

9.94

-11.55

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MZZ vs. IVOO - Sharpe Ratio Comparison

The current MZZ Sharpe Ratio is -1.04, which is lower than the IVOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of MZZ and IVOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

MZZIVOODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.04

1.53

-2.58

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.41

0.40

-0.81

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.60

0.52

-1.12

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.60

0.61

-1.21

Drawdowns

MZZ vs. IVOO - Drawdown Comparison

The maximum MZZ drawdown since its inception was -99.90%, which is greater than IVOO's maximum drawdown of -42.33%. Use the drawdown chart below to compare losses from any high point for MZZ and IVOO.

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Drawdown Indicators

MZZIVOODifference

Max Drawdown

Largest peak-to-trough decline

-99.90%

-42.33%

-57.57%

Max Drawdown (1Y)

Largest decline over 1 year

-35.62%

-8.81%

-26.81%

Max Drawdown (3Y)

Largest decline over 3 years

-62.37%

-24.22%

-38.15%

Max Drawdown (5Y)

Largest decline over 5 years

-68.83%

-24.22%

-44.61%

Max Drawdown (10Y)

Largest decline over 10 years

-95.13%

-42.33%

-52.80%

Current Drawdown

Current decline from peak

-99.89%

-1.98%

-97.91%

Average Drawdown

Average peak-to-trough decline

-86.08%

-5.27%

-80.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

20.27%

2.41%

+17.86%

Volatility

MZZ vs. IVOO - Volatility Comparison

ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 8.39% compared to Vanguard S&P Mid-Cap 400 ETF (IVOO) at 4.37%. This indicates that MZZ's price experiences larger fluctuations and is considered to be riskier than IVOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MZZIVOODifference

Volatility (1M)

Calculated over the trailing 1-month period

8.39%

4.37%

+4.02%

Volatility (6M)

Calculated over the trailing 6-month period

23.21%

11.53%

+11.68%

Volatility (1Y)

Calculated over the trailing 1-year period

31.28%

15.66%

+15.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

39.18%

19.74%

+19.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

41.38%

21.20%

+20.18%

MZZ vs. IVOO - Expense Ratio Comparison

MZZ has a 0.95% expense ratio, which is higher than IVOO's 0.10% expense ratio.

Dividends

MZZ vs. IVOO - Dividend Comparison

MZZ's dividend yield for the trailing twelve months is around 6.50%, more than IVOO's 1.21% yield.

PositionTTM20252024202320222021202020192018201720162015
IVOO
Vanguard S&P Mid-Cap 400 ETF		1.21%1.35%1.30%1.25%1.58%1.14%1.23%1.49%1.56%1.22%1.37%1.45%
MZZ
ProShares UltraShort MidCap400		6.50%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 IVOO 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 (8.39%) compared to IVOO (4.37%). In terms of maximum drawdown, MZZ dropped -99.90% vs IVOO's -42.33%.

On 10-year performance, IVOO leads with 10.91% vs -24.84% for MZZ. On fees, IVOO is cheaper at 0.10% per year. On volatility, IVOO has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IVOO has performed better with a 10.91% return vs -24.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IVOO is cheaper with a 0.10% expense ratio, compared with 0.95% for MZZ.

MZZ has the higher dividend yield at 6.50%, compared with 1.21% for IVOO.

MZZ is categorized as Leveraged Equities, while IVOO is Small Cap Growth Equities. MZZ tracks S&P MidCap 400 Index (-200%), while IVOO tracks S&P MidCap 400 Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.95% for MZZ and 0.10% for IVOO.

IVOO currently has the higher Sharpe Ratio (1.53 vs -1.04), 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.

Portfolio Optimizer

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