MZZ vs. IVOO
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 Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, MZZ returned -24.70%/yr vs 10.94%/yr for IVOO. At a correlation of -0.97, they often move in opposite directions. MZZ charges 0.95%/yr vs 0.07%/yr for IVOO.
Performance
MZZ vs. IVOO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MZZ achieves a -23.67% return, which is significantly lower than IVOO's 15.29% return. Over the past 10 years, MZZ has underperformed IVOO with an annualized return of -24.70%, while IVOO has yielded a comparatively higher 10.94% annualized 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%
IVOO
- 1D
- 1.05%
- 1M
- -0.03%
- 6M
- 10.19%
- YTD
- 15.29%
- 1Y
- 21.75%
- 3Y*
- 13.47%
- 5Y*
- 8.98%
- 10Y*
- 10.94%
- ALL TIME*
- 12.25%
MZZ vs. IVOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -23.67% | -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 | 15.29% | 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 -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
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 9, 2010 | -0.97 |
The correlation between MZZ and IVOO has been stable across timeframes, ranging from -1.00 to -0.97 - 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.
Return for Risk
MZZ vs. IVOO — Risk / Return Rank
MZZ
IVOO
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.
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 | IVOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.34 | ||
| Sortino ratioReturn per unit of downside risk | -3.36 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.25 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 2.48 | -3.34 |
| Martin ratioReturn relative to average drawdown | -1.53 | 8.93 | -10.46 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| MZZ | IVOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.90% | -42.33% | -57.57% |
Max Drawdown (1Y)Largest decline over 1 year | -35.02% | -8.81% | -26.21% |
Max Drawdown (3Y)Largest decline over 3 years | -64.13% | -24.22% | -39.91% |
Max Drawdown (5Y)Largest decline over 5 years | -70.29% | -24.22% | -46.07% |
Max Drawdown (10Y)Largest decline over 10 years | -94.79% | -42.33% | -52.46% |
Current DrawdownCurrent decline from peak | -99.90% | -1.73% | -98.17% |
Average DrawdownAverage peak-to-trough decline | -86.15% | -5.23% | -80.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.69% | 2.44% | +17.25% |
Volatility
MZZ vs. IVOO - Volatility Comparison
ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 6.99% compared to Vanguard S&P Mid-Cap 400 ETF (IVOO) at 3.40%. 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.
Loading charts...
Volatility by Period
| MZZ | IVOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.99% | 3.40% | +3.59% |
Volatility (6M)Calculated over the trailing 6-month period | 23.67% | 11.73% | +11.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.56% | 15.76% | +15.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.02% | 19.65% | +19.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.24% | 21.15% | +20.09% |
MZZ vs. IVOO - Expense Ratio Comparison
MZZ has a 0.95% expense ratio, which is higher than IVOO's 0.07% expense ratio.
Dividends
MZZ vs. IVOO - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 5.66%, more than IVOO's 1.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVOO Vanguard S&P Mid-Cap 400 ETF | 1.18% | 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 | 5.66% | 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 -0.99, 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 IVOO (3.40%). In terms of maximum drawdown, MZZ dropped -99.90% vs IVOO's -42.33%.
On 10-year performance, IVOO leads with 10.94% vs -24.70% for MZZ. On fees, IVOO is cheaper at 0.07% per year. On volatility, IVOO has been the lower-risk option at 3.40%. 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 10.94% return vs -24.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVOO is cheaper with a 0.07% expense ratio, compared with 0.95% for MZZ.
MZZ has the higher dividend yield at 5.66%, compared with 1.18% for IVOO.
MZZ is categorized as Leveraged Equities, while IVOO is Mid Cap Blend 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 0.07% for IVOO.
IVOO currently has the higher Sharpe Ratio (1.39 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.
Find the right allocation for MZZ and IVOO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer