MZZ vs. JHMM
MZZ (ProShares UltraShort MidCap400) and JHMM (John Hancock Multifactor Mid Cap ETF) are both exchange-traded funds - MZZ is a Leveraged Equities fund tracking the S&P MidCap 400 Index (-200%), while JHMM is a Mid Cap Growth Equities fund tracking the John Hancock Dimensional Mid Cap Index. Both are passively managed. Over the past 10 years, MZZ returned -24.79%/yr vs 11.67%/yr for JHMM. At a correlation of -0.95, they often move in opposite directions. MZZ charges 0.95%/yr vs 0.42%/yr for JHMM.
Performance
MZZ vs. JHMM - Performance Comparison
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Returns By Period
In the year-to-date period, MZZ achieves a -23.87% return, which is significantly lower than JHMM's 13.72% return. Over the past 10 years, MZZ has underperformed JHMM with an annualized return of -24.79%, while JHMM has yielded a comparatively higher 11.67% annualized return.
MZZ
- 1D
- -0.17%
- 1M
- 0.80%
- 6M
- -16.61%
- YTD
- -23.87%
- 1Y
- -29.15%
- 3Y*
- -20.89%
- 5Y*
- -16.96%
- 10Y*
- -24.79%
JHMM
- 1D
- 0.18%
- 1M
- 0.25%
- 6M
- 9.27%
- YTD
- 13.72%
- 1Y
- 20.77%
- 3Y*
- 14.91%
- 5Y*
- 8.38%
- 10Y*
- 11.67%
MZZ vs. JHMM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -23.87% | -14.68% | -17.75% | -23.67% | 13.02% | -42.14% | -53.08% | -38.03% | 22.83% | -27.72% |
JHMM John Hancock Multifactor Mid Cap ETF | 13.72% | 10.73% | 14.61% | 14.53% | -15.30% | 24.54% | 16.22% | 30.01% | -9.57% | 19.96% |
Correlation
The correlation between MZZ and JHMM 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 (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.95 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2015 | -0.95 |
The correlation between MZZ and JHMM has been stable across timeframes, ranging from -0.98 to -0.95 - a consistent structural relationship.
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Return for Risk
MZZ vs. JHMM — Risk / Return Rank
MZZ
JHMM
MZZ vs. JHMM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) and John Hancock Multifactor Mid Cap ETF (JHMM). 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 | JHMM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.26 | ||
| Sortino ratioReturn per unit of downside risk | -3.18 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.24 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 2.30 | -3.10 |
| Martin ratioReturn relative to average drawdown | -1.48 | 8.82 | -10.30 |
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Drawdowns
MZZ vs. JHMM - Drawdown Comparison
The maximum MZZ drawdown since its inception was -99.90%, which is greater than JHMM's maximum drawdown of -40.71%. Use the drawdown chart below to compare losses from any high point for MZZ and JHMM.
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Drawdown Indicators
| MZZ | JHMM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.90% | -40.71% | -59.19% |
Max Drawdown (1Y)Largest decline over 1 year | -35.02% | -8.64% | -26.38% |
Max Drawdown (3Y)Largest decline over 3 years | -64.13% | -21.88% | -42.25% |
Max Drawdown (5Y)Largest decline over 5 years | -70.29% | -24.10% | -46.19% |
Max Drawdown (10Y)Largest decline over 10 years | -94.79% | -40.71% | -54.08% |
Current DrawdownCurrent decline from peak | -99.90% | -1.04% | -98.86% |
Average DrawdownAverage peak-to-trough decline | -86.13% | -5.39% | -80.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.96% | 2.25% | +16.71% |
Volatility
MZZ vs. JHMM - Volatility Comparison
ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 9.27% compared to John Hancock Multifactor Mid Cap ETF (JHMM) at 4.22%. This indicates that MZZ's price experiences larger fluctuations and is considered to be riskier than JHMM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MZZ | JHMM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.27% | 4.22% | +5.05% |
Volatility (6M)Calculated over the trailing 6-month period | 23.59% | 10.75% | +12.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.72% | 14.45% | +17.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.15% | 18.35% | +20.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.23% | 19.54% | +21.69% |
MZZ vs. JHMM - Expense Ratio Comparison
MZZ has a 0.95% expense ratio, which is higher than JHMM's 0.42% expense ratio.
Dividends
MZZ vs. JHMM - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 5.67%, more than JHMM's 0.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JHMM John Hancock Multifactor Mid Cap ETF | 0.89% | 0.98% | 1.01% | 1.17% | 1.16% | 0.72% | 1.04% | 1.02% | 1.36% | 0.90% | 1.15% | 0.33% |
MZZ ProShares UltraShort MidCap400 | 5.67% | 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 JHMM 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 (9.27%) compared to JHMM (4.22%). In terms of maximum drawdown, MZZ dropped -99.90% vs JHMM's -40.71%.
On 10-year performance, JHMM leads with 11.67% vs -24.79% for MZZ. On fees, JHMM is cheaper at 0.42% per year. On volatility, JHMM has been the lower-risk option at 4.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, JHMM has performed better with a 11.67% return vs -24.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JHMM is cheaper with a 0.42% expense ratio, compared with 0.95% for MZZ.
MZZ has the higher dividend yield at 5.67%, compared with 0.89% for JHMM.
MZZ is categorized as Leveraged Equities, while JHMM is Mid Cap Growth Equities. MZZ tracks S&P MidCap 400 Index (-200%), while JHMM tracks John Hancock Dimensional Mid Cap Index. They also come from different issuers: ProShares and Manulife. Their fees differ too: 0.95% for MZZ and 0.42% for JHMM.
JHMM currently has the higher Sharpe Ratio (1.37 vs -0.88), 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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