MZZ vs. JMEE
MZZ (ProShares UltraShort MidCap400) and JMEE (JPMorgan Small & Mid Cap Enhanced Equity ETF) are both exchange-traded funds - MZZ is a Leveraged Equities fund tracking the S&P MidCap 400 Index (-200%), while JMEE is a Small Cap Blend Equities fund actively managed by JPMorgan. MZZ is passively managed, while JMEE is actively managed. Over the past 3 years, MZZ returned -20.89%/yr vs 15.76%/yr for JMEE. At a correlation of -0.99, they often move in opposite directions. MZZ charges 0.95%/yr vs 0.24%/yr for JMEE.
Performance
MZZ vs. JMEE - 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 JMEE's 18.69% 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%
JMEE
- 1D
- -0.13%
- 1M
- -0.07%
- 6M
- 13.42%
- YTD
- 18.69%
- 1Y
- 27.26%
- 3Y*
- 15.76%
- 5Y*
- —
- 10Y*
- —
MZZ vs. JMEE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -23.87% | -14.68% | -17.75% | -23.67% | -7.88% |
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF | 18.69% | 7.65% | 13.65% | 18.12% | 0.09% |
Correlation
The correlation between MZZ and JMEE is -0.98, 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 | -0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since May 9, 2022 | -0.99 |
The correlation between MZZ and JMEE has been stable across timeframes, ranging from -0.99 to -0.98 - a consistent structural relationship.
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Return for Risk
MZZ vs. JMEE — Risk / Return Rank
MZZ
JMEE
MZZ vs. JMEE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) and JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE). 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 | JMEE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.51 | ||
| Sortino ratioReturn per unit of downside risk | -3.56 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.29 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 3.19 | -3.99 |
| Martin ratioReturn relative to average drawdown | -1.48 | 11.14 | -12.62 |
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Drawdowns
MZZ vs. JMEE - Drawdown Comparison
The maximum MZZ drawdown since its inception was -99.90%, which is greater than JMEE's maximum drawdown of -25.40%. Use the drawdown chart below to compare losses from any high point for MZZ and JMEE.
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Drawdown Indicators
| MZZ | JMEE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.90% | -25.40% | -74.50% |
Max Drawdown (1Y)Largest decline over 1 year | -35.02% | -8.24% | -26.78% |
Max Drawdown (3Y)Largest decline over 3 years | -64.13% | -25.40% | -38.73% |
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% | -2.08% | -97.82% |
Average DrawdownAverage peak-to-trough decline | -86.13% | -5.28% | -80.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.96% | 2.36% | +16.60% |
Volatility
MZZ vs. JMEE - Volatility Comparison
ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 9.27% compared to JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) at 4.53%. This indicates that MZZ's price experiences larger fluctuations and is considered to be riskier than JMEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MZZ | JMEE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.27% | 4.53% | +4.74% |
Volatility (6M)Calculated over the trailing 6-month period | 23.59% | 11.61% | +11.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.72% | 16.18% | +15.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.15% | 19.42% | +19.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.23% | 19.42% | +21.81% |
MZZ vs. JMEE - Expense Ratio Comparison
MZZ has a 0.95% expense ratio, which is higher than JMEE's 0.24% expense ratio.
Dividends
MZZ vs. JMEE - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 5.67%, more than JMEE's 0.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF | 0.95% | 1.13% | 0.95% | 1.25% | 6.63% | 0.00% | 0.00% | 0.00% | 0.00% |
MZZ ProShares UltraShort MidCap400 | 5.67% | 5.27% | 6.36% | 4.52% | 0.25% | 0.00% | 0.22% | 1.53% | 0.53% |
Frequently Asked Questions
MZZ and JMEE have a correlation of -0.98, 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 JMEE (4.53%). In terms of maximum drawdown, MZZ dropped -99.90% vs JMEE's -25.40%.
On 3-year performance, JMEE leads with 15.76% vs -20.89% for MZZ. On fees, JMEE is cheaper at 0.24% per year. On volatility, JMEE has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, JMEE has performed better with a 15.76% return vs -20.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JMEE is cheaper with a 0.24% expense ratio, compared with 0.95% for MZZ.
MZZ has the higher dividend yield at 5.67%, compared with 0.95% for JMEE.
MZZ is categorized as Leveraged Equities, while JMEE is Small Cap Blend Equities. They also come from different issuers: ProShares and JPMorgan. Their fees differ too: 0.95% for MZZ and 0.24% for JMEE.
JMEE currently has the higher Sharpe Ratio (1.63 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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