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 -23.59%/yr vs 17.47%/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 -22.57% return, which is significantly lower than JMEE's 16.71% return.
MZZ
- 1D
- -1.64%
- 1M
- -5.89%
- YTD
- -22.57%
- 6M
- -23.66%
- 1Y
- -35.66%
- 3Y*
- -23.59%
- 5Y*
- -16.74%
- 10Y*
- -25.27%
JMEE
- 1D
- 1.02%
- 1M
- 3.00%
- YTD
- 16.71%
- 6M
- 17.77%
- 1Y
- 32.96%
- 3Y*
- 17.47%
- 5Y*
- —
- 10Y*
- —
MZZ vs. JMEE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -22.57% | -14.68% | -17.75% | -23.67% | -13.62% |
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF | 16.71% | 7.65% | 13.65% | 18.12% | 1.37% |
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 10, 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.
| MZZ | JMEE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.15 | 2.08 | -3.23 |
Sortino ratioReturn per unit of downside risk | -1.65 | 2.97 | -4.62 |
Omega ratioGain probability vs. loss probability | 0.81 | 1.36 | -0.55 |
Calmar ratioReturn relative to maximum drawdown | -0.99 | 3.99 | -4.98 |
Martin ratioReturn relative to average drawdown | -1.73 | 14.01 | -15.75 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MZZ | JMEE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | 2.08 | -3.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.43 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.61 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.60 | 0.73 | -1.33 |
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 | -35.22% | -8.24% | -26.98% |
Max Drawdown (3Y)Largest decline over 3 years | -62.13% | -25.40% | -36.73% |
Max Drawdown (5Y)Largest decline over 5 years | -68.64% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -95.10% | — | — |
Current DrawdownCurrent decline from peak | -99.90% | 0.00% | -99.90% |
Average DrawdownAverage peak-to-trough decline | -86.07% | -5.39% | -80.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.39% | 2.34% | +18.05% |
Volatility
MZZ vs. JMEE - Volatility Comparison
ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 8.88% compared to JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) at 4.48%. 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 | 8.88% | 4.48% | +4.40% |
Volatility (6M)Calculated over the trailing 6-month period | 22.99% | 11.27% | +11.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.15% | 15.90% | +15.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.16% | 19.51% | +19.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.39% | 19.51% | +21.88% |
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 6.70%, more than JMEE's 0.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF | 0.96% | 1.13% | 0.95% | 1.25% | 6.63% | 0.00% | 0.00% | 0.00% | 0.00% |
MZZ ProShares UltraShort MidCap400 | 6.70% | 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 (8.88%) compared to JMEE (4.48%). In terms of maximum drawdown, MZZ dropped -99.90% vs JMEE's -25.40%.
On 3-year performance, JMEE leads with 17.47% vs -23.59% for MZZ. On fees, JMEE is cheaper at 0.24% per year. On volatility, JMEE has been the lower-risk option at 4.48%. 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 17.47% return vs -23.59%. 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 6.70%, compared with 0.96% 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 (2.08 vs -1.15), 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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