MZZ vs. NVDG

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares UltraShort MidCap400 (MZZ) and Leverage Shares 2X Long NVDA Daily ETF (NVDG).

MZZ and NVDG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MZZ is a passively managed fund by ProShares that tracks the performance of the S&P MidCap 400 Index (-200%). It was launched on Jul 11, 2006. NVDG is an actively managed fund by Leverage Shares. It was launched on Dec 12, 2024.

Performance

MZZ vs. NVDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MidCap400 (MZZ) and Leverage Shares 2X Long NVDA Daily ETF (NVDG). The values are adjusted to include any dividend payments, if applicable.

MZZ vs. NVDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MZZ ProShares UltraShort MidCap400	-4.67%	-14.68%	10.11%
NVDG Leverage Shares 2X Long NVDA Daily ETF	-17.87%	32.45%	-0.75%

Returns By Period

In the year-to-date period, MZZ achieves a -4.67% return, which is significantly higher than NVDG's -17.87% return.

MZZ

• 1D: -5.79%
• 1M: 10.93%
• YTD: -4.67%
• 6M: -6.84%
• 1Y: -28.70%
• 3Y*: -17.85%
• 5Y*: -14.42%
• 10Y*: -24.28%

NVDG

• 1D: 11.02%
• 1M: -5.35%
• YTD: -17.87%
• 6M: -22.83%
• 1Y: 93.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MZZ vs. NVDG - Expense Ratio Comparison

MZZ has a 0.95% expense ratio, which is higher than NVDG's 0.75% expense ratio.

MZZ

ProShares UltraShort MidCap400

NVDG

Leverage Shares 2X Long NVDA Daily ETF

Return for Risk

MZZ vs. NVDG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MZZ

MZZ Risk / Return Rank: 3
MZZ Sharpe Ratio Rank: 2
MZZ Sortino Ratio Rank: 2
MZZ Omega Ratio Rank: 2
MZZ Calmar Ratio Rank: 3
MZZ Martin Ratio Rank: 6

NVDG

NVDG Risk / Return Rank: 68
NVDG Sharpe Ratio Rank: 67
NVDG Sortino Ratio Rank: 76
NVDG Omega Ratio Rank: 66
NVDG Calmar Ratio Rank: 79
NVDG Martin Ratio Rank: 53

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. NVDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) and Leverage Shares 2X Long NVDA Daily ETF (NVDG). 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	NVDG	Difference
Sharpe ratio Return per unit of total volatility	-0.68	1.15	-1.84
Sortino ratio Return per unit of downside risk	-0.80	1.91	-2.70
Omega ratio Gain probability vs. loss probability	0.89	1.24	-0.34
Calmar ratio Return relative to maximum drawdown	-0.57	2.11	-2.68
Martin ratio Return relative to average drawdown	-0.76	5.07	-5.83
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. NVDG - Sharpe Ratio Comparison

The current MZZ Sharpe Ratio is -0.68, which is lower than the NVDG Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of MZZ and NVDG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MZZ	NVDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	1.15	-1.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.37	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.59	0.07	-0.65

Correlation

The correlation between MZZ and NVDG is -0.41. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

MZZ vs. NVDG - Dividend Comparison

MZZ's dividend yield for the trailing twelve months is around 5.44%, less than NVDG's 14.38% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MZZ ProShares UltraShort MidCap400	5.44%	5.27%	6.36%	4.52%	0.25%	0.00%	0.22%	1.53%	0.53%
NVDG Leverage Shares 2X Long NVDA Daily ETF	14.38%	11.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

MZZ vs. NVDG - Drawdown Comparison

The maximum MZZ drawdown since its inception was -99.89%, which is greater than NVDG's maximum drawdown of -66.19%. Use the drawdown chart below to compare losses from any high point for MZZ and NVDG.

Drawdown Indicators

	MZZ	NVDG	Difference
Max Drawdown Largest peak-to-trough decline	-99.89%	-66.19%	-33.70%
Max Drawdown (1Y) Largest decline over 1 year	-50.56%	-42.72%	-7.84%
Max Drawdown (5Y) Largest decline over 5 years	-65.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-94.79%	—	—
Current Drawdown Current decline from peak	-99.87%	-36.40%	-63.47%
Average Drawdown Average peak-to-trough decline	-85.95%	-24.00%	-61.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.39%	17.77%	+20.62%

Volatility

MZZ vs. NVDG - Volatility Comparison

The current volatility for ProShares UltraShort MidCap400 (MZZ) is 13.03%, while Leverage Shares 2X Long NVDA Daily ETF (NVDG) has a volatility of 20.82%. This indicates that MZZ experiences smaller price fluctuations and is considered to be less risky than NVDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MZZ	NVDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.03%	20.82%	-7.79%
Volatility (6M) Calculated over the trailing 6-month period	23.92%	51.08%	-27.16%
Volatility (1Y) Calculated over the trailing 1-year period	42.21%	81.33%	-39.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.16%	92.52%	-53.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.35%	92.52%	-51.17%