MZZ vs. PLUL

Last updated Jul 22, 2026

MZZ (ProShares UltraShort MidCap400) and PLUL (Leverage Shares 2X Long PLUG Daily ETF) are both Leveraged Equities funds - MZZ tracks the S&P MidCap 400 Index (-200%) while PLUL tracks the Plug Power Inc. (PLUG). Both are passively managed. At a correlation of -0.32, they often move in opposite directions. MZZ charges 0.95%/yr vs 0.75%/yr for PLUL.

Performance

MZZ vs. PLUL - Performance Comparison

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

Returns By Period

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%

PLUL

• 1D: 12.71%
• 1M: -38.92%
• 6M: -39.94%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

MZZ vs. PLUL - Yearly Performance Comparison

	2026 (YTD)
MZZ ProShares UltraShort MidCap400	-16.17%
PLUL Leverage Shares 2X Long PLUG Daily ETF	-38.36%

Correlation

The correlation between MZZ and PLUL is -0.32, 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 (All Time) Calculated using the full available price history since Jan 13, 2026	-0.32

Return for Risk

MZZ vs. PLUL — Risk / Return Rank

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

MZZ

MZZ Risk / Return Rank: 2
MZZ Sharpe Ratio Rank: 2
MZZ Sortino Ratio Rank: 3
MZZ Omega Ratio Rank: 3
MZZ Calmar Ratio Rank: 2
MZZ Martin Ratio Rank: 0

PLUL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. PLUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) and Leverage Shares 2X Long PLUG Daily ETF (PLUL). 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	PLUL	Difference
Sharpe ratio: Return per unit of total volatility	-0.96	—	—
Sortino ratio: Return per unit of downside risk	-1.29	—	—
Omega ratio: Gain probability vs. loss probability	0.85	—	—
Calmar ratio: Return relative to maximum drawdown	-0.86	—	—
Martin ratio: Return relative to average drawdown	-1.53	—	—

Drawdowns

MZZ vs. PLUL - Drawdown Comparison

The maximum MZZ drawdown since its inception was -99.90%, which is greater than PLUL's maximum drawdown of -75.83%. Use the drawdown chart below to compare losses from any high point for MZZ and PLUL.

Drawdown Indicators

	MZZ	PLUL	Difference
Max Drawdown Largest peak-to-trough decline	-99.90%	-75.83%	-24.07%
Max Drawdown (1Y) Largest decline over 1 year	-35.02%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-64.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-70.29%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-94.79%	—	—
Current Drawdown Current decline from peak	-99.90%	-72.76%	-27.14%
Average Drawdown Average peak-to-trough decline	-86.15%	-33.06%	-53.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.69%	—	—

Volatility

Volatility by Period

	MZZ	PLUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.99%	—	—
Volatility (6M) Calculated over the trailing 6-month period	23.67%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	31.56%	177.53%	-145.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.02%	177.53%	-138.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.24%	177.53%	-136.29%

MZZ vs. PLUL - Expense Ratio Comparison

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

Dividends

MZZ vs. PLUL - Dividend Comparison

MZZ's dividend yield for the trailing twelve months is around 5.66%, while PLUL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MZZ ProShares UltraShort MidCap400	5.66%	5.27%	6.36%	4.52%	0.25%	0.00%	0.22%	1.53%	0.53%
PLUL Leverage Shares 2X Long PLUG Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MZZ and PLUL in my portfolio?

MZZ and PLUL have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MZZ or PLUL?

On fees, PLUL is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MZZ or PLUL?

PLUL is cheaper with a 0.75% expense ratio, compared with 0.95% for MZZ.

Which ETF pays a higher dividend yield, MZZ or PLUL?

MZZ has the higher dividend yield at 5.66%, compared with 0.00% for PLUL.

What is the main difference between MZZ and PLUL?

MZZ tracks S&P MidCap 400 Index (-200%), while PLUL tracks Plug Power Inc. (PLUG). They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for MZZ and 0.75% for PLUL.