MZZ vs. QTAP
MZZ (ProShares UltraShort MidCap400) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. MZZ is passively managed, while QTAP is actively managed. Over the past 5 years, MZZ returned -16.74%/yr vs 14.09%/yr for QTAP. At a correlation of -0.68, they often move in opposite directions. MZZ charges 0.95%/yr vs 0.79%/yr for QTAP.
Performance
MZZ vs. QTAP - 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 QTAP's 14.78% 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%
QTAP
- 1D
- 0.01%
- 1M
- 2.81%
- YTD
- 14.78%
- 6M
- 15.73%
- 1Y
- 26.07%
- 3Y*
- 21.22%
- 5Y*
- 14.09%
- 10Y*
- —
MZZ vs. QTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -22.57% | -14.68% | -17.75% | -23.67% | 13.02% | -20.47% |
QTAP Innovator Growth Accelerated Plus ETF - April | 14.78% | 19.36% | 17.34% | 43.32% | -25.87% | 15.63% |
Correlation
The correlation between MZZ and QTAP is -0.58, 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 | -0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.68 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021 | -0.68 |
The correlation between MZZ and QTAP shifts across timeframes, from -0.68 (all time) to -0.57 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MZZ vs. QTAP — Risk / Return Rank
MZZ
QTAP
MZZ vs. QTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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 | QTAP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.15 | 4.71 | -5.86 |
Sortino ratioReturn per unit of downside risk | -1.65 | 8.64 | -10.30 |
Omega ratioGain probability vs. loss probability | 0.81 | 2.25 | -1.44 |
Calmar ratioReturn relative to maximum drawdown | -0.99 | 15.78 | -16.77 |
Martin ratioReturn relative to average drawdown | -1.73 | 83.28 | -85.01 |
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 | QTAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | 4.71 | -5.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.43 | 0.75 | -1.18 |
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 | 0.75 | -1.35 |
Drawdowns
MZZ vs. QTAP - Drawdown Comparison
The maximum MZZ drawdown since its inception was -99.90%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for MZZ and QTAP.
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Drawdown Indicators
| MZZ | QTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.90% | -29.44% | -70.46% |
Max Drawdown (1Y)Largest decline over 1 year | -35.22% | -1.69% | -33.53% |
Max Drawdown (3Y)Largest decline over 3 years | -62.13% | -13.03% | -49.10% |
Max Drawdown (5Y)Largest decline over 5 years | -68.64% | -29.44% | -39.20% |
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% | -5.04% | -81.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.39% | 0.32% | +20.07% |
Volatility
MZZ vs. QTAP - Volatility Comparison
ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 8.88% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 1.34%. This indicates that MZZ's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MZZ | QTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.88% | 1.34% | +7.54% |
Volatility (6M)Calculated over the trailing 6-month period | 22.99% | 3.97% | +19.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.15% | 5.57% | +25.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.16% | 18.89% | +20.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.39% | 18.78% | +22.61% |
MZZ vs. QTAP - Expense Ratio Comparison
MZZ has a 0.95% expense ratio, which is higher than QTAP's 0.79% expense ratio.
Dividends
MZZ vs. QTAP - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 6.70%, while QTAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | 6.70% | 5.27% | 6.36% | 4.52% | 0.25% | 0.00% | 0.22% | 1.53% | 0.53% |
QTAP Innovator Growth Accelerated Plus ETF - April | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MZZ and QTAP have a correlation of -0.58, 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 QTAP (1.34%). In terms of maximum drawdown, MZZ dropped -99.90% vs QTAP's -29.44%.
On 5-year performance, QTAP leads with 14.09% vs -16.74% for MZZ. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QTAP has performed better with a 14.09% return vs -16.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QTAP is cheaper with a 0.79% expense ratio, compared with 0.95% for MZZ.
MZZ has the higher dividend yield at 6.70%, compared with 0.00% for QTAP.
They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for MZZ and 0.79% for QTAP.
QTAP currently has the higher Sharpe Ratio (4.71 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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