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 -17.33%/yr vs 12.42%/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 -22.84% return, which is significantly lower than QTAP's 13.88% return.
MZZ
- 1D
- 1.34%
- 1M
- 2.15%
- 6M
- -15.26%
- YTD
- -22.84%
- 1Y
- -28.20%
- 3Y*
- -20.37%
- 5Y*
- -17.33%
- 10Y*
- -24.68%
QTAP
- 1D
- -0.59%
- 1M
- 0.26%
- 6M
- 13.25%
- YTD
- 13.88%
- 1Y
- 20.85%
- 3Y*
- 19.25%
- 5Y*
- 12.42%
- 10Y*
- —
MZZ vs. QTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -22.84% | -14.68% | -17.75% | -23.67% | 13.02% | -22.48% |
QTAP Innovator Growth Accelerated Plus ETF - April | 13.88% | 19.36% | 17.34% | 43.32% | -25.87% | 15.95% |
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 | -0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.69 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021 | -0.68 |
The correlation between MZZ and QTAP shifts across timeframes, from -0.69 (5 years) to -0.58 (1 year), 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.
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 | QTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.27 | ||
| Sortino ratioReturn per unit of downside risk | -6.63 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.83 | -0.96 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 8.41 | -9.22 |
| Martin ratioReturn relative to average drawdown | -1.48 | 43.30 | -44.78 |
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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 | -35.02% | -2.49% | -32.53% |
Max Drawdown (3Y)Largest decline over 3 years | -64.13% | -13.03% | -51.10% |
Max Drawdown (5Y)Largest decline over 5 years | -70.29% | -29.44% | -40.85% |
Max Drawdown (10Y)Largest decline over 10 years | -94.79% | — | — |
Current DrawdownCurrent decline from peak | -99.90% | -0.78% | -99.12% |
Average DrawdownAverage peak-to-trough decline | -86.13% | -4.95% | -81.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.06% | 0.48% | +18.58% |
Volatility
MZZ vs. QTAP - Volatility Comparison
ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 8.91% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 2.82%. 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 | 8.91% | 2.82% | +6.09% |
Volatility (6M)Calculated over the trailing 6-month period | 23.63% | 5.21% | +18.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.75% | 6.21% | +25.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.14% | 18.92% | +20.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.24% | 18.64% | +22.60% |
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 5.60%, while QTAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | 5.60% | 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 (8.91%) compared to QTAP (2.82%). In terms of maximum drawdown, MZZ dropped -99.90% vs QTAP's -29.44%.
On 5-year performance, QTAP leads with 12.42% vs -17.33% for MZZ. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 2.82%. 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 12.42% return vs -17.33%. 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 5.60%, 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 (3.38 vs -0.89), 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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