MZZ vs. SPUU
MZZ (ProShares UltraShort MidCap400) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - MZZ tracks the S&P MidCap 400 Index (-200%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, MZZ returned -24.79%/yr vs 24.16%/yr for SPUU. At a correlation of -0.82, they often move in opposite directions. MZZ charges 0.95%/yr vs 0.60%/yr for SPUU.
Performance
MZZ vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, MZZ achieves a -23.87% return, which is significantly lower than SPUU's 19.67% return. Over the past 10 years, MZZ has underperformed SPUU with an annualized return of -24.79%, while SPUU has yielded a comparatively higher 24.16% annualized return.
MZZ
- 1D
- -0.17%
- 1M
- 0.80%
- 6M
- -16.61%
- YTD
- -23.87%
- 1Y
- -29.15%
- 3Y*
- -20.89%
- 5Y*
- -16.96%
- 10Y*
- -24.79%
SPUU
- 1D
- 0.89%
- 1M
- 3.56%
- 6M
- 15.49%
- YTD
- 19.67%
- 1Y
- 40.22%
- 3Y*
- 35.03%
- 5Y*
- 18.61%
- 10Y*
- 24.16%
MZZ vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -23.87% | -14.68% | -17.75% | -23.67% | 13.02% | -42.14% | -53.08% | -38.03% | 22.83% | -27.72% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 19.67% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 66.84% | -14.59% | 44.33% |
Correlation
The correlation between MZZ and SPUU is -0.75, 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 | -0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.81 |
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014 | -0.82 |
The correlation between MZZ and SPUU has been stable across timeframes, ranging from -0.84 to -0.75 - a consistent structural relationship.
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Return for Risk
MZZ vs. SPUU — Risk / Return Rank
MZZ
SPUU
MZZ vs. SPUU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). 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 | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.45 | ||
| Sortino ratioReturn per unit of downside risk | -3.26 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.27 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 2.17 | -2.97 |
| Martin ratioReturn relative to average drawdown | -1.48 | 8.99 | -10.46 |
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Drawdowns
MZZ vs. SPUU - Drawdown Comparison
The maximum MZZ drawdown since its inception was -99.90%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for MZZ and SPUU.
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Drawdown Indicators
| MZZ | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.90% | -59.35% | -40.55% |
Max Drawdown (1Y)Largest decline over 1 year | -35.02% | -18.19% | -16.83% |
Max Drawdown (3Y)Largest decline over 3 years | -64.13% | -35.18% | -28.95% |
Max Drawdown (5Y)Largest decline over 5 years | -70.29% | -46.59% | -23.70% |
Max Drawdown (10Y)Largest decline over 10 years | -94.79% | -59.35% | -35.44% |
Current DrawdownCurrent decline from peak | -99.90% | -1.40% | -98.50% |
Average DrawdownAverage peak-to-trough decline | -86.13% | -9.46% | -76.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.96% | 4.38% | +14.58% |
Volatility
MZZ vs. SPUU - Volatility Comparison
ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 9.27% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 8.62%. This indicates that MZZ's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MZZ | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.27% | 8.62% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 23.59% | 20.06% | +3.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.72% | 25.21% | +6.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.15% | 33.67% | +5.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.23% | 35.74% | +5.49% |
MZZ vs. SPUU - Expense Ratio Comparison
MZZ has a 0.95% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
MZZ vs. SPUU - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 5.67%, more than SPUU's 1.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | 5.67% | 5.27% | 6.36% | 4.52% | 0.25% | 0.00% | 0.22% | 1.53% | 0.53% | 0.00% | 0.00% | 0.00% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.31% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
Frequently Asked Questions
MZZ and SPUU have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MZZ has higher volatility (9.27%) compared to SPUU (8.62%). In terms of maximum drawdown, MZZ dropped -99.90% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 24.16% vs -24.79% for MZZ. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 8.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPUU has performed better with a 24.16% return vs -24.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 0.95% for MZZ.
MZZ has the higher dividend yield at 5.67%, compared with 1.31% for SPUU.
MZZ tracks S&P MidCap 400 Index (-200%), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for MZZ and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.56 vs -0.88), 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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