MZZ vs. SPUU
MZZ (ProShares UltraShort MidCap400) and SPUU (Direxion Daily S&P 500 Bull 2x Shares) are both Leveraged Equities funds - MZZ tracks the S&P MidCap 400 Index (-200%) while SPUU tracks the S&P 500 Index (200%). Both are passively managed. Over the past 10 years, MZZ returned -25.27%/yr vs 24.93%/yr for SPUU. At a correlation of -0.82, they often move in opposite directions. MZZ charges 0.95%/yr vs 0.64%/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 -22.57% return, which is significantly lower than SPUU's 21.37% return. Over the past 10 years, MZZ has underperformed SPUU with an annualized return of -25.27%, while SPUU has yielded a comparatively higher 24.93% annualized 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%
SPUU
- 1D
- 0.09%
- 1M
- 10.49%
- YTD
- 21.37%
- 6M
- 21.39%
- 1Y
- 57.39%
- 3Y*
- 38.80%
- 5Y*
- 20.89%
- 10Y*
- 24.93%
MZZ vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -22.57% | -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 Shares | 21.37% | 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 | -0.78 |
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 9, 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 Shares (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.
| MZZ | SPUU | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.15 | 2.42 | -3.57 |
Sortino ratioReturn per unit of downside risk | -1.65 | 3.03 | -4.69 |
Omega ratioGain probability vs. loss probability | 0.81 | 1.40 | -0.59 |
Calmar ratioReturn relative to maximum drawdown | -0.99 | 3.25 | -4.24 |
Martin ratioReturn relative to average drawdown | -1.73 | 14.34 | -16.07 |
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 | SPUU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | 2.42 | -3.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.43 | 0.63 | -1.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.61 | 0.70 | -1.31 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.60 | 0.64 | -1.24 |
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 | -35.22% | -18.19% | -17.03% |
Max Drawdown (3Y)Largest decline over 3 years | -62.13% | -35.18% | -26.95% |
Max Drawdown (5Y)Largest decline over 5 years | -68.64% | -46.59% | -22.05% |
Max Drawdown (10Y)Largest decline over 10 years | -95.10% | -59.35% | -35.75% |
Current DrawdownCurrent decline from peak | -99.90% | 0.00% | -99.90% |
Average DrawdownAverage peak-to-trough decline | -86.07% | -9.51% | -76.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.39% | 4.12% | +16.27% |
Volatility
MZZ vs. SPUU - Volatility Comparison
ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 8.88% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 5.59%. 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 | 8.88% | 5.59% | +3.29% |
Volatility (6M)Calculated over the trailing 6-month period | 22.99% | 18.07% | +4.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.15% | 23.87% | +7.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.16% | 33.46% | +5.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.39% | 35.77% | +5.62% |
MZZ vs. SPUU - Expense Ratio Comparison
MZZ has a 0.95% expense ratio, which is higher than SPUU's 0.64% expense ratio.
Dividends
MZZ vs. SPUU - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 6.70%, more than SPUU's 1.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | 6.70% | 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 Shares | 1.32% | 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 (8.88%) compared to SPUU (5.59%). In terms of maximum drawdown, MZZ dropped -99.90% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 24.93% vs -25.27% for MZZ. On fees, SPUU is cheaper at 0.64% per year. On volatility, SPUU has been the lower-risk option at 5.59%. 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 24.93% return vs -25.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.64% expense ratio, compared with 0.95% for MZZ.
MZZ has the higher dividend yield at 6.70%, compared with 1.32% for SPUU.
MZZ tracks S&P MidCap 400 Index (-200%), while SPUU tracks S&P 500 Index (200%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for MZZ and 0.64% for SPUU.
SPUU currently has the higher Sharpe Ratio (2.42 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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