MZZ vs. SQQQ
MZZ (ProShares UltraShort MidCap400) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - MZZ tracks the S&P MidCap 400 Index (-200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, MZZ returned -24.68%/yr vs -55.28%/yr for SQQQ. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
MZZ vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, MZZ achieves a -22.84% return, which is significantly higher than SQQQ's -40.27% return. Over the past 10 years, MZZ has outperformed SQQQ with an annualized return of -24.68%, while SQQQ has yielded a comparatively lower -55.28% annualized 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%
SQQQ
- 1D
- 5.74%
- 1M
- 1.37%
- 6M
- -36.57%
- YTD
- -40.27%
- 1Y
- -56.10%
- 3Y*
- -51.78%
- 5Y*
- -45.66%
- 10Y*
- -55.28%
MZZ vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -22.84% | -14.68% | -17.75% | -23.67% | 13.02% | -42.14% | -53.08% | -38.03% | 22.83% | -27.72% |
SQQQ ProShares UltraPro Short QQQ | -40.27% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between MZZ and SQQQ is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.73 |
The correlation between MZZ and SQQQ has been stable across timeframes, ranging from 0.64 to 0.73 - a consistent structural relationship.
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Return for Risk
MZZ vs. SQQQ — Risk / Return Rank
MZZ
SQQQ
MZZ vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.82 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.92 | +0.11 |
| Martin ratioReturn relative to average drawdown | -1.48 | -1.71 | +0.23 |
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Drawdowns
MZZ vs. SQQQ - Drawdown Comparison
The maximum MZZ drawdown since its inception was -99.90%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for MZZ and SQQQ.
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Drawdown Indicators
| MZZ | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.90% | -100.00% | +0.10% |
Max Drawdown (1Y)Largest decline over 1 year | -35.02% | -61.03% | +26.01% |
Max Drawdown (3Y)Largest decline over 3 years | -64.13% | -92.51% | +28.38% |
Max Drawdown (5Y)Largest decline over 5 years | -70.29% | -97.27% | +26.98% |
Max Drawdown (10Y)Largest decline over 10 years | -94.79% | -99.97% | +5.18% |
Current DrawdownCurrent decline from peak | -99.90% | -100.00% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -86.13% | -92.75% | +6.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.06% | 32.78% | -13.72% |
Volatility
MZZ vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraShort MidCap400 (MZZ) is 8.91%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.05%. This indicates that MZZ experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MZZ | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.91% | 26.05% | -17.14% |
Volatility (6M)Calculated over the trailing 6-month period | 23.63% | 45.88% | -22.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.75% | 55.64% | -23.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.14% | 67.87% | -28.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.24% | 66.56% | -25.32% |
MZZ vs. SQQQ - Expense Ratio Comparison
Both MZZ and SQQQ have an expense ratio of 0.95%.
Dividends
MZZ vs. SQQQ - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 5.60%, less than SQQQ's 10.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | 5.60% | 5.27% | 6.36% | 4.52% | 0.25% | 0.00% | 0.22% | 1.53% | 0.53% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 10.00% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
MZZ and SQQQ have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (26.05%) compared to MZZ (8.91%). In terms of maximum drawdown, MZZ dropped -99.90% vs SQQQ's -100.00%.
On 10-year performance, MZZ leads with -24.68% vs -55.28% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, MZZ has been the lower-risk option at 8.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MZZ has performed better with a -24.68% return vs -55.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MZZ and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 10.00%, compared with 5.60% for MZZ.
MZZ tracks S&P MidCap 400 Index (-200%), while SQQQ tracks NASDAQ-100 Index (-300%).
MZZ currently has the higher Sharpe Ratio (-0.89 vs -1.01), 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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