MZZ vs. SSO
MZZ (ProShares UltraShort MidCap400) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds from ProShares - MZZ tracks the S&P MidCap 400 Index (-200%) while SSO tracks the S&P 500. Both are passively managed. Over the past 10 years, MZZ returned -25.27%/yr vs 24.38%/yr for SSO. At a correlation of -0.87, they often move in opposite directions. MZZ charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
MZZ vs. SSO - 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 SSO's 21.07% return. Over the past 10 years, MZZ has underperformed SSO with an annualized return of -25.27%, while SSO has yielded a comparatively higher 24.38% 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%
SSO
- 1D
- 0.27%
- 1M
- 10.52%
- YTD
- 21.07%
- 6M
- 21.28%
- 1Y
- 56.67%
- 3Y*
- 38.21%
- 5Y*
- 20.39%
- 10Y*
- 24.38%
MZZ vs. SSO - 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% |
SSO ProShares Ultra S&P500 | 21.07% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between MZZ and SSO is -0.76, 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 | -0.76 |
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 | -0.82 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2006 | -0.87 |
The correlation between MZZ and SSO shifts across timeframes, from -0.87 (all time) to -0.76 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MZZ vs. SSO — Risk / Return Rank
MZZ
SSO
MZZ vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) and ProShares Ultra S&P500 (SSO). 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 | SSO | 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 | 3.21 | -4.20 |
Martin ratioReturn relative to average drawdown | -1.73 | 14.14 | -15.88 |
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 | SSO | 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 | 0.61 | -1.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.61 | 0.68 | -1.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.60 | 0.42 | -1.02 |
Drawdowns
MZZ vs. SSO - Drawdown Comparison
The maximum MZZ drawdown since its inception was -99.90%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for MZZ and SSO.
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Drawdown Indicators
| MZZ | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.90% | -84.67% | -15.23% |
Max Drawdown (1Y)Largest decline over 1 year | -35.22% | -18.17% | -17.05% |
Max Drawdown (3Y)Largest decline over 3 years | -62.13% | -35.21% | -26.92% |
Max Drawdown (5Y)Largest decline over 5 years | -68.64% | -46.73% | -21.91% |
Max Drawdown (10Y)Largest decline over 10 years | -95.10% | -59.34% | -35.76% |
Current DrawdownCurrent decline from peak | -99.90% | 0.00% | -99.90% |
Average DrawdownAverage peak-to-trough decline | -86.07% | -19.57% | -66.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.39% | 4.13% | +16.26% |
Volatility
MZZ vs. SSO - Volatility Comparison
ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 8.88% compared to ProShares Ultra S&P500 (SSO) at 5.46%. This indicates that MZZ's price experiences larger fluctuations and is considered to be riskier than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MZZ | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.88% | 5.46% | +3.42% |
Volatility (6M)Calculated over the trailing 6-month period | 22.99% | 17.74% | +5.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.15% | 23.57% | +7.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.16% | 33.65% | +5.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.39% | 35.90% | +5.49% |
MZZ vs. SSO - Expense Ratio Comparison
MZZ has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
MZZ vs. SSO - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 6.70%, more than SSO's 0.61% 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% |
SSO ProShares Ultra S&P500 | 0.61% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
Frequently Asked Questions
MZZ and SSO have a correlation of -0.76, 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 SSO (5.46%). In terms of maximum drawdown, MZZ dropped -99.90% vs SSO's -84.67%.
On 10-year performance, SSO leads with 24.38% vs -25.27% for MZZ. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 5.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SSO has performed better with a 24.38% return vs -25.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for MZZ.
MZZ has the higher dividend yield at 6.70%, compared with 0.61% for SSO.
MZZ tracks S&P MidCap 400 Index (-200%), while SSO tracks S&P 500. Their fees differ too: 0.95% for MZZ and 0.87% for SSO.
SSO 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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