MZZ vs. SSO
Compare and contrast key facts about ProShares UltraShort MidCap400 (MZZ) and ProShares Ultra S&P500 (SSO).
MZZ and SSO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MZZ is a passively managed fund by ProShares that tracks the performance of the S&P MidCap 400 Index (-200%). It was launched on Jul 11, 2006. SSO is a passively managed fund by ProShares that tracks the performance of the S&P 500. It was launched on Jun 19, 2006. Both MZZ and SSO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
MZZ vs. SSO - Performance Comparison
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MZZ vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -4.67% | -14.68% | -17.75% | -23.67% | 13.02% | -42.14% | -53.08% | -38.03% | 22.83% | -27.72% |
SSO ProShares Ultra S&P500 | -10.23% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Returns By Period
In the year-to-date period, MZZ achieves a -4.67% return, which is significantly higher than SSO's -10.23% return. Over the past 10 years, MZZ has underperformed SSO with an annualized return of -24.28%, while SSO has yielded a comparatively higher 21.06% annualized return.
MZZ
- 1D
- -5.79%
- 1M
- 10.93%
- YTD
- -4.67%
- 6M
- -6.84%
- 1Y
- -28.70%
- 3Y*
- -17.85%
- 5Y*
- -14.42%
- 10Y*
- -24.28%
SSO
- 1D
- 5.75%
- 1M
- -10.37%
- YTD
- -10.23%
- 6M
- -7.08%
- 1Y
- 26.35%
- 3Y*
- 28.27%
- 5Y*
- 15.34%
- 10Y*
- 21.06%
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MZZ vs. SSO - Expense Ratio Comparison
MZZ has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
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 | -0.68 | 0.73 | -1.41 |
Sortino ratioReturn per unit of downside risk | -0.80 | 1.23 | -2.03 |
Omega ratioGain probability vs. loss probability | 0.89 | 1.19 | -0.29 |
Calmar ratioReturn relative to maximum drawdown | -0.57 | 1.20 | -1.78 |
Martin ratioReturn relative to average drawdown | -0.76 | 5.18 | -5.93 |
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 | -0.68 | 0.73 | -1.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | 0.46 | -0.83 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | 0.59 | -1.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | 0.38 | -0.96 |
Correlation
The correlation between MZZ and SSO is -0.88. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
MZZ vs. SSO - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 5.44%, more than SSO's 0.82% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | 5.44% | 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 | 0.82% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
Drawdowns
MZZ vs. SSO - Drawdown Comparison
The maximum MZZ drawdown since its inception was -99.89%, 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 | -99.89% | -84.67% | -15.22% |
Max Drawdown (1Y)Largest decline over 1 year | -50.56% | -23.17% | -27.39% |
Max Drawdown (5Y)Largest decline over 5 years | -65.94% | -46.73% | -19.21% |
Max Drawdown (10Y)Largest decline over 10 years | -94.79% | -59.34% | -35.45% |
Current DrawdownCurrent decline from peak | -99.87% | -13.46% | -86.41% |
Average DrawdownAverage peak-to-trough decline | -85.95% | -19.72% | -66.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.39% | 5.38% | +33.01% |
Volatility
MZZ vs. SSO - Volatility Comparison
ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 13.03% compared to ProShares Ultra S&P500 (SSO) at 10.60%. 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 | 13.03% | 10.60% | +2.43% |
Volatility (6M)Calculated over the trailing 6-month period | 23.92% | 18.95% | +4.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.21% | 36.45% | +5.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.16% | 33.66% | +5.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.35% | 35.86% | +5.49% |