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 -24.79%/yr vs 23.57%/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 -23.87% return, which is significantly lower than SSO's 19.14% return. Over the past 10 years, MZZ has underperformed SSO with an annualized return of -24.79%, while SSO has yielded a comparatively higher 23.57% 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%
SSO
- 1D
- 0.81%
- 1M
- 3.53%
- 6M
- 15.20%
- YTD
- 19.14%
- 1Y
- 39.50%
- 3Y*
- 34.45%
- 5Y*
- 18.05%
- 10Y*
- 23.57%
MZZ vs. SSO - 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% |
SSO ProShares Ultra S&P500 | 19.14% | 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 | -0.79 |
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 13, 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.
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 | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.43 | ||
| Sortino ratioReturn per unit of downside risk | -3.24 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.27 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 2.12 | -2.92 |
| Martin ratioReturn relative to average drawdown | -1.48 | 8.76 | -10.23 |
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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 | -35.02% | -18.17% | -16.85% |
Max Drawdown (3Y)Largest decline over 3 years | -64.13% | -35.21% | -28.92% |
Max Drawdown (5Y)Largest decline over 5 years | -70.29% | -46.73% | -23.56% |
Max Drawdown (10Y)Largest decline over 10 years | -94.79% | -59.34% | -35.45% |
Current DrawdownCurrent decline from peak | -99.90% | -1.59% | -98.31% |
Average DrawdownAverage peak-to-trough decline | -86.13% | -19.49% | -66.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.96% | 4.40% | +14.56% |
Volatility
MZZ vs. SSO - Volatility Comparison
ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 9.27% compared to ProShares Ultra S&P500 (SSO) at 8.79%. 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 | 9.27% | 8.79% | +0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 23.59% | 19.84% | +3.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.72% | 24.97% | +6.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.15% | 33.86% | +5.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.23% | 35.86% | +5.37% |
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 5.67%, more than SSO's 0.66% 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% |
SSO ProShares Ultra S&P500 | 0.66% | 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 (9.27%) compared to SSO (8.79%). In terms of maximum drawdown, MZZ dropped -99.90% vs SSO's -84.67%.
On 10-year performance, SSO leads with 23.57% vs -24.79% for MZZ. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 8.79%. 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 23.57% return vs -24.79%. 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 5.67%, compared with 0.66% 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 (1.55 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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