MZZ vs. USD
MZZ (ProShares UltraShort MidCap400) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - MZZ tracks the S&P MidCap 400 Index (-200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, MZZ returned -24.79%/yr vs 58.67%/yr for USD. At a correlation of -0.67, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
MZZ vs. USD - 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 USD's 85.14% return. Over the past 10 years, MZZ has underperformed USD with an annualized return of -24.79%, while USD has yielded a comparatively higher 58.67% 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%
USD
- 1D
- 3.09%
- 1M
- -0.93%
- 6M
- 76.15%
- YTD
- 85.14%
- 1Y
- 147.75%
- 3Y*
- 110.61%
- 5Y*
- 62.46%
- 10Y*
- 58.67%
MZZ vs. USD - 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% |
USD ProShares Ultra Semiconductors | 85.14% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between MZZ and USD is -0.46, 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 | -0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.60 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | -0.67 |
Over the past year, the inverse relationship between MZZ and USD has weakened: their correlation has moved from -0.67 to -0.46, meaning they move in opposite directions less often than they have historically.
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Return for Risk
MZZ vs. USD — Risk / Return Rank
MZZ
USD
MZZ vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.02 | ||
| Sortino ratioReturn per unit of downside risk | -3.56 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.32 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 4.70 | -5.50 |
| Martin ratioReturn relative to average drawdown | -1.48 | 12.39 | -13.86 |
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Drawdowns
MZZ vs. USD - Drawdown Comparison
The maximum MZZ drawdown since its inception was -99.90%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for MZZ and USD.
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Drawdown Indicators
| MZZ | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.90% | -88.63% | -11.27% |
Max Drawdown (1Y)Largest decline over 1 year | -35.02% | -31.80% | -3.22% |
Max Drawdown (3Y)Largest decline over 3 years | -64.13% | -64.46% | +0.33% |
Max Drawdown (5Y)Largest decline over 5 years | -70.29% | -77.85% | +7.56% |
Max Drawdown (10Y)Largest decline over 10 years | -94.79% | -77.85% | -16.94% |
Current DrawdownCurrent decline from peak | -99.90% | -14.47% | -85.43% |
Average DrawdownAverage peak-to-trough decline | -86.13% | -32.26% | -53.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.96% | 12.05% | +6.91% |
Volatility
MZZ vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort MidCap400 (MZZ) is 9.27%, while ProShares Ultra Semiconductors (USD) has a volatility of 32.27%. This indicates that MZZ experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MZZ | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.27% | 32.27% | -23.00% |
Volatility (6M)Calculated over the trailing 6-month period | 23.59% | 57.13% | -33.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.72% | 69.99% | -38.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.15% | 78.11% | -38.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.23% | 69.98% | -28.75% |
MZZ vs. USD - Expense Ratio Comparison
Both MZZ and USD have an expense ratio of 0.95%.
Dividends
MZZ vs. USD - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 5.67%, more than USD's 0.31% 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% |
USD ProShares Ultra Semiconductors | 0.31% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
MZZ and USD have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (32.27%) compared to MZZ (9.27%). In terms of maximum drawdown, MZZ dropped -99.90% vs USD's -88.63%.
On 10-year performance, USD leads with 58.67% vs -24.79% for MZZ. Both ETFs have the same 0.95% expense ratio. On volatility, MZZ has been the lower-risk option at 9.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 58.67% return vs -24.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MZZ and USD have the same expense ratio: 0.95% per year.
MZZ has the higher dividend yield at 5.67%, compared with 0.31% for USD.
MZZ tracks S&P MidCap 400 Index (-200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (2.14 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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