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 -25.27%/yr vs 62.35%/yr for USD. At a correlation of -0.68, 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 -22.57% return, which is significantly lower than USD's 116.46% return. Over the past 10 years, MZZ has underperformed USD with an annualized return of -25.27%, while USD has yielded a comparatively higher 62.35% 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%
USD
- 1D
- 4.76%
- 1M
- 45.27%
- YTD
- 116.46%
- 6M
- 113.25%
- 1Y
- 300.04%
- 3Y*
- 128.54%
- 5Y*
- 71.52%
- 10Y*
- 62.35%
MZZ vs. USD - 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% |
USD ProShares Ultra Semiconductors | 116.46% | 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 -0.44, 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 | -0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.60 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007 | -0.68 |
Over the past year, the inverse relationship between MZZ and USD has weakened: their correlation has moved from -0.68 to -0.44, 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.
| MZZ | USD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.15 | 4.94 | -6.09 |
Sortino ratioReturn per unit of downside risk | -1.65 | 3.98 | -5.63 |
Omega ratioGain probability vs. loss probability | 0.81 | 1.54 | -0.73 |
Calmar ratioReturn relative to maximum drawdown | -0.99 | 9.93 | -10.92 |
Martin ratioReturn relative to average drawdown | -1.73 | 28.78 | -30.51 |
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 | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | 4.94 | -6.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.43 | 0.94 | -1.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.61 | 0.90 | -1.52 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.60 | 0.49 | -1.09 |
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 | -35.22% | -31.80% | -3.42% |
Max Drawdown (3Y)Largest decline over 3 years | -62.13% | -64.46% | +2.33% |
Max Drawdown (5Y)Largest decline over 5 years | -68.64% | -77.85% | +9.21% |
Max Drawdown (10Y)Largest decline over 10 years | -95.10% | -77.85% | -17.25% |
Current DrawdownCurrent decline from peak | -99.90% | 0.00% | -99.90% |
Average DrawdownAverage peak-to-trough decline | -86.07% | -32.36% | -53.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.39% | 10.97% | +9.42% |
Volatility
MZZ vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort MidCap400 (MZZ) is 8.88%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.29%. 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 | 8.88% | 20.29% | -11.41% |
Volatility (6M)Calculated over the trailing 6-month period | 22.99% | 46.37% | -23.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.15% | 61.29% | -30.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.16% | 76.56% | -37.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.39% | 69.24% | -27.85% |
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 6.70%, more than USD's 0.21% 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% |
USD ProShares Ultra Semiconductors | 0.21% | 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 -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (20.29%) compared to MZZ (8.88%). In terms of maximum drawdown, MZZ dropped -99.90% vs USD's -88.63%.
On 10-year performance, USD leads with 62.35% vs -25.27% for MZZ. Both ETFs have the same 0.95% expense ratio. On volatility, MZZ has been the lower-risk option at 8.88%. 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 62.35% return vs -25.27%. 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 6.70%, compared with 0.21% 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 (4.94 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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