MZZ vs. WTIU

Last updated Jul 12, 2026

MZZ (ProShares UltraShort MidCap400) and WTIU (MicroSectors Energy 3X Leveraged ETN) are both Leveraged Equities funds - MZZ tracks the S&P MidCap 400 Index (-200%) while WTIU tracks the Solactive MicroSectors Energy Index - Benchmark TR Gross (--300%). Both are passively managed. Over the past 3 years, MZZ returned -20.89%/yr vs -3.94%/yr for WTIU. At a correlation of -0.32, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

MZZ vs. WTIU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MidCap400 (MZZ) and MicroSectors Energy 3X Leveraged ETN (WTIU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MZZ achieves a -23.87% return, which is significantly lower than WTIU's 54.16% 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%

WTIU

• 1D: 1.34%
• 1M: -10.38%
• 6M: 41.51%
• YTD: 54.16%
• 1Y: 35.63%
• 3Y*: -3.94%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MZZ vs. WTIU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MZZ ProShares UltraShort MidCap400	-23.87%	-14.68%	-17.75%	-7.19%
WTIU MicroSectors Energy 3X Leveraged ETN	54.16%	-17.13%	-29.63%	-28.45%

Correlation

The correlation between MZZ and WTIU is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	-0.26
Correlation (All Time) Calculated using the full available price history since Feb 15, 2023	-0.32

The correlation between MZZ and WTIU shifts across timeframes, from -0.32 (all time) to 0.01 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MZZ vs. WTIU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MZZ

MZZ Risk / Return Rank: 2
MZZ Sharpe Ratio Rank: 2
MZZ Sortino Ratio Rank: 3
MZZ Omega Ratio Rank: 3
MZZ Calmar Ratio Rank: 2
MZZ Martin Ratio Rank: 1

WTIU

WTIU Risk / Return Rank: 22
WTIU Sharpe Ratio Rank: 20
WTIU Sortino Ratio Rank: 24
WTIU Omega Ratio Rank: 23
WTIU Calmar Ratio Rank: 21
WTIU Martin Ratio Rank: 20

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MZZ vs. WTIU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) and MicroSectors Energy 3X Leveraged ETN (WTIU). 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	WTIU	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	0.54	-1.43
Sortino ratio: Return per unit of downside risk	-1.16	1.12	-2.28
Omega ratio: Gain probability vs. loss probability	0.87	1.14	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.80	0.77	-1.57
Martin ratio: Return relative to average drawdown	-1.48	1.82	-3.29

MZZ vs. WTIU - Sharpe Ratio Comparison

The current MZZ Sharpe Ratio is -0.88, which is lower than the WTIU Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of MZZ and WTIU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MZZ vs. WTIU - Drawdown Comparison

The maximum MZZ drawdown since its inception was -99.90%, which is greater than WTIU's maximum drawdown of -75.73%. Use the drawdown chart below to compare losses from any high point for MZZ and WTIU.

Drawdown Indicators

	MZZ	WTIU	Difference
Max Drawdown Largest peak-to-trough decline	-99.90%	-75.73%	-24.17%
Max Drawdown (1Y) Largest decline over 1 year	-35.02%	-48.11%	+13.09%
Max Drawdown (3Y) Largest decline over 3 years	-64.13%	-75.73%	+11.60%
Max Drawdown (5Y) Largest decline over 5 years	-70.29%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-94.79%	—	—
Current Drawdown Current decline from peak	-99.90%	-45.35%	-54.55%
Average Drawdown Average peak-to-trough decline	-86.13%	-39.32%	-46.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.96%	20.31%	-1.35%

Volatility

MZZ vs. WTIU - Volatility Comparison

The current volatility for ProShares UltraShort MidCap400 (MZZ) is 9.27%, while MicroSectors Energy 3X Leveraged ETN (WTIU) has a volatility of 22.38%. This indicates that MZZ experiences smaller price fluctuations and is considered to be less risky than WTIU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MZZ	WTIU	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.27%	22.38%	-13.11%
Volatility (6M) Calculated over the trailing 6-month period	23.59%	56.52%	-32.93%
Volatility (1Y) Calculated over the trailing 1-year period	31.72%	68.41%	-36.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.15%	70.70%	-31.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.23%	70.70%	-29.47%

MZZ vs. WTIU - Expense Ratio Comparison

Both MZZ and WTIU have an expense ratio of 0.95%.

Dividends

MZZ vs. WTIU - Dividend Comparison

MZZ's dividend yield for the trailing twelve months is around 5.67%, while WTIU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MZZ ProShares UltraShort MidCap400	5.67%	5.27%	6.36%	4.52%	0.25%	0.00%	0.22%	1.53%	0.53%
WTIU MicroSectors Energy 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MZZ and WTIU in my portfolio?

MZZ and WTIU have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MZZ or WTIU?

WTIU has higher volatility (22.38%) compared to MZZ (9.27%). In terms of maximum drawdown, MZZ dropped -99.90% vs WTIU's -75.73%.

Which ETF is better, MZZ or WTIU?

On 3-year performance, WTIU leads with -3.94% vs -20.89% 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.

Which ETF has performed better, MZZ or WTIU?

Over the 3-year period, WTIU has performed better with a -3.94% return vs -20.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MZZ or WTIU?

MZZ and WTIU have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, MZZ or WTIU?

MZZ has the higher dividend yield at 5.67%, compared with 0.00% for WTIU.

What is the main difference between MZZ and WTIU?

MZZ tracks S&P MidCap 400 Index (-200%), while WTIU tracks Solactive MicroSectors Energy Index - Benchmark TR Gross (--300%). They also come from different issuers: ProShares and REX.

Which has better risk-adjusted returns?

WTIU currently has the higher Sharpe Ratio (0.54 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.