MZZ vs. WTIU
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 -23.59%/yr vs 4.54%/yr for WTIU. At a correlation of -0.35, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
MZZ vs. WTIU - 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 WTIU's 84.16% 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%
WTIU
- 1D
- 2.52%
- 1M
- -7.88%
- YTD
- 84.16%
- 6M
- 66.93%
- 1Y
- 103.84%
- 3Y*
- 4.54%
- 5Y*
- —
- 10Y*
- —
MZZ vs. WTIU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -22.57% | -14.68% | -17.75% | -6.22% |
WTIU MicroSectors Energy 3X Leveraged ETN | 84.16% | -17.13% | -29.63% | -28.42% |
Correlation
The correlation between MZZ and WTIU is -0.06, 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 | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2023 | -0.35 |
Over the past year, the inverse relationship between MZZ and WTIU has weakened: their correlation has moved from -0.35 to -0.06, meaning they move in opposite directions less often than they have historically.
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Return for Risk
MZZ vs. WTIU — Risk / Return Rank
MZZ
WTIU
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.
| MZZ | WTIU | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.15 | 1.55 | -2.70 |
Sortino ratioReturn per unit of downside risk | -1.65 | 2.00 | -3.66 |
Omega ratioGain probability vs. loss probability | 0.81 | 1.25 | -0.44 |
Calmar ratioReturn relative to maximum drawdown | -0.99 | 2.85 | -3.84 |
Martin ratioReturn relative to average drawdown | -1.73 | 7.09 | -8.82 |
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 | WTIU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | 1.55 | -2.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.43 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.61 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.60 | -0.11 | -0.49 |
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.
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Drawdown Indicators
| MZZ | WTIU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.90% | -75.73% | -24.17% |
Max Drawdown (1Y)Largest decline over 1 year | -35.22% | -39.11% | +3.89% |
Max Drawdown (3Y)Largest decline over 3 years | -62.13% | -75.73% | +13.60% |
Max Drawdown (5Y)Largest decline over 5 years | -68.64% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -95.10% | — | — |
Current DrawdownCurrent decline from peak | -99.90% | -34.72% | -65.18% |
Average DrawdownAverage peak-to-trough decline | -86.07% | -39.19% | -46.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.39% | 15.74% | +4.65% |
Volatility
MZZ vs. WTIU - Volatility Comparison
The current volatility for ProShares UltraShort MidCap400 (MZZ) is 8.88%, while MicroSectors Energy 3X Leveraged ETN (WTIU) has a volatility of 27.04%. 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.
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Volatility by Period
| MZZ | WTIU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.88% | 27.04% | -18.16% |
Volatility (6M)Calculated over the trailing 6-month period | 22.99% | 54.87% | -31.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.15% | 67.49% | -36.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.16% | 70.62% | -31.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.39% | 70.62% | -29.23% |
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 6.70%, while WTIU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | 6.70% | 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
MZZ and WTIU have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WTIU has higher volatility (27.04%) compared to MZZ (8.88%). In terms of maximum drawdown, MZZ dropped -99.90% vs WTIU's -75.73%.
On 3-year performance, WTIU leads with 4.54% vs -23.59% 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 3-year period, WTIU has performed better with a 4.54% return vs -23.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MZZ and WTIU have the same expense ratio: 0.95% per year.
MZZ has the higher dividend yield at 6.70%, compared with 0.00% for 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.
WTIU currently has the higher Sharpe Ratio (1.55 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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