MZZ vs. XDQQ
MZZ (ProShares UltraShort MidCap400) and XDQQ (Innovator Growth Accelerated ETF - Quarterly) are both Leveraged Equities funds. MZZ is passively managed, while XDQQ is actively managed. Over the past 5 years, MZZ returned -16.74%/yr vs 8.69%/yr for XDQQ. At a correlation of -0.69, they often move in opposite directions. MZZ charges 0.95%/yr vs 0.79%/yr for XDQQ.
Performance
MZZ vs. XDQQ - 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 XDQQ's 2.63% 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%
XDQQ
- 1D
- 0.05%
- 1M
- 1.32%
- YTD
- 2.63%
- 6M
- 2.81%
- 1Y
- 17.69%
- 3Y*
- 17.96%
- 5Y*
- 8.69%
- 10Y*
- —
MZZ vs. XDQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -22.57% | -14.68% | -17.75% | -23.67% | 13.02% | -20.47% |
XDQQ Innovator Growth Accelerated ETF - Quarterly | 2.63% | 13.75% | 31.47% | 30.15% | -33.74% | 18.29% |
Correlation
The correlation between MZZ and XDQQ is -0.58, 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 | -0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.69 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021 | -0.69 |
The correlation between MZZ and XDQQ shifts across timeframes, from -0.69 (5 years) to -0.58 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MZZ vs. XDQQ — Risk / Return Rank
MZZ
XDQQ
MZZ vs. XDQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) and Innovator Growth Accelerated ETF - Quarterly (XDQQ). 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 | XDQQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.15 | 1.29 | -2.44 |
Sortino ratioReturn per unit of downside risk | -1.65 | 1.76 | -3.41 |
Omega ratioGain probability vs. loss probability | 0.81 | 1.26 | -0.45 |
Calmar ratioReturn relative to maximum drawdown | -0.99 | 1.52 | -2.51 |
Martin ratioReturn relative to average drawdown | -1.73 | 6.92 | -8.65 |
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 | XDQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | 1.29 | -2.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.43 | 0.44 | -0.87 |
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 | 0.46 | -1.06 |
Drawdowns
MZZ vs. XDQQ - Drawdown Comparison
The maximum MZZ drawdown since its inception was -99.90%, which is greater than XDQQ's maximum drawdown of -35.63%. Use the drawdown chart below to compare losses from any high point for MZZ and XDQQ.
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Drawdown Indicators
| MZZ | XDQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.90% | -35.63% | -64.27% |
Max Drawdown (1Y)Largest decline over 1 year | -35.22% | -11.84% | -23.38% |
Max Drawdown (3Y)Largest decline over 3 years | -62.13% | -23.17% | -38.96% |
Max Drawdown (5Y)Largest decline over 5 years | -68.64% | -35.63% | -33.01% |
Max Drawdown (10Y)Largest decline over 10 years | -95.10% | — | — |
Current DrawdownCurrent decline from peak | -99.90% | 0.00% | -99.90% |
Average DrawdownAverage peak-to-trough decline | -86.07% | -10.85% | -75.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.39% | 2.60% | +17.79% |
Volatility
MZZ vs. XDQQ - Volatility Comparison
ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 8.88% compared to Innovator Growth Accelerated ETF - Quarterly (XDQQ) at 0.41%. This indicates that MZZ's price experiences larger fluctuations and is considered to be riskier than XDQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MZZ | XDQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.88% | 0.41% | +8.47% |
Volatility (6M)Calculated over the trailing 6-month period | 22.99% | 11.13% | +11.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.15% | 13.81% | +17.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.16% | 19.81% | +19.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.39% | 19.66% | +21.73% |
MZZ vs. XDQQ - Expense Ratio Comparison
MZZ has a 0.95% expense ratio, which is higher than XDQQ's 0.79% expense ratio.
Dividends
MZZ vs. XDQQ - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 6.70%, while XDQQ 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% |
XDQQ Innovator Growth Accelerated ETF - Quarterly | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MZZ and XDQQ have a correlation of -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MZZ has higher volatility (8.88%) compared to XDQQ (0.41%). In terms of maximum drawdown, MZZ dropped -99.90% vs XDQQ's -35.63%.
On 5-year performance, XDQQ leads with 8.69% vs -16.74% for MZZ. On fees, XDQQ is cheaper at 0.79% per year. On volatility, XDQQ has been the lower-risk option at 0.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, XDQQ has performed better with a 8.69% return vs -16.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XDQQ is cheaper with a 0.79% expense ratio, compared with 0.95% for MZZ.
MZZ has the higher dividend yield at 6.70%, compared with 0.00% for XDQQ.
They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for MZZ and 0.79% for XDQQ.
XDQQ currently has the higher Sharpe Ratio (1.29 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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