OOQB vs. SMDD
OOQB (Volatility Shares One+One Nasdaq-100® and Bitcoin ETF) and SMDD (ProShares UltraPro Short MidCap400) are both exchange-traded funds - OOQB is a Nasdaq-100 fund actively managed by Volatility Shares, while SMDD is a Leveraged Equities fund tracking the S&P MidCap 400 Index (-300%). OOQB is actively managed, while SMDD is passively managed. Over the past year, OOQB returned -27.35% vs -48.94% for SMDD. At a correlation of -0.56, they often move in opposite directions. OOQB charges 0.75%/yr vs 0.95%/yr for SMDD.
Performance
OOQB vs. SMDD - Performance Comparison
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Returns By Period
In the year-to-date period, OOQB achieves a -18.43% return, which is significantly higher than SMDD's -33.48% return.
OOQB
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- -18.43%
- 6M
- -24.99%
- 1Y
- -27.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMDD
- 1D
- 0.19%
- 1M
- -11.19%
- YTD
- -33.48%
- 6M
- -33.71%
- 1Y
- -48.94%
- 3Y*
- -38.20%
- 5Y*
- -29.60%
- 10Y*
- -40.23%
OOQB vs. SMDD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
OOQB Volatility Shares One+One Nasdaq-100® and Bitcoin ETF | -18.43% | -13.30% |
SMDD ProShares UltraPro Short MidCap400 | -33.48% | -21.44% |
Correlation
The correlation between OOQB and SMDD is -0.51, 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 | -0.51 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025 | -0.56 |
The correlation between OOQB and SMDD has been stable across timeframes, ranging from -0.56 to -0.51 - a consistent structural relationship.
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Return for Risk
OOQB vs. SMDD — Risk / Return Rank
OOQB
SMDD
OOQB vs. SMDD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Volatility Shares One+One Nasdaq-100® and Bitcoin ETF (OOQB) and ProShares UltraPro Short MidCap400 (SMDD). 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.
| OOQB | SMDD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +1.09 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 0.82 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | -0.97 | +0.46 |
| Martin ratioReturn relative to average drawdown | -0.91 | -1.65 | +0.74 |
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
| OOQB | SMDD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.53 | -1.05 | +0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.51 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.41 | -0.71 | +0.30 |
Drawdowns
OOQB vs. SMDD - Drawdown Comparison
The maximum OOQB drawdown since its inception was -53.44%, smaller than the maximum SMDD drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for OOQB and SMDD.
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Drawdown Indicators
| OOQB | SMDD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.44% | -99.99% | +46.55% |
Max Drawdown (1Y)Largest decline over 1 year | -53.44% | -50.42% | -3.02% |
Max Drawdown (3Y)Largest decline over 3 years | — | -81.09% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -87.20% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.50% | — |
Current DrawdownCurrent decline from peak | -43.69% | -99.99% | +56.30% |
Average DrawdownAverage peak-to-trough decline | -23.26% | -92.96% | +69.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.11% | 29.68% | +0.43% |
Volatility
OOQB vs. SMDD - Volatility Comparison
The current volatility for Volatility Shares One+One Nasdaq-100® and Bitcoin ETF (OOQB) is 0.00%, while ProShares UltraPro Short MidCap400 (SMDD) has a volatility of 13.34%. This indicates that OOQB experiences smaller price fluctuations and is considered to be less risky than SMDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OOQB | SMDD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 13.34% | -13.34% |
Volatility (6M)Calculated over the trailing 6-month period | 39.39% | 34.30% | +5.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.57% | 46.71% | +4.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.12% | 58.82% | -0.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.12% | 63.34% | -5.22% |
OOQB vs. SMDD - Expense Ratio Comparison
OOQB has a 0.75% expense ratio, which is lower than SMDD's 0.95% expense ratio.
Dividends
OOQB vs. SMDD - Dividend Comparison
OOQB's dividend yield for the trailing twelve months is around 11.62%, more than SMDD's 7.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
OOQB Volatility Shares One+One Nasdaq-100® and Bitcoin ETF | 11.62% | 9.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMDD ProShares UltraPro Short MidCap400 | 7.01% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% |
Frequently Asked Questions
OOQB and SMDD have a correlation of -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMDD has higher volatility (13.34%) compared to OOQB (0.00%). In terms of maximum drawdown, OOQB dropped -53.44% vs SMDD's -99.99%.
On 1-year performance, OOQB leads with -27.35% vs -48.94% for SMDD. On fees, OOQB is cheaper at 0.75% per year. On volatility, OOQB has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, OOQB has performed better with a -27.35% return vs -48.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OOQB is cheaper with a 0.75% expense ratio, compared with 0.95% for SMDD.
OOQB has the higher dividend yield at 11.62%, compared with 7.01% for SMDD.
OOQB is categorized as Nasdaq-100, while SMDD is Leveraged Equities. They also come from different issuers: Volatility Shares and ProShares. Their fees differ too: 0.75% for OOQB and 0.95% for SMDD.
OOQB currently has the higher Sharpe Ratio (-0.53 vs -1.05), 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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