OOQB vs. SMDD

Last updated Apr 1, 2026

Compare and contrast key facts about Volatility Shares One+One Nasdaq-100® and Bitcoin ETF (OOQB) and ProShares UltraPro Short MidCap400 (SMDD).

OOQB and SMDD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. OOQB is an actively managed fund by Volatility Shares. It was launched on Feb 18, 2025. SMDD is a passively managed fund by ProShares that tracks the performance of the S&P MidCap 400 Index (-300%). It was launched on Feb 11, 2010.

Performance

OOQB vs. SMDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares One+One Nasdaq-100® and Bitcoin ETF (OOQB) and ProShares UltraPro Short MidCap400 (SMDD). The values are adjusted to include any dividend payments, if applicable.

OOQB vs. SMDD - Yearly Performance Comparison

	2026 (YTD)	2025
OOQB Volatility Shares One+One Nasdaq-100® and Bitcoin ETF	-28.69%	-13.30%
SMDD ProShares UltraPro Short MidCap400	-8.06%	-21.44%

Returns By Period

In the year-to-date period, OOQB achieves a -28.69% return, which is significantly lower than SMDD's -8.06% return.

OOQB

• 1D: 5.72%
• 1M: -2.59%
• YTD: -28.69%
• 6M: -45.98%
• 1Y: -14.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMDD

• 1D: -8.39%
• 1M: 16.17%
• YTD: -8.06%
• 6M: -12.25%
• 1Y: -44.74%
• 3Y*: -31.21%
• 5Y*: -26.72%
• 10Y*: -39.00%

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

OOQB vs. SMDD - Expense Ratio Comparison

OOQB has a 0.75% expense ratio, which is lower than SMDD's 0.95% expense ratio.

SMDD

ProShares UltraPro Short MidCap400

OOQB

Volatility Shares One+One Nasdaq-100® and Bitcoin ETF

Return for Risk

OOQB vs. SMDD — Risk / Return Rank

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

OOQB

OOQB Risk / Return Rank: 8
OOQB Sharpe Ratio Rank: 7
OOQB Sortino Ratio Rank: 10
OOQB Omega Ratio Rank: 10
OOQB Calmar Ratio Rank: 7
OOQB Martin Ratio Rank: 6

SMDD

SMDD Risk / Return Rank: 3
SMDD Sharpe Ratio Rank: 2
SMDD Sortino Ratio Rank: 2
SMDD Omega Ratio Rank: 2
SMDD Calmar Ratio Rank: 2
SMDD Martin Ratio Rank: 5

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.

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 ratio Return per unit of total volatility	-0.25	-0.71	+0.47
Sortino ratio Return per unit of downside risk	0.04	-0.84	+0.88
Omega ratio Gain probability vs. loss probability	1.01	0.89	+0.12
Calmar ratio Return relative to maximum drawdown	-0.30	-0.67	+0.37
Martin ratio Return relative to average drawdown	-0.66	-0.84	+0.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OOQB vs. SMDD - Sharpe Ratio Comparison

The current OOQB Sharpe Ratio is -0.25, which is higher than the SMDD Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of OOQB and SMDD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	OOQB	SMDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.25	-0.71	+0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.46	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.57	-0.69	+0.12

Correlation

The correlation between OOQB and SMDD is -0.60. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

OOQB vs. SMDD - Dividend Comparison

OOQB's dividend yield for the trailing twelve months is around 13.89%, more than SMDD's 5.07% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
OOQB Volatility Shares One+One Nasdaq-100® and Bitcoin ETF	13.89%	9.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMDD ProShares UltraPro Short MidCap400	5.07%	4.96%	4.09%	3.86%	0.14%	0.00%	0.13%	1.51%	0.09%

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.

Drawdown Indicators

	OOQB	SMDD	Difference
Max Drawdown Largest peak-to-trough decline	-53.44%	-99.99%	+46.55%
Max Drawdown (1Y) Largest decline over 1 year	-53.44%	-67.39%	+13.95%
Max Drawdown (5Y) Largest decline over 5 years	—	-85.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.45%	—
Current Drawdown Current decline from peak	-50.78%	-99.98%	+49.20%
Average Drawdown Average peak-to-trough decline	-19.94%	-92.88%	+72.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.98%	53.40%	-29.42%

Volatility

OOQB vs. SMDD - Volatility Comparison

Volatility Shares One+One Nasdaq-100® and Bitcoin ETF (OOQB) and ProShares UltraPro Short MidCap400 (SMDD) have volatilities of 18.69% and 19.39%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OOQB	SMDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.69%	19.39%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	46.05%	35.71%	+10.34%
Volatility (1Y) Calculated over the trailing 1-year period	59.59%	62.95%	-3.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.96%	58.83%	+3.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.96%	63.28%	-1.32%