SMDD vs. ASMG

Last updated Jun 25, 2026

SMDD (ProShares UltraPro Short MidCap400) and ASMG (Leverage Shares 2X Long ASML Daily ETF) are both Leveraged Equities funds. SMDD is passively managed, while ASMG is actively managed. Over the past year, SMDD returned -48.94% vs 248.90% for ASMG. At a correlation of -0.53, they often move in opposite directions. SMDD charges 0.95%/yr vs 0.75%/yr for ASMG.

Performance

SMDD vs. ASMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short MidCap400 (SMDD) and Leverage Shares 2X Long ASML Daily ETF (ASMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMDD achieves a -36.25% return, which is significantly lower than ASMG's 128.07% return.

SMDD

• 1D: -2.43%
• 1M: -10.32%
• YTD: -36.25%
• 6M: -32.21%
• 1Y: -48.94%
• 3Y*: -38.79%
• 5Y*: -30.05%
• 10Y*: -40.87%

ASMG

• 1D: -2.00%
• 1M: 11.41%
• YTD: 128.07%
• 6M: 129.18%
• 1Y: 248.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMDD vs. ASMG - Yearly Performance Comparison

	2026 (YTD)	2025
SMDD ProShares UltraPro Short MidCap400	-36.25%	-27.38%
ASMG Leverage Shares 2X Long ASML Daily ETF	128.07%	62.68%

Correlation

The correlation between SMDD and ASMG is -0.48, 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	-0.48
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	-0.53

The correlation between SMDD and ASMG has been stable across timeframes, ranging from -0.53 to -0.48 - a consistent structural relationship.

Return for Risk

SMDD vs. ASMG — Risk / Return Rank

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

SMDD

SMDD Risk / Return Rank: 1
SMDD Sharpe Ratio Rank: 1
SMDD Sortino Ratio Rank: 1
SMDD Omega Ratio Rank: 1
SMDD Calmar Ratio Rank: 1
SMDD Martin Ratio Rank: 0

ASMG

ASMG Risk / Return Rank: 84
ASMG Sharpe Ratio Rank: 92
ASMG Sortino Ratio Rank: 75
ASMG Omega Ratio Rank: 70
ASMG Calmar Ratio Rank: 95
ASMG Martin Ratio Rank: 90

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.

SMDD vs. ASMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and Leverage Shares 2X Long ASML Daily ETF (ASMG). 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.

	SMDD	ASMG	Difference
Sharpe ratio: Return per unit of total volatility	-1.03	2.88	-3.91
Sortino ratio: Return per unit of downside risk	-1.55	2.96	-4.50
Omega ratio: Gain probability vs. loss probability	0.82	1.36	-0.54
Calmar ratio: Return relative to maximum drawdown	-0.97	7.25	-8.22
Martin ratio: Return relative to average drawdown	-1.68	17.93	-19.61

SMDD vs. ASMG - Sharpe Ratio Comparison

The current SMDD Sharpe Ratio is -1.03, which is lower than the ASMG Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of SMDD and ASMG, 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

SMDD vs. ASMG - Drawdown Comparison

The maximum SMDD drawdown since its inception was -99.99%, which is greater than ASMG's maximum drawdown of -43.95%. Use the drawdown chart below to compare losses from any high point for SMDD and ASMG.

Drawdown Indicators

	SMDD	ASMG	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-43.95%	-56.04%
Max Drawdown (1Y) Largest decline over 1 year	-50.54%	-34.56%	-15.98%
Max Drawdown (3Y) Largest decline over 3 years	-81.99%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-87.81%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.52%	—	—
Current Drawdown Current decline from peak	-99.99%	-17.62%	-82.37%
Average Drawdown Average peak-to-trough decline	-92.96%	-12.93%	-80.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.20%	13.95%	+15.25%

Volatility

SMDD vs. ASMG - Volatility Comparison

The current volatility for ProShares UltraPro Short MidCap400 (SMDD) is 14.01%, while Leverage Shares 2X Long ASML Daily ETF (ASMG) has a volatility of 37.19%. This indicates that SMDD experiences smaller price fluctuations and is considered to be less risky than ASMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMDD	ASMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.01%	37.19%	-23.18%
Volatility (6M) Calculated over the trailing 6-month period	35.56%	70.58%	-35.02%
Volatility (1Y) Calculated over the trailing 1-year period	47.65%	87.47%	-39.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.88%	87.64%	-28.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.35%	87.64%	-24.29%

SMDD vs. ASMG - Expense Ratio Comparison

SMDD has a 0.95% expense ratio, which is higher than ASMG's 0.75% expense ratio.

Dividends

SMDD vs. ASMG - Dividend Comparison

SMDD's dividend yield for the trailing twelve months is around 7.31%, more than ASMG's 4.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ASMG Leverage Shares 2X Long ASML Daily ETF	4.91%	11.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMDD ProShares UltraPro Short MidCap400	7.31%	4.96%	4.09%	3.86%	0.14%	0.00%	0.13%	1.51%	0.09%

Frequently Asked Questions

Can I hold both SMDD and ASMG in my portfolio?

SMDD and ASMG have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMDD or ASMG?

ASMG has higher volatility (37.19%) compared to SMDD (14.01%). In terms of maximum drawdown, SMDD dropped -99.99% vs ASMG's -43.95%.

Which ETF is better, SMDD or ASMG?

On 1-year performance, ASMG leads with 248.90% vs -48.94% for SMDD. On fees, ASMG is cheaper at 0.75% per year. On volatility, SMDD has been the lower-risk option at 14.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMDD or ASMG?

Over the 1-year period, ASMG has performed better with a 248.90% return vs -48.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMDD or ASMG?

ASMG is cheaper with a 0.75% expense ratio, compared with 0.95% for SMDD.

Which ETF pays a higher dividend yield, SMDD or ASMG?

SMDD has the higher dividend yield at 7.31%, compared with 4.91% for ASMG.

What is the main difference between SMDD and ASMG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for SMDD and 0.75% for ASMG.

Which has better risk-adjusted returns?

ASMG currently has the higher Sharpe Ratio (2.88 vs -1.03), 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.