SMDD vs. ERX
SMDD (ProShares UltraPro Short MidCap400) and ERX (Direxion Daily Energy Bull 2X Shares) are both Leveraged Equities funds - SMDD tracks the S&P MidCap 400 Index (-300%) while ERX tracks the Energy Select Sector Index (300%). Both are passively managed. Over the past 10 years, SMDD returned -40.23%/yr vs -8.79%/yr for ERX. At a correlation of -0.62, they often move in opposite directions. SMDD charges 0.95%/yr vs 1.09%/yr for ERX.
Performance
SMDD vs. ERX - Performance Comparison
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Returns By Period
In the year-to-date period, SMDD achieves a -33.48% return, which is significantly lower than ERX's 66.93% return. Over the past 10 years, SMDD has underperformed ERX with an annualized return of -40.23%, while ERX has yielded a comparatively higher -8.79% annualized return.
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%
ERX
- 1D
- 2.68%
- 1M
- -3.38%
- YTD
- 66.93%
- 6M
- 59.74%
- 1Y
- 90.37%
- 3Y*
- 23.69%
- 5Y*
- 28.75%
- 10Y*
- -8.79%
SMDD vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -33.48% | -27.46% | -31.02% | -38.37% | 7.69% | -58.01% | -74.71% | -53.34% | 33.50% | -39.87% |
ERX Direxion Daily Energy Bull 2X Shares | 66.93% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
Correlation
The correlation between SMDD and ERX is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.53 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010 | -0.62 |
Over the past year, the inverse relationship between SMDD and ERX has weakened: their correlation has moved from -0.62 to -0.08, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SMDD vs. ERX — Risk / Return Rank
SMDD
ERX
SMDD vs. ERX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and Direxion Daily Energy Bull 2X Shares (ERX). 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.
| SMDD | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.27 | ||
| Sortino ratioReturn per unit of downside risk | -4.21 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.32 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 3.89 | -4.87 |
| Martin ratioReturn relative to average drawdown | -1.65 | 10.60 | -12.25 |
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
| SMDD | ERX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.05 | 2.21 | -3.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.51 | 0.56 | -1.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | -0.13 | -0.51 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | -0.09 | -0.62 |
Drawdowns
SMDD vs. ERX - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, roughly equal to the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for SMDD and ERX.
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Drawdown Indicators
| SMDD | ERX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -99.54% | -0.45% |
Max Drawdown (1Y)Largest decline over 1 year | -50.42% | -23.34% | -27.08% |
Max Drawdown (3Y)Largest decline over 3 years | -81.09% | -42.34% | -38.75% |
Max Drawdown (5Y)Largest decline over 5 years | -87.20% | -46.90% | -40.30% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | -98.59% | -0.91% |
Current DrawdownCurrent decline from peak | -99.99% | -91.57% | -8.42% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -67.02% | -25.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.68% | 8.57% | +21.11% |
Volatility
SMDD vs. ERX - Volatility Comparison
The current volatility for ProShares UltraPro Short MidCap400 (SMDD) is 13.34%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 16.49%. This indicates that SMDD experiences smaller price fluctuations and is considered to be less risky than ERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMDD | ERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.34% | 16.49% | -3.15% |
Volatility (6M)Calculated over the trailing 6-month period | 34.30% | 33.45% | +0.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.71% | 41.14% | +5.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.82% | 51.98% | +6.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.34% | 69.18% | -5.84% |
SMDD vs. ERX - Expense Ratio Comparison
SMDD has a 0.95% expense ratio, which is lower than ERX's 1.09% expense ratio.
Dividends
SMDD vs. ERX - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 7.01%, more than ERX's 1.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.61% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
SMDD ProShares UltraPro Short MidCap400 | 7.01% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% | 0.00% |
Frequently Asked Questions
SMDD and ERX have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERX has higher volatility (16.49%) compared to SMDD (13.34%). In terms of maximum drawdown, SMDD dropped -99.99% vs ERX's -99.54%.
On 10-year performance, ERX leads with -8.79% vs -40.23% for SMDD. On fees, SMDD is cheaper at 0.95% per year. On volatility, SMDD has been the lower-risk option at 13.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ERX has performed better with a -8.79% return vs -40.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMDD is cheaper with a 0.95% expense ratio, compared with 1.09% for ERX.
SMDD has the higher dividend yield at 7.01%, compared with 1.61% for ERX.
SMDD tracks S&P MidCap 400 Index (-300%), while ERX tracks Energy Select Sector Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SMDD and 1.09% for ERX.
ERX currently has the higher Sharpe Ratio (2.21 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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