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 -40.87%/yr vs -10.44%/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 -36.25% return, which is significantly lower than ERX's 39.90% return. Over the past 10 years, SMDD has underperformed ERX with an annualized return of -40.87%, while ERX has yielded a comparatively higher -10.44% annualized 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%
ERX
- 1D
- -3.19%
- 1M
- -18.65%
- YTD
- 39.90%
- 6M
- 41.93%
- 1Y
- 53.28%
- 3Y*
- 18.69%
- 5Y*
- 24.28%
- 10Y*
- -10.44%
SMDD vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -36.25% | -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 | 39.90% | 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 | -0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.52 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 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.
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 | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.31 | ||
| Sortino ratioReturn per unit of downside risk | -3.32 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.21 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 1.88 | -2.85 |
| Martin ratioReturn relative to average drawdown | -1.68 | 5.39 | -7.06 |
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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 | -50.54% | -28.49% | -22.05% |
Max Drawdown (3Y)Largest decline over 3 years | -81.99% | -42.34% | -39.65% |
Max Drawdown (5Y)Largest decline over 5 years | -87.81% | -46.90% | -40.91% |
Max Drawdown (10Y)Largest decline over 10 years | -99.52% | -98.59% | -0.93% |
Current DrawdownCurrent decline from peak | -99.99% | -92.94% | -7.05% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -67.10% | -25.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.20% | 9.92% | +19.28% |
Volatility
SMDD vs. ERX - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) and Direxion Daily Energy Bull 2X Shares (ERX) have volatilities of 14.01% and 14.55%, 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.
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Volatility by Period
| SMDD | ERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.01% | 14.55% | -0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 35.56% | 34.19% | +1.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.65% | 41.83% | +5.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.88% | 51.93% | +6.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.35% | 69.08% | -5.73% |
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 7.31%, more than ERX's 1.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.82% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
SMDD ProShares UltraPro Short MidCap400 | 7.31% | 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 (14.55%) compared to SMDD (14.01%). In terms of maximum drawdown, SMDD dropped -99.99% vs ERX's -99.54%.
On 10-year performance, ERX leads with -10.44% vs -40.87% for SMDD. On fees, SMDD is cheaper at 0.95% 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.
Over the 10-year period, ERX has performed better with a -10.44% return vs -40.87%. 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 7.31%, compared with 1.82% 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 (1.28 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.
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