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SMDD vs. FNX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMDD vs. FNX

Last updated Jun 4, 2026

SMDD (ProShares UltraPro Short MidCap400) and FNX (First Trust Mid Cap Core AlphaDEX Fund) are both exchange-traded funds - SMDD is a Leveraged Equities fund tracking the S&P MidCap 400 Index (-300%), while FNX is a Mid Cap Blend Equities fund tracking the NASDAQ AlphaDEX Mid Cap Core Index. Both are passively managed. Over the past 10 years, SMDD returned -40.23%/yr vs 11.90%/yr for FNX. At a correlation of -0.96, they often move in opposite directions. SMDD charges 0.95%/yr vs 0.60%/yr for FNX.

Performance

SMDD vs. FNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short MidCap400 (SMDD) and First Trust Mid Cap Core AlphaDEX Fund (FNX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SMDD achieves a -33.48% return, which is significantly lower than FNX's 11.81% return. Over the past 10 years, SMDD has underperformed FNX with an annualized return of -40.23%, while FNX has yielded a comparatively higher 11.90% 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%

FNX

1D
-0.18%
1M
2.71%
YTD
11.81%
6M
11.61%
1Y
26.57%
3Y*
16.99%
5Y*
8.31%
10Y*
11.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMDD vs. FNX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
FNX
First Trust Mid Cap Core AlphaDEX Fund		11.81%9.87%12.21%20.39%-13.57%25.05%16.04%26.97%-11.23%17.66%

Correlation

The correlation between SMDD and FNX is -0.97, 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

-0.97

Correlation (3Y)
Calculated over the trailing 3-year period

-0.97

Correlation (5Y)
Calculated over the trailing 5-year period

-0.98

Correlation (10Y)
Calculated over the trailing 10-year period

-0.95

Correlation (All Time)
Calculated using the full available price history since Feb 12, 2010

-0.96

The correlation between SMDD and FNX has been stable across timeframes, ranging from -0.98 to -0.95 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraPro Short MidCap400

First Trust Mid Cap Core AlphaDEX Fund

Often compared with SMDD:
SMDD vs. UMDDSMDD vs. XMMOSMDD vs. TZASMDD vs. XTJLSMDD vs. OOQBSMDD vs. ARMGSMDD vs. TSYX
Often compared with FNX:
FNX vs. FNCMXFNX vs. MDYFNX vs. FLQMFNX vs. AVMVFNX vs. SPYFNX vs. VOFNX vs. VOE

Return for Risk

SMDD vs. FNX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMDD
SMDD Risk / Return Rank: 11
Overall Rank
SMDD Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SMDD Sortino Ratio Rank: 11
Sortino Ratio Rank
SMDD Omega Ratio Rank: 11
Omega Ratio Rank
SMDD Calmar Ratio Rank: 11
Calmar Ratio Rank
SMDD Martin Ratio Rank: 11
Martin Ratio Rank
FNX
FNX Risk / Return Rank: 5252
Overall Rank
FNX Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
FNX Sortino Ratio Rank: 5050
Sortino Ratio Rank
FNX Omega Ratio Rank: 4646
Omega Ratio Rank
FNX Calmar Ratio Rank: 5959
Calmar Ratio Rank
FNX Martin Ratio Rank: 5656
Martin Ratio Rank
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. FNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and First Trust Mid Cap Core AlphaDEX Fund (FNX). 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.

SMDDFNXDifference
Sharpe ratioReturn per unit of total volatility
-1.05
1.66

-2.72

Sortino ratioReturn per unit of downside risk
-1.59
2.44

-4.04

Omega ratioGain probability vs. loss probability

0.82

1.29

-0.47

Calmar ratioReturn relative to maximum drawdown

-0.97

2.89

-3.86

Martin ratioReturn relative to average drawdown

-1.65

9.95

-11.60

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMDD vs. FNX - Sharpe Ratio Comparison

The current SMDD Sharpe Ratio is -1.05, which is lower than the FNX Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of SMDD and FNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SMDDFNXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.05

1.66

-2.72

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.51

0.41

-0.91

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.64

0.54

-1.18

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.71

0.42

-1.13

Drawdowns

SMDD vs. FNX - Drawdown Comparison

The maximum SMDD drawdown since its inception was -99.99%, which is greater than FNX's maximum drawdown of -57.11%. Use the drawdown chart below to compare losses from any high point for SMDD and FNX.

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Drawdown Indicators

SMDDFNXDifference

Max Drawdown

Largest peak-to-trough decline

-99.99%

-57.11%

-42.88%

Max Drawdown (1Y)

Largest decline over 1 year

-50.42%

-9.24%

-41.18%

Max Drawdown (3Y)

Largest decline over 3 years

-81.09%

-24.97%

-56.12%

Max Drawdown (5Y)

Largest decline over 5 years

-87.20%

-24.97%

-62.23%

Max Drawdown (10Y)

Largest decline over 10 years

-99.50%

-43.95%

-55.55%

Current Drawdown

Current decline from peak

-99.99%

-0.77%

-99.22%

Average Drawdown

Average peak-to-trough decline

-92.96%

-8.41%

-84.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

29.68%

2.68%

+27.00%

Volatility

SMDD vs. FNX - Volatility Comparison

ProShares UltraPro Short MidCap400 (SMDD) has a higher volatility of 13.34% compared to First Trust Mid Cap Core AlphaDEX Fund (FNX) at 4.63%. This indicates that SMDD's price experiences larger fluctuations and is considered to be riskier than FNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMDDFNXDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.34%

4.63%

+8.71%

Volatility (6M)

Calculated over the trailing 6-month period

34.30%

11.43%

+22.87%

Volatility (1Y)

Calculated over the trailing 1-year period

46.71%

16.11%

+30.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

58.82%

20.49%

+38.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

63.34%

21.97%

+41.37%

SMDD vs. FNX - Expense Ratio Comparison

SMDD has a 0.95% expense ratio, which is higher than FNX's 0.60% expense ratio.

Dividends

SMDD vs. FNX - Dividend Comparison

SMDD's dividend yield for the trailing twelve months is around 7.01%, more than FNX's 0.83% yield.

PositionTTM20252024202320222021202020192018201720162015
FNX
First Trust Mid Cap Core AlphaDEX Fund		0.83%0.88%1.26%1.11%1.19%0.94%1.04%1.21%1.01%0.90%1.07%1.07%
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%0.00%0.00%

Frequently Asked Questions

SMDD and FNX have a correlation of -0.97, 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 FNX (4.63%). In terms of maximum drawdown, SMDD dropped -99.99% vs FNX's -57.11%.

On 10-year performance, FNX leads with 11.90% vs -40.23% for SMDD. On fees, FNX is cheaper at 0.60% per year. On volatility, FNX has been the lower-risk option at 4.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FNX has performed better with a 11.90% return vs -40.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FNX is cheaper with a 0.60% expense ratio, compared with 0.95% for SMDD.

SMDD has the higher dividend yield at 7.01%, compared with 0.83% for FNX.

SMDD is categorized as Leveraged Equities, while FNX is Mid Cap Blend Equities. SMDD tracks S&P MidCap 400 Index (-300%), while FNX tracks NASDAQ AlphaDEX Mid Cap Core Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for SMDD and 0.60% for FNX.

FNX currently has the higher Sharpe Ratio (1.66 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.

Portfolio Optimizer

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