SMDD vs. GGLL

Last updated Jun 25, 2026

SMDD (ProShares UltraPro Short MidCap400) and GGLL (Direxion Daily GOOGL Bull 2X Shares) are both Leveraged Equities funds - SMDD tracks the S&P MidCap 400 Index (-300%) while GGLL tracks the Alphabet Inc. Class A (200%). Both are passively managed. Over the past 3 years, SMDD returned -38.79%/yr vs 62.76%/yr for GGLL. At a correlation of -0.40, they often move in opposite directions. SMDD charges 0.95%/yr vs 0.96%/yr for GGLL.

Performance

SMDD vs. GGLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short MidCap400 (SMDD) and Direxion Daily GOOGL Bull 2X Shares (GGLL). 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 GGLL's 11.42% 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%

GGLL

• 1D: -0.51%
• 1M: -20.12%
• YTD: 11.42%
• 6M: 10.36%
• 1Y: 258.46%
• 3Y*: 62.76%
• 5Y*: —
• 10Y*: —

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

SMDD vs. GGLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SMDD ProShares UltraPro Short MidCap400	-36.25%	-27.46%	-31.02%	-38.37%	-16.71%
GGLL Direxion Daily GOOGL Bull 2X Shares	11.42%	123.07%	48.88%	81.20%	-30.35%

Correlation

The correlation between SMDD and GGLL is -0.36, 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	-0.36
Correlation (3Y) Calculated over the trailing 3-year period	-0.36
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022	-0.40

Return for Risk

SMDD vs. GGLL — 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

GGLL

GGLL Risk / Return Rank: 94
GGLL Sharpe Ratio Rank: 97
GGLL Sortino Ratio Rank: 95
GGLL Omega Ratio Rank: 92
GGLL Calmar Ratio Rank: 95
GGLL Martin Ratio Rank: 93

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. GGLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and Direxion Daily GOOGL Bull 2X Shares (GGLL). 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	GGLL	Difference
Sharpe ratio: Return per unit of total volatility	-1.03	4.40	-5.43
Sortino ratio: Return per unit of downside risk	-1.55	4.49	-6.04
Omega ratio: Gain probability vs. loss probability	0.82	1.54	-0.72
Calmar ratio: Return relative to maximum drawdown	-0.97	6.78	-7.75
Martin ratio: Return relative to average drawdown	-1.68	21.59	-23.27

SMDD vs. GGLL - Sharpe Ratio Comparison

The current SMDD Sharpe Ratio is -1.03, which is lower than the GGLL Sharpe Ratio of 4.40. The chart below compares the historical Sharpe Ratios of SMDD and GGLL, 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. GGLL - Drawdown Comparison

The maximum SMDD drawdown since its inception was -99.99%, which is greater than GGLL's maximum drawdown of -52.81%. Use the drawdown chart below to compare losses from any high point for SMDD and GGLL.

Drawdown Indicators

	SMDD	GGLL	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-52.81%	-47.18%
Max Drawdown (1Y) Largest decline over 1 year	-50.54%	-38.39%	-12.15%
Max Drawdown (3Y) Largest decline over 3 years	-81.99%	-52.81%	-29.18%
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%	-28.01%	-71.98%
Average Drawdown Average peak-to-trough decline	-92.96%	-15.23%	-77.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.20%	12.03%	+17.17%

Volatility

SMDD vs. GGLL - Volatility Comparison

The current volatility for ProShares UltraPro Short MidCap400 (SMDD) is 14.01%, while Direxion Daily GOOGL Bull 2X Shares (GGLL) has a volatility of 18.95%. This indicates that SMDD experiences smaller price fluctuations and is considered to be less risky than GGLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMDD	GGLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.01%	18.95%	-4.94%
Volatility (6M) Calculated over the trailing 6-month period	35.56%	42.12%	-6.56%
Volatility (1Y) Calculated over the trailing 1-year period	47.65%	59.22%	-11.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.88%	56.19%	+2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.35%	56.19%	+7.16%

SMDD vs. GGLL - Expense Ratio Comparison

SMDD has a 0.95% expense ratio, which is lower than GGLL's 0.96% expense ratio.

Dividends

SMDD vs. GGLL - Dividend Comparison

SMDD's dividend yield for the trailing twelve months is around 7.31%, more than GGLL's 4.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
GGLL Direxion Daily GOOGL Bull 2X Shares	4.42%	4.16%	3.29%	2.05%	0.59%	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 GGLL in my portfolio?

SMDD and GGLL have a correlation of -0.36, 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 GGLL?

GGLL has higher volatility (18.95%) compared to SMDD (14.01%). In terms of maximum drawdown, SMDD dropped -99.99% vs GGLL's -52.81%.

Which ETF is better, SMDD or GGLL?

On 3-year performance, GGLL leads with 62.76% vs -38.79% 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.

Which ETF has performed better, SMDD or GGLL?

Over the 3-year period, GGLL has performed better with a 62.76% return vs -38.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMDD or GGLL?

SMDD is cheaper with a 0.95% expense ratio, compared with 0.96% for GGLL.

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

SMDD has the higher dividend yield at 7.31%, compared with 4.42% for GGLL.

What is the main difference between SMDD and GGLL?

SMDD tracks S&P MidCap 400 Index (-300%), while GGLL tracks Alphabet Inc. Class A (200%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SMDD and 0.96% for GGLL.

Which has better risk-adjusted returns?

GGLL currently has the higher Sharpe Ratio (4.40 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.