SMDD vs. GGLL
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 -38.20%/yr vs 65.97%/yr for GGLL. At a correlation of -0.40, they often move in opposite directions. SMDD charges 0.95%/yr vs 1.05%/yr for GGLL.
Performance
SMDD vs. GGLL - 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 GGLL's 22.24% 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%
GGLL
- 1D
- -1.40%
- 1M
- -13.22%
- YTD
- 22.24%
- 6M
- 15.91%
- 1Y
- 293.20%
- 3Y*
- 65.97%
- 5Y*
- —
- 10Y*
- —
SMDD vs. GGLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -33.48% | -27.46% | -31.02% | -38.37% | -10.82% |
GGLL Direxion Daily GOOGL Bull 2X Shares | 22.24% | 123.07% | 48.88% | 81.20% | -30.35% |
Correlation
The correlation between SMDD and GGLL is -0.35, 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 | -0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.35 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | -0.40 |
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Return for Risk
SMDD vs. GGLL — Risk / Return Rank
SMDD
GGLL
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.
| SMDD | GGLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.12 | ||
| Sortino ratioReturn per unit of downside risk | -6.55 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.60 | -0.78 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 7.69 | -8.67 |
| Martin ratioReturn relative to average drawdown | -1.65 | 26.53 | -28.18 |
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 | GGLL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.05 | 5.07 | -6.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.51 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | 0.99 | -1.69 |
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.
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Drawdown Indicators
| SMDD | GGLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -52.81% | -47.18% |
Max Drawdown (1Y)Largest decline over 1 year | -50.42% | -38.39% | -12.03% |
Max Drawdown (3Y)Largest decline over 3 years | -81.09% | -52.81% | -28.28% |
Max Drawdown (5Y)Largest decline over 5 years | -87.20% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -21.02% | -78.97% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -15.17% | -77.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.68% | 11.11% | +18.57% |
Volatility
SMDD vs. GGLL - Volatility Comparison
The current volatility for ProShares UltraPro Short MidCap400 (SMDD) is 13.34%, while Direxion Daily GOOGL Bull 2X Shares (GGLL) has a volatility of 16.60%. 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.
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Volatility by Period
| SMDD | GGLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.34% | 16.60% | -3.26% |
Volatility (6M)Calculated over the trailing 6-month period | 34.30% | 40.70% | -6.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.71% | 58.40% | -11.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.82% | 56.03% | +2.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.34% | 56.03% | +7.31% |
SMDD vs. GGLL - Expense Ratio Comparison
SMDD has a 0.95% expense ratio, which is lower than GGLL's 1.05% expense ratio.
Dividends
SMDD vs. GGLL - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 7.01%, more than GGLL's 3.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
GGLL Direxion Daily GOOGL Bull 2X Shares | 3.73% | 4.16% | 3.29% | 2.05% | 0.59% | 0.00% | 0.00% | 0.00% | 0.00% |
SMDD ProShares UltraPro Short MidCap400 | 7.01% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% |
Frequently Asked Questions
SMDD and GGLL have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GGLL has higher volatility (16.60%) compared to SMDD (13.34%). In terms of maximum drawdown, SMDD dropped -99.99% vs GGLL's -52.81%.
On 3-year performance, GGLL leads with 65.97% vs -38.20% 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 3-year period, GGLL has performed better with a 65.97% return vs -38.20%. 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 1.05% for GGLL.
SMDD has the higher dividend yield at 7.01%, compared with 3.73% for 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 1.05% for GGLL.
GGLL currently has the higher Sharpe Ratio (5.07 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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