SMDD vs. IQSM
SMDD (ProShares UltraPro Short MidCap400) and IQSM (IQ Candriam U.S. Mid Cap Equity ETF) are both exchange-traded funds - SMDD is a Leveraged Equities fund tracking the S&P MidCap 400 Index (-300%), while IQSM is a Mid Cap Blend Equities fund tracking the IQ Candriam ESG U.S. Mid Cap Equity Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, SMDD returned -38.28%/yr vs 13.57%/yr for IQSM. At a correlation of -0.98, they often move in opposite directions. SMDD charges 0.95%/yr vs 0.15%/yr for IQSM.
Performance
SMDD vs. IQSM - Performance Comparison
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Returns By Period
In the year-to-date period, SMDD achieves a -34.66% return, which is significantly lower than IQSM's 11.70% return.
SMDD
- 1D
- 3.06%
- 1M
- -8.08%
- YTD
- -34.66%
- 6M
- -30.86%
- 1Y
- -49.12%
- 3Y*
- -38.28%
- 5Y*
- -30.11%
- 10Y*
- -40.73%
IQSM
- 1D
- -0.82%
- 1M
- 1.99%
- YTD
- 11.70%
- 6M
- 9.85%
- 1Y
- 22.82%
- 3Y*
- 13.57%
- 5Y*
- —
- 10Y*
- —
SMDD vs. IQSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -34.66% | -27.46% | -31.02% | -38.37% | -16.83% |
IQSM IQ Candriam U.S. Mid Cap Equity ETF | 11.70% | 7.97% | 9.15% | 15.82% | 2.29% |
Correlation
The correlation between SMDD and IQSM 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 | -0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2022 | -0.98 |
The correlation between SMDD and IQSM has been stable across timeframes, ranging from -0.98 to -0.97 - a consistent structural relationship.
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Return for Risk
SMDD vs. IQSM — Risk / Return Rank
SMDD
IQSM
SMDD vs. IQSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and IQ Candriam U.S. Mid Cap Equity ETF (IQSM). 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 | IQSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.54 | ||
| Sortino ratioReturn per unit of downside risk | -3.75 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.26 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 2.59 | -3.56 |
| Martin ratioReturn relative to average drawdown | -1.69 | 9.42 | -11.12 |
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Drawdowns
SMDD vs. IQSM - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, which is greater than IQSM's maximum drawdown of -23.66%. Use the drawdown chart below to compare losses from any high point for SMDD and IQSM.
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Drawdown Indicators
| SMDD | IQSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -23.66% | -76.33% |
Max Drawdown (1Y)Largest decline over 1 year | -50.54% | -8.86% | -41.68% |
Max Drawdown (3Y)Largest decline over 3 years | -81.99% | -23.66% | -58.33% |
Max Drawdown (5Y)Largest decline over 5 years | -87.81% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.52% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -1.33% | -98.66% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -4.81% | -88.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.29% | 2.43% | +26.86% |
Volatility
SMDD vs. IQSM - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) has a higher volatility of 13.96% compared to IQ Candriam U.S. Mid Cap Equity ETF (IQSM) at 4.35%. This indicates that SMDD's price experiences larger fluctuations and is considered to be riskier than IQSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMDD | IQSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.96% | 4.35% | +9.61% |
Volatility (6M)Calculated over the trailing 6-month period | 35.56% | 11.46% | +24.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.65% | 15.24% | +32.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.88% | 17.88% | +41.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.35% | 17.88% | +45.47% |
SMDD vs. IQSM - Expense Ratio Comparison
SMDD has a 0.95% expense ratio, which is higher than IQSM's 0.15% expense ratio.
Dividends
SMDD vs. IQSM - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 7.14%, more than IQSM's 1.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IQSM IQ Candriam U.S. Mid Cap Equity ETF | 1.08% | 1.18% | 1.22% | 1.11% | 0.32% | 0.00% | 0.00% | 0.00% | 0.00% |
SMDD ProShares UltraPro Short MidCap400 | 7.14% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% |
Frequently Asked Questions
SMDD and IQSM 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 (13.96%) compared to IQSM (4.35%). In terms of maximum drawdown, SMDD dropped -99.99% vs IQSM's -23.66%.
On 3-year performance, IQSM leads with 13.57% vs -38.28% for SMDD. On fees, IQSM is cheaper at 0.15% per year. On volatility, IQSM has been the lower-risk option at 4.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IQSM has performed better with a 13.57% return vs -38.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IQSM is cheaper with a 0.15% expense ratio, compared with 0.95% for SMDD.
SMDD has the higher dividend yield at 7.14%, compared with 1.08% for IQSM.
SMDD is categorized as Leveraged Equities, while IQSM is Mid Cap Blend Equities. SMDD tracks S&P MidCap 400 Index (-300%), while IQSM tracks IQ Candriam ESG U.S. Mid Cap Equity Index - Benchmark TR Net. They also come from different issuers: ProShares and IndexIQ. Their fees differ too: 0.95% for SMDD and 0.15% for IQSM.
IQSM currently has the higher Sharpe Ratio (1.50 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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