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SMDD vs. ISCB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMDD vs. ISCB

Last updated Jun 4, 2026

SMDD (ProShares UltraPro Short MidCap400) and ISCB (iShares Morningstar Small-Cap ETF) are both exchange-traded funds - SMDD is a Leveraged Equities fund tracking the S&P MidCap 400 Index (-300%), while ISCB is a Small Cap Blend Equities fund tracking the Morningstar US Small Cap Extended Index. Both are passively managed. Over the past 10 years, SMDD returned -40.23%/yr vs 9.30%/yr for ISCB. At a correlation of -0.94, they often move in opposite directions. SMDD charges 0.95%/yr vs 0.04%/yr for ISCB.

Performance

SMDD vs. ISCB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short MidCap400 (SMDD) and iShares Morningstar Small-Cap ETF (ISCB). 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 ISCB's 11.43% return. Over the past 10 years, SMDD has underperformed ISCB with an annualized return of -40.23%, while ISCB has yielded a comparatively higher 9.30% 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%

ISCB

1D
-0.67%
1M
2.77%
YTD
11.43%
6M
11.42%
1Y
29.48%
3Y*
16.41%
5Y*
5.72%
10Y*
9.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMDD vs. ISCB - 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%
ISCB
iShares Morningstar Small-Cap ETF		11.43%12.46%10.90%19.51%-19.04%17.46%6.29%29.42%-13.92%12.95%

Correlation

The correlation between SMDD and ISCB 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

-0.97

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

-0.94

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

-0.94

The correlation between SMDD and ISCB has been stable across timeframes, ranging from -0.97 to -0.94 - 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

iShares Morningstar Small-Cap ETF

Often compared with SMDD:
SMDD vs. UMDDSMDD vs. XMMOSMDD vs. TZASMDD vs. XTJLSMDD vs. OOQBSMDD vs. ARMGSMDD vs. TSYX
Often compared with ISCB:
ISCB vs. VBISCB vs. ISCGISCB vs. IJRISCB vs. SPSMISCB vs. IMCBISCB vs. IWMISCB vs. SCHA

Return for Risk

SMDD vs. ISCB — 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
ISCB
ISCB Risk / Return Rank: 5656
Overall Rank
ISCB Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
ISCB Sortino Ratio Rank: 5353
Sortino Ratio Rank
ISCB Omega Ratio Rank: 4949
Omega Ratio Rank
ISCB Calmar Ratio Rank: 6363
Calmar Ratio Rank
ISCB Martin Ratio Rank: 6262
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. ISCB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and iShares Morningstar Small-Cap ETF (ISCB). 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.

SMDDISCBDifference
Sharpe ratioReturn per unit of total volatility
-1.05
1.80

-2.85

Sortino ratioReturn per unit of downside risk
-1.59
2.60

-4.19

Omega ratioGain probability vs. loss probability

0.82

1.31

-0.49

Calmar ratioReturn relative to maximum drawdown

-0.97

3.15

-4.13

Martin ratioReturn relative to average drawdown

-1.65

11.26

-12.91

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. ISCB - Sharpe Ratio Comparison

The current SMDD Sharpe Ratio is -1.05, which is lower than the ISCB Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of SMDD and ISCB, 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

SMDDISCBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.05

1.80

-2.85

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.51

0.27

-0.77

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.64

0.41

-1.05

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.71

0.38

-1.09

Drawdowns

SMDD vs. ISCB - Drawdown Comparison

The maximum SMDD drawdown since its inception was -99.99%, which is greater than ISCB's maximum drawdown of -61.25%. Use the drawdown chart below to compare losses from any high point for SMDD and ISCB.

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Drawdown Indicators

SMDDISCBDifference

Max Drawdown

Largest peak-to-trough decline

-99.99%

-61.25%

-38.74%

Max Drawdown (1Y)

Largest decline over 1 year

-50.42%

-9.39%

-41.03%

Max Drawdown (3Y)

Largest decline over 3 years

-81.09%

-26.22%

-54.87%

Max Drawdown (5Y)

Largest decline over 5 years

-87.20%

-29.94%

-57.26%

Max Drawdown (10Y)

Largest decline over 10 years

-99.50%

-44.18%

-55.32%

Current Drawdown

Current decline from peak

-99.99%

-0.67%

-99.32%

Average Drawdown

Average peak-to-trough decline

-92.96%

-9.80%

-83.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

29.68%

2.63%

+27.05%

Volatility

SMDD vs. ISCB - Volatility Comparison

ProShares UltraPro Short MidCap400 (SMDD) has a higher volatility of 13.34% compared to iShares Morningstar Small-Cap ETF (ISCB) at 4.28%. This indicates that SMDD's price experiences larger fluctuations and is considered to be riskier than ISCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMDDISCBDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.34%

4.28%

+9.06%

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%

16.51%

+30.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

58.82%

21.39%

+37.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

63.34%

22.68%

+40.66%

SMDD vs. ISCB - Expense Ratio Comparison

SMDD has a 0.95% expense ratio, which is higher than ISCB's 0.04% expense ratio.

Dividends

SMDD vs. ISCB - Dividend Comparison

SMDD's dividend yield for the trailing twelve months is around 7.01%, more than ISCB's 1.27% yield.

PositionTTM20252024202320222021202020192018201720162015
ISCB
iShares Morningstar Small-Cap ETF		1.27%1.38%1.31%1.49%1.63%1.26%1.26%1.25%1.60%1.24%1.58%1.40%
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 ISCB 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 ISCB (4.28%). In terms of maximum drawdown, SMDD dropped -99.99% vs ISCB's -61.25%.

On 10-year performance, ISCB leads with 9.30% vs -40.23% for SMDD. On fees, ISCB is cheaper at 0.04% per year. On volatility, ISCB has been the lower-risk option at 4.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ISCB has performed better with a 9.30% return vs -40.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ISCB is cheaper with a 0.04% expense ratio, compared with 0.95% for SMDD.

SMDD has the higher dividend yield at 7.01%, compared with 1.27% for ISCB.

SMDD is categorized as Leveraged Equities, while ISCB is Small Cap Blend Equities. SMDD tracks S&P MidCap 400 Index (-300%), while ISCB tracks Morningstar US Small Cap Extended Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for SMDD and 0.04% for ISCB.

ISCB currently has the higher Sharpe Ratio (1.80 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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