SMDD vs. IVOO
SMDD (ProShares UltraPro Short MidCap400) and IVOO (Vanguard S&P Mid-Cap 400 ETF) are both exchange-traded funds - SMDD is a Leveraged Equities fund tracking the S&P MidCap 400 Index (-300%), while IVOO is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, SMDD returned -40.87%/yr vs 11.63%/yr for IVOO. At a correlation of -0.97, they often move in opposite directions. SMDD charges 0.95%/yr vs 0.07%/yr for IVOO.
Performance
SMDD vs. IVOO - Performance Comparison
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Returns By Period
In the year-to-date period, SMDD achieves a -36.25% return, which is significantly lower than IVOO's 15.03% return. Over the past 10 years, SMDD has underperformed IVOO with an annualized return of -40.87%, while IVOO has yielded a comparatively higher 11.63% annualized 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%
IVOO
- 1D
- 0.34%
- 1M
- 3.04%
- YTD
- 15.03%
- 6M
- 12.87%
- 1Y
- 24.45%
- 3Y*
- 16.21%
- 5Y*
- 8.31%
- 10Y*
- 11.63%
SMDD vs. IVOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -36.25% | -27.46% | -31.02% | -38.37% | 7.69% | -58.01% | -74.71% | -53.34% | 33.50% | -39.87% |
IVOO Vanguard S&P Mid-Cap 400 ETF | 15.03% | 7.47% | 13.77% | 16.45% | -13.17% | 24.61% | 13.61% | 26.18% | -11.33% | 16.38% |
Correlation
The correlation between SMDD and IVOO is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.97 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | -0.97 |
The correlation between SMDD and IVOO has been stable across timeframes, ranging from -1.00 to -0.97 - a consistent structural relationship.
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Return for Risk
SMDD vs. IVOO — Risk / Return Rank
SMDD
IVOO
SMDD vs. IVOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and Vanguard S&P Mid-Cap 400 ETF (IVOO). 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 | IVOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.58 | ||
| Sortino ratioReturn per unit of downside risk | -3.82 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.27 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 2.79 | -3.76 |
| Martin ratioReturn relative to average drawdown | -1.68 | 10.17 | -11.84 |
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Drawdowns
SMDD vs. IVOO - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, which is greater than IVOO's maximum drawdown of -42.33%. Use the drawdown chart below to compare losses from any high point for SMDD and IVOO.
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Drawdown Indicators
| SMDD | IVOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -42.33% | -57.66% |
Max Drawdown (1Y)Largest decline over 1 year | -50.54% | -8.81% | -41.73% |
Max Drawdown (3Y)Largest decline over 3 years | -81.99% | -24.22% | -57.77% |
Max Drawdown (5Y)Largest decline over 5 years | -87.81% | -24.22% | -63.59% |
Max Drawdown (10Y)Largest decline over 10 years | -99.52% | -42.33% | -57.19% |
Current DrawdownCurrent decline from peak | -99.99% | -0.79% | -99.20% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -5.25% | -87.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.20% | 2.41% | +26.79% |
Volatility
SMDD vs. IVOO - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) has a higher volatility of 14.01% compared to Vanguard S&P Mid-Cap 400 ETF (IVOO) at 4.68%. This indicates that SMDD's price experiences larger fluctuations and is considered to be riskier than IVOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMDD | IVOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.01% | 4.68% | +9.33% |
Volatility (6M)Calculated over the trailing 6-month period | 35.56% | 11.75% | +23.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.65% | 15.87% | +31.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.88% | 19.74% | +39.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.35% | 21.18% | +42.17% |
SMDD vs. IVOO - Expense Ratio Comparison
SMDD has a 0.95% expense ratio, which is higher than IVOO's 0.07% expense ratio.
Dividends
SMDD vs. IVOO - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 7.31%, more than IVOO's 1.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVOO Vanguard S&P Mid-Cap 400 ETF | 1.18% | 1.35% | 1.30% | 1.25% | 1.58% | 1.14% | 1.23% | 1.49% | 1.56% | 1.22% | 1.37% | 1.45% |
SMDD ProShares UltraPro Short MidCap400 | 7.31% | 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 IVOO have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMDD has higher volatility (14.01%) compared to IVOO (4.68%). In terms of maximum drawdown, SMDD dropped -99.99% vs IVOO's -42.33%.
On 10-year performance, IVOO leads with 11.63% vs -40.87% for SMDD. On fees, IVOO is cheaper at 0.07% per year. On volatility, IVOO has been the lower-risk option at 4.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IVOO has performed better with a 11.63% return vs -40.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVOO is cheaper with a 0.07% expense ratio, compared with 0.95% for SMDD.
SMDD has the higher dividend yield at 7.31%, compared with 1.18% for IVOO.
SMDD is categorized as Leveraged Equities, while IVOO is Mid Cap Blend Equities. SMDD tracks S&P MidCap 400 Index (-300%), while IVOO tracks S&P MidCap 400 Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.95% for SMDD and 0.07% for IVOO.
IVOO currently has the higher Sharpe Ratio (1.55 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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