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 Small Cap Growth Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, SMDD returned -40.23%/yr vs 11.22%/yr for IVOO. At a correlation of -0.97, they often move in opposite directions. SMDD charges 0.95%/yr vs 0.10%/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 -33.48% return, which is significantly lower than IVOO's 14.13% return. Over the past 10 years, SMDD has underperformed IVOO with an annualized return of -40.23%, while IVOO has yielded a comparatively higher 11.22% 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%
IVOO
- 1D
- -0.02%
- 1M
- 3.90%
- YTD
- 14.13%
- 6M
- 14.37%
- 1Y
- 25.48%
- 3Y*
- 16.07%
- 5Y*
- 8.15%
- 10Y*
- 11.22%
SMDD vs. IVOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
IVOO Vanguard S&P Mid-Cap 400 ETF | 14.13% | 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 -1.00, 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 | -1.00 |
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 10, 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.
| SMDD | IVOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.70 | ||
| Sortino ratioReturn per unit of downside risk | -4.00 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.29 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 2.91 | -3.88 |
| Martin ratioReturn relative to average drawdown | -1.65 | 10.61 | -12.26 |
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 | IVOO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.05 | 1.65 | -2.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.51 | 0.42 | -0.92 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | 0.53 | -1.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | 0.62 | -1.33 |
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 | -50.42% | -8.81% | -41.61% |
Max Drawdown (3Y)Largest decline over 3 years | -81.09% | -24.22% | -56.87% |
Max Drawdown (5Y)Largest decline over 5 years | -87.20% | -24.22% | -62.98% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | -42.33% | -57.17% |
Current DrawdownCurrent decline from peak | -99.99% | -0.02% | -99.97% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -5.27% | -87.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.68% | 2.41% | +27.27% |
Volatility
SMDD vs. IVOO - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) has a higher volatility of 13.34% compared to Vanguard S&P Mid-Cap 400 ETF (IVOO) at 4.39%. 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 | 13.34% | 4.39% | +8.95% |
Volatility (6M)Calculated over the trailing 6-month period | 34.30% | 11.36% | +22.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.71% | 15.56% | +31.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.82% | 19.72% | +39.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.34% | 21.19% | +42.15% |
SMDD vs. IVOO - Expense Ratio Comparison
SMDD has a 0.95% expense ratio, which is higher than IVOO's 0.10% expense ratio.
Dividends
SMDD vs. IVOO - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 7.01%, more than IVOO's 1.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVOO Vanguard S&P Mid-Cap 400 ETF | 1.19% | 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 | 7.01% | 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 IVOO have a correlation of -1.00, 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 IVOO (4.39%). In terms of maximum drawdown, SMDD dropped -99.99% vs IVOO's -42.33%.
On 10-year performance, IVOO leads with 11.22% vs -40.23% for SMDD. On fees, IVOO is cheaper at 0.10% per year. On volatility, IVOO has been the lower-risk option at 4.39%. 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 11.22% return vs -40.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVOO is cheaper with a 0.10% expense ratio, compared with 0.95% for SMDD.
SMDD has the higher dividend yield at 7.01%, compared with 1.19% for IVOO.
SMDD is categorized as Leveraged Equities, while IVOO is Small Cap Growth 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 0.10% for IVOO.
IVOO currently has the higher Sharpe Ratio (1.65 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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