SMDD vs. JMEE
SMDD (ProShares UltraPro Short MidCap400) and JMEE (JPMorgan Small & Mid Cap Enhanced Equity ETF) are both exchange-traded funds - SMDD is a Leveraged Equities fund tracking the S&P MidCap 400 Index (-300%), while JMEE is a Small Cap Blend Equities fund actively managed by JPMorgan. SMDD is passively managed, while JMEE is actively managed. Over the past 3 years, SMDD returned -34.48%/yr vs 15.49%/yr for JMEE. At a correlation of -0.99, they often move in opposite directions. SMDD charges 0.95%/yr vs 0.24%/yr for JMEE.
Performance
SMDD vs. JMEE - Performance Comparison
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Returns By Period
In the year-to-date period, SMDD achieves a -36.11% return, which is significantly lower than JMEE's 19.43% return.
SMDD
- 1D
- -1.63%
- 1M
- -0.00%
- 6M
- -23.09%
- YTD
- -36.11%
- 1Y
- -45.70%
- 3Y*
- -34.48%
- 5Y*
- -31.60%
- 10Y*
- -39.71%
JMEE
- 1D
- 0.48%
- 1M
- 0.79%
- 6M
- 12.12%
- YTD
- 19.43%
- 1Y
- 29.34%
- 3Y*
- 15.49%
- 5Y*
- —
- 10Y*
- —
SMDD vs. JMEE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -36.11% | -27.46% | -31.02% | -38.37% | -17.91% |
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF | 19.43% | 7.65% | 13.65% | 18.12% | 0.09% |
Correlation
The correlation between SMDD and JMEE is -0.98, 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 | -0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since May 9, 2022 | -0.99 |
The correlation between SMDD and JMEE has been stable across timeframes, ranging from -0.99 to -0.98 - a consistent structural relationship.
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Return for Risk
SMDD vs. JMEE — Risk / Return Rank
SMDD
JMEE
SMDD vs. JMEE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE). 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 | JMEE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.81 | ||
| Sortino ratioReturn per unit of downside risk | -4.08 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.32 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 3.58 | -4.49 |
| Martin ratioReturn relative to average drawdown | -1.59 | 12.43 | -14.02 |
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Drawdowns
SMDD vs. JMEE - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, which is greater than JMEE's maximum drawdown of -25.40%. Use the drawdown chart below to compare losses from any high point for SMDD and JMEE.
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Drawdown Indicators
| SMDD | JMEE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -25.40% | -74.59% |
Max Drawdown (1Y)Largest decline over 1 year | -50.01% | -8.24% | -41.77% |
Max Drawdown (3Y)Largest decline over 3 years | -82.62% | -25.40% | -57.22% |
Max Drawdown (5Y)Largest decline over 5 years | -88.24% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -1.46% | -98.53% |
Average DrawdownAverage peak-to-trough decline | -92.99% | -5.27% | -87.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.79% | 2.37% | +26.42% |
Volatility
SMDD vs. JMEE - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) has a higher volatility of 10.40% compared to JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) at 3.47%. This indicates that SMDD's price experiences larger fluctuations and is considered to be riskier than JMEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMDD | JMEE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.40% | 3.47% | +6.93% |
Volatility (6M)Calculated over the trailing 6-month period | 35.28% | 11.61% | +23.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.19% | 16.04% | +31.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.75% | 19.39% | +39.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.21% | 19.39% | +43.82% |
SMDD vs. JMEE - Expense Ratio Comparison
SMDD has a 0.95% expense ratio, which is higher than JMEE's 0.24% expense ratio.
Dividends
SMDD vs. JMEE - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 5.85%, more than JMEE's 0.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF | 0.94% | 1.13% | 0.95% | 1.25% | 6.63% | 0.00% | 0.00% | 0.00% | 0.00% |
SMDD ProShares UltraPro Short MidCap400 | 5.85% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% |
Frequently Asked Questions
SMDD and JMEE have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMDD has higher volatility (10.40%) compared to JMEE (3.47%). In terms of maximum drawdown, SMDD dropped -99.99% vs JMEE's -25.40%.
On 3-year performance, JMEE leads with 15.49% vs -34.48% for SMDD. On fees, JMEE is cheaper at 0.24% per year. On volatility, JMEE has been the lower-risk option at 3.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, JMEE has performed better with a 15.49% return vs -34.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JMEE is cheaper with a 0.24% expense ratio, compared with 0.95% for SMDD.
SMDD has the higher dividend yield at 5.85%, compared with 0.94% for JMEE.
SMDD is categorized as Leveraged Equities, while JMEE is Small Cap Blend Equities. They also come from different issuers: ProShares and JPMorgan. Their fees differ too: 0.95% for SMDD and 0.24% for JMEE.
JMEE currently has the higher Sharpe Ratio (1.84 vs -0.97), 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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