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 -38.20%/yr vs 17.37%/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 -33.48% return, which is significantly lower than JMEE's 16.40% 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%
JMEE
- 1D
- -0.27%
- 1M
- 3.29%
- YTD
- 16.40%
- 6M
- 16.48%
- 1Y
- 31.14%
- 3Y*
- 17.37%
- 5Y*
- —
- 10Y*
- —
SMDD vs. JMEE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -33.48% | -27.46% | -31.02% | -38.37% | -25.41% |
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF | 16.40% | 7.65% | 13.65% | 18.12% | 1.37% |
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 10, 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.
| SMDD | JMEE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.03 | ||
| Sortino ratioReturn per unit of downside risk | -4.42 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.35 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 3.80 | -4.77 |
| Martin ratioReturn relative to average drawdown | -1.65 | 13.32 | -14.97 |
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 | JMEE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.05 | 1.97 | -3.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.51 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | 0.72 | -1.43 |
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 | -50.42% | -8.24% | -42.18% |
Max Drawdown (3Y)Largest decline over 3 years | -81.09% | -25.40% | -55.69% |
Max Drawdown (5Y)Largest decline over 5 years | -87.20% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -0.27% | -99.72% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -5.39% | -87.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.68% | 2.34% | +27.34% |
Volatility
SMDD vs. JMEE - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) has a higher volatility of 13.34% compared to JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) at 4.45%. 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 | 13.34% | 4.45% | +8.89% |
Volatility (6M)Calculated over the trailing 6-month period | 34.30% | 11.26% | +23.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.71% | 15.90% | +30.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.82% | 19.50% | +39.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.34% | 19.50% | +43.84% |
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 7.01%, more than JMEE's 0.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF | 0.97% | 1.13% | 0.95% | 1.25% | 6.63% | 0.00% | 0.00% | 0.00% | 0.00% |
SMDD ProShares UltraPro Short MidCap400 | 7.01% | 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 (13.34%) compared to JMEE (4.45%). In terms of maximum drawdown, SMDD dropped -99.99% vs JMEE's -25.40%.
On 3-year performance, JMEE leads with 17.37% vs -38.20% for SMDD. On fees, JMEE is cheaper at 0.24% per year. On volatility, JMEE has been the lower-risk option at 4.45%. 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 17.37% return vs -38.20%. 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 7.01%, compared with 0.97% 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 (1.97 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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