SMDD vs. MUU

Last updated Jul 17, 2026

SMDD (ProShares UltraPro Short MidCap400) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds - SMDD tracks the S&P MidCap 400 Index (-300%) while MUU tracks the Micron Technology, Inc. (200% Daily). Both are passively managed. Over the past year, SMDD returned -45.70% vs 2599.25% for MUU. At a correlation of -0.46, they often move in opposite directions. SMDD charges 0.95%/yr vs 1.01%/yr for MUU.

Performance

SMDD vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short MidCap400 (SMDD) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMDD achieves a -36.11% return, which is significantly lower than MUU's 449.17% 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%

MUU

• 1D: -12.02%
• 1M: -37.86%
• 6M: 305.92%
• YTD: 449.17%
• 1Y: 2,599.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SMDD vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMDD ProShares UltraPro Short MidCap400	-36.11%	-27.46%	-0.81%
MUU Direxion Daily MU Bull 2X Shares	449.17%	599.03%	-40.91%

Correlation

The correlation between SMDD and MUU is -0.39, 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	-0.39
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	-0.46

Return for Risk

SMDD vs. MUU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMDD

SMDD Risk / Return Rank: 2
SMDD Sharpe Ratio Rank: 2
SMDD Sortino Ratio Rank: 2
SMDD Omega Ratio Rank: 2
SMDD Calmar Ratio Rank: 1
SMDD Martin Ratio Rank: 0

MUU

MUU Risk / Return Rank: 98
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 95
MUU Calmar Ratio Rank: 99
MUU Martin Ratio Rank: 99

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. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and Direxion Daily MU Bull 2X Shares (MUU). 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	MUU	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	17.30	-18.27
Sortino ratio: Return per unit of downside risk	-1.39	5.00	-6.39
Omega ratio: Gain probability vs. loss probability	0.84	1.63	-0.79
Calmar ratio: Return relative to maximum drawdown	-0.92	47.69	-48.60
Martin ratio: Return relative to average drawdown	-1.59	152.81	-154.40

SMDD vs. MUU - Sharpe Ratio Comparison

The current SMDD Sharpe Ratio is -0.97, which is lower than the MUU Sharpe Ratio of 17.30. The chart below compares the historical Sharpe Ratios of SMDD and MUU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SMDD vs. MUU - Drawdown Comparison

The maximum SMDD drawdown since its inception was -99.99%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for SMDD and MUU.

Drawdown Indicators

	SMDD	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-75.07%	-24.92%
Max Drawdown (1Y) Largest decline over 1 year	-50.01%	-55.25%	+5.24%
Max Drawdown (3Y) Largest decline over 3 years	-82.62%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-88.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.45%	—	—
Current Drawdown Current decline from peak	-99.99%	-55.25%	-44.74%
Average Drawdown Average peak-to-trough decline	-92.99%	-23.62%	-69.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.79%	17.31%	+11.48%

Volatility

SMDD vs. MUU - Volatility Comparison

The current volatility for ProShares UltraPro Short MidCap400 (SMDD) is 10.40%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 62.52%. This indicates that SMDD experiences smaller price fluctuations and is considered to be less risky than MUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMDD	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.40%	62.52%	-52.12%
Volatility (6M) Calculated over the trailing 6-month period	35.28%	125.23%	-89.95%
Volatility (1Y) Calculated over the trailing 1-year period	47.19%	152.52%	-105.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.75%	142.32%	-83.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.21%	142.32%	-79.11%

SMDD vs. MUU - Expense Ratio Comparison

SMDD has a 0.95% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

SMDD vs. MUU - Dividend Comparison

SMDD's dividend yield for the trailing twelve months is around 5.85%, more than MUU's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MUU Direxion Daily MU Bull 2X Shares	1.24%	4.27%	0.31%	0.00%	0.00%	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

Can I hold both SMDD and MUU in my portfolio?

SMDD and MUU have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMDD or MUU?

MUU has higher volatility (62.52%) compared to SMDD (10.40%). In terms of maximum drawdown, SMDD dropped -99.99% vs MUU's -75.07%.

Which ETF is better, SMDD or MUU?

On 1-year performance, MUU leads with 2599.25% vs -45.70% for SMDD. On fees, SMDD is cheaper at 0.95% per year. On volatility, SMDD has been the lower-risk option at 10.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMDD or MUU?

Over the 1-year period, MUU has performed better with a 2599.25% return vs -45.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMDD or MUU?

SMDD is cheaper with a 0.95% expense ratio, compared with 1.01% for MUU.

Which ETF pays a higher dividend yield, SMDD or MUU?

SMDD has the higher dividend yield at 5.85%, compared with 1.24% for MUU.

What is the main difference between SMDD and MUU?

SMDD tracks S&P MidCap 400 Index (-300%), while MUU tracks Micron Technology, Inc. (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SMDD and 1.01% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (17.30 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.