SMDD vs. NIOG

Last updated Jun 26, 2026

SMDD (ProShares UltraPro Short MidCap400) and NIOG (Leverage Shares 2X Long NIO Daily ETF) are both Leveraged Equities funds - SMDD tracks the S&P MidCap 400 Index (-300%) while NIOG tracks the NIO Inc. (NIO). Both are passively managed. At a correlation of -0.10, they often move in opposite directions. SMDD charges 0.95%/yr vs 0.75%/yr for NIOG.

Performance

SMDD vs. NIOG - Performance Comparison

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

Returns By Period

In the year-to-date period, SMDD achieves a -37.10% return, which is significantly lower than NIOG's -30.21% return.

SMDD

• 1D: -2.21%
• 1M: -7.23%
• YTD: -37.10%
• 6M: -33.12%
• 1Y: -50.81%
• 3Y*: -38.60%
• 5Y*: -30.24%
• 10Y*: -41.41%

NIOG

• 1D: -7.05%
• 1M: -21.38%
• YTD: -30.21%
• 6M: -25.91%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMDD vs. NIOG - Yearly Performance Comparison

	2026 (YTD)	2025
SMDD ProShares UltraPro Short MidCap400	-37.10%	0.40%
NIOG Leverage Shares 2X Long NIO Daily ETF	-30.21%	3.25%

Correlation

The correlation between SMDD and NIOG is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025	-0.10

Return for Risk

SMDD vs. NIOG — Risk / Return Rank

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

SMDD

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

NIOG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. NIOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and Leverage Shares 2X Long NIO Daily ETF (NIOG). 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	NIOG	Difference
Sharpe ratio: Return per unit of total volatility	-1.07	—	—
Sortino ratio: Return per unit of downside risk	-1.65	—	—
Omega ratio: Gain probability vs. loss probability	0.81	—	—
Calmar ratio: Return relative to maximum drawdown	-1.04	—	—
Martin ratio: Return relative to average drawdown	-1.89	—	—

Drawdowns

SMDD vs. NIOG - Drawdown Comparison

The maximum SMDD drawdown since its inception was -99.99%, which is greater than NIOG's maximum drawdown of -56.27%. Use the drawdown chart below to compare losses from any high point for SMDD and NIOG.

Drawdown Indicators

	SMDD	NIOG	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-56.27%	-43.72%
Max Drawdown (1Y) Largest decline over 1 year	-48.76%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-82.09%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-87.88%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.50%	—	—
Current Drawdown Current decline from peak	-99.99%	-56.27%	-43.72%
Average Drawdown Average peak-to-trough decline	-92.96%	-22.75%	-70.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.37%	—	—

Volatility

Volatility by Period

	SMDD	NIOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.32%	—	—
Volatility (6M) Calculated over the trailing 6-month period	35.50%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	47.59%	115.62%	-68.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.87%	115.62%	-56.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.33%	115.62%	-52.29%

SMDD vs. NIOG - Expense Ratio Comparison

SMDD has a 0.95% expense ratio, which is higher than NIOG's 0.75% expense ratio.

Dividends

SMDD vs. NIOG - Dividend Comparison

SMDD's dividend yield for the trailing twelve months is around 5.94%, while NIOG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
NIOG Leverage Shares 2X Long NIO Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMDD ProShares UltraPro Short MidCap400	5.94%	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 NIOG in my portfolio?

SMDD and NIOG have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMDD or NIOG?

On fees, NIOG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMDD or NIOG?

NIOG is cheaper with a 0.75% expense ratio, compared with 0.95% for SMDD.

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

SMDD has the higher dividend yield at 5.94%, compared with 0.00% for NIOG.

What is the main difference between SMDD and NIOG?

SMDD tracks S&P MidCap 400 Index (-300%), while NIOG tracks NIO Inc. (NIO). They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for SMDD and 0.75% for NIOG.