SMDD vs. QTAP
SMDD (ProShares UltraPro Short MidCap400) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. SMDD is passively managed, while QTAP is actively managed. Over the past 5 years, SMDD returned -29.60%/yr vs 13.78%/yr for QTAP. At a correlation of -0.68, they often move in opposite directions. SMDD charges 0.95%/yr vs 0.79%/yr for QTAP.
Performance
SMDD vs. QTAP - 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 QTAP's 14.67% 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%
QTAP
- 1D
- -0.10%
- 1M
- 2.89%
- YTD
- 14.67%
- 6M
- 15.56%
- 1Y
- 25.59%
- 3Y*
- 21.18%
- 5Y*
- 13.78%
- 10Y*
- —
SMDD vs. QTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -33.48% | -27.46% | -31.02% | -38.37% | 7.69% | -30.78% |
QTAP Innovator Growth Accelerated Plus ETF - April | 14.67% | 19.36% | 17.34% | 43.32% | -25.87% | 15.63% |
Correlation
The correlation between SMDD and QTAP is -0.58, 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 | -0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.67 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021 | -0.68 |
The correlation between SMDD and QTAP has been stable across timeframes, ranging from -0.68 to -0.58 - a consistent structural relationship.
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Return for Risk
SMDD vs. QTAP — Risk / Return Rank
SMDD
QTAP
SMDD vs. QTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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 | QTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.68 | ||
| Sortino ratioReturn per unit of downside risk | -10.09 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 2.23 | -1.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 15.20 | -16.17 |
| Martin ratioReturn relative to average drawdown | -1.65 | 80.04 | -81.69 |
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 | QTAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.05 | 4.62 | -5.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.51 | 0.73 | -1.24 |
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 | 0.75 | -1.46 |
Drawdowns
SMDD vs. QTAP - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for SMDD and QTAP.
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Drawdown Indicators
| SMDD | QTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -29.44% | -70.55% |
Max Drawdown (1Y)Largest decline over 1 year | -50.42% | -1.69% | -48.73% |
Max Drawdown (3Y)Largest decline over 3 years | -81.09% | -13.03% | -68.06% |
Max Drawdown (5Y)Largest decline over 5 years | -87.20% | -29.44% | -57.76% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -0.10% | -99.89% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -5.04% | -87.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.68% | 0.32% | +29.36% |
Volatility
SMDD vs. QTAP - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) has a higher volatility of 13.34% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 1.33%. This indicates that SMDD's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMDD | QTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.34% | 1.33% | +12.01% |
Volatility (6M)Calculated over the trailing 6-month period | 34.30% | 3.97% | +30.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.71% | 5.56% | +41.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.82% | 18.89% | +39.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.34% | 18.77% | +44.57% |
SMDD vs. QTAP - Expense Ratio Comparison
SMDD has a 0.95% expense ratio, which is higher than QTAP's 0.79% expense ratio.
Dividends
SMDD vs. QTAP - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 7.01%, while QTAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
QTAP Innovator Growth Accelerated Plus ETF - April | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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 QTAP have a correlation of -0.58, 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 QTAP (1.33%). In terms of maximum drawdown, SMDD dropped -99.99% vs QTAP's -29.44%.
On 5-year performance, QTAP leads with 13.78% vs -29.60% for SMDD. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QTAP has performed better with a 13.78% return vs -29.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QTAP is cheaper with a 0.79% expense ratio, compared with 0.95% for SMDD.
SMDD has the higher dividend yield at 7.01%, compared with 0.00% for QTAP.
They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for SMDD and 0.79% for QTAP.
QTAP currently has the higher Sharpe Ratio (4.62 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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