SMDD vs. SOXL
SMDD (ProShares UltraPro Short MidCap400) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds - SMDD tracks the S&P MidCap 400 Index (-300%) while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, SMDD returned -40.10%/yr vs 64.43%/yr for SOXL. At a correlation of -0.70, they often move in opposite directions. SMDD charges 0.95%/yr vs 0.75%/yr for SOXL.
Performance
SMDD vs. SOXL - Performance Comparison
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Returns By Period
In the year-to-date period, SMDD achieves a -34.17% return, which is significantly lower than SOXL's 525.03% return. Over the past 10 years, SMDD has underperformed SOXL with an annualized return of -40.10%, while SOXL has yielded a comparatively higher 64.43% annualized return.
SMDD
- 1D
- -1.03%
- 1M
- -8.01%
- YTD
- -34.17%
- 6M
- -33.48%
- 1Y
- -49.82%
- 3Y*
- -39.03%
- 5Y*
- -29.74%
- 10Y*
- -40.10%
SOXL
- 1D
- -6.36%
- 1M
- 82.23%
- YTD
- 525.03%
- 6M
- 481.71%
- 1Y
- 1,280.87%
- 3Y*
- 133.82%
- 5Y*
- 46.78%
- 10Y*
- 64.43%
SMDD vs. SOXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -34.17% | -27.46% | -31.02% | -38.37% | 7.69% | -58.01% | -74.71% | -53.34% | 33.50% | -39.87% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 525.03% | 54.91% | -12.31% | 226.98% | -85.66% | 118.84% | 70.04% | 231.83% | -39.07% | 141.71% |
Correlation
The correlation between SMDD and SOXL is -0.61, 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 | -0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.66 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010 | -0.70 |
The correlation between SMDD and SOXL has been stable across timeframes, ranging from -0.70 to -0.61 - a consistent structural relationship.
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Return for Risk
SMDD vs. SOXL — Risk / Return Rank
SMDD
SOXL
SMDD vs. SOXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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 | SOXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.76 | ||
| Sortino ratioReturn per unit of downside risk | -6.62 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.69 | -0.87 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 29.80 | -30.78 |
| Martin ratioReturn relative to average drawdown | -1.67 | 102.14 | -103.81 |
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 | SOXL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.07 | 12.69 | -13.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.51 | 0.44 | -0.95 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.63 | 0.65 | -1.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | 0.51 | -1.22 |
Drawdowns
SMDD vs. SOXL - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, which is greater than SOXL's maximum drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for SMDD and SOXL.
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Drawdown Indicators
| SMDD | SOXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -90.46% | -9.53% |
Max Drawdown (1Y)Largest decline over 1 year | -50.84% | -43.47% | -7.37% |
Max Drawdown (3Y)Largest decline over 3 years | -81.25% | -87.88% | +6.63% |
Max Drawdown (5Y)Largest decline over 5 years | -87.31% | -90.46% | +3.15% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | -90.46% | -9.04% |
Current DrawdownCurrent decline from peak | -99.99% | -6.36% | -93.63% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -35.01% | -57.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.85% | 12.66% | +17.19% |
Volatility
SMDD vs. SOXL - Volatility Comparison
The current volatility for ProShares UltraPro Short MidCap400 (SMDD) is 12.68%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 41.05%. This indicates that SMDD experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMDD | SOXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.68% | 41.05% | -28.37% |
Volatility (6M)Calculated over the trailing 6-month period | 34.29% | 81.57% | -47.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.57% | 102.16% | -55.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.82% | 107.25% | -48.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.33% | 99.05% | -35.72% |
SMDD vs. SOXL - Expense Ratio Comparison
SMDD has a 0.95% expense ratio, which is higher than SOXL's 0.75% expense ratio.
Dividends
SMDD vs. SOXL - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 7.08%, more than SOXL's 0.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | 7.08% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% | 0.00% | 0.00% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 0.03% | 0.34% | 1.18% | 0.51% | 1.07% | 0.04% | 0.05% | 0.38% | 1.30% | 0.09% | 4.84% |
Frequently Asked Questions
SMDD and SOXL have a correlation of -0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (41.05%) compared to SMDD (12.68%). In terms of maximum drawdown, SMDD dropped -99.99% vs SOXL's -90.46%.
On 10-year performance, SOXL leads with 64.43% vs -40.10% for SMDD. On fees, SOXL is cheaper at 0.75% per year. On volatility, SMDD has been the lower-risk option at 12.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SOXL has performed better with a 64.43% return vs -40.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXL is cheaper with a 0.75% expense ratio, compared with 0.95% for SMDD.
SMDD has the higher dividend yield at 7.08%, compared with 0.03% for SOXL.
SMDD tracks S&P MidCap 400 Index (-300%), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SMDD and 0.75% for SOXL.
SOXL currently has the higher Sharpe Ratio (12.69 vs -1.07), 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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