SMDD vs. SPUU
SMDD (ProShares UltraPro Short MidCap400) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - SMDD tracks the S&P MidCap 400 Index (-300%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, SMDD returned -40.87%/yr vs 24.79%/yr for SPUU. At a correlation of -0.82, they often move in opposite directions. SMDD charges 0.95%/yr vs 0.60%/yr for SPUU.
Performance
SMDD vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, SMDD achieves a -36.25% return, which is significantly lower than SPUU's 13.21% return. Over the past 10 years, SMDD has underperformed SPUU with an annualized return of -40.87%, while SPUU has yielded a comparatively higher 24.79% annualized return.
SMDD
- 1D
- -2.43%
- 1M
- -10.32%
- YTD
- -36.25%
- 6M
- -32.21%
- 1Y
- -48.94%
- 3Y*
- -38.79%
- 5Y*
- -30.05%
- 10Y*
- -40.87%
SPUU
- 1D
- -0.25%
- 1M
- -3.30%
- YTD
- 13.21%
- 6M
- 10.18%
- 1Y
- 39.63%
- 3Y*
- 34.28%
- 5Y*
- 18.24%
- 10Y*
- 24.79%
SMDD vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -36.25% | -27.46% | -31.02% | -38.37% | 7.69% | -58.01% | -74.71% | -53.34% | 33.50% | -39.87% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 13.21% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 66.84% | -14.59% | 44.33% |
Correlation
The correlation between SMDD and SPUU is -0.75, 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 | -0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.81 |
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014 | -0.82 |
The correlation between SMDD and SPUU has been stable across timeframes, ranging from -0.84 to -0.75 - a consistent structural relationship.
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Return for Risk
SMDD vs. SPUU — Risk / Return Rank
SMDD
SPUU
SMDD vs. SPUU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). 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 | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.62 | ||
| Sortino ratioReturn per unit of downside risk | -3.66 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.28 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 2.19 | -3.16 |
| Martin ratioReturn relative to average drawdown | -1.68 | 9.27 | -10.95 |
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Drawdowns
SMDD vs. SPUU - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for SMDD and SPUU.
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Drawdown Indicators
| SMDD | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -59.35% | -40.64% |
Max Drawdown (1Y)Largest decline over 1 year | -50.54% | -18.19% | -32.35% |
Max Drawdown (3Y)Largest decline over 3 years | -81.99% | -35.18% | -46.81% |
Max Drawdown (5Y)Largest decline over 5 years | -87.81% | -46.59% | -41.22% |
Max Drawdown (10Y)Largest decline over 10 years | -99.52% | -59.35% | -40.17% |
Current DrawdownCurrent decline from peak | -99.99% | -6.72% | -93.27% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -9.48% | -83.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.20% | 4.29% | +24.91% |
Volatility
SMDD vs. SPUU - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) has a higher volatility of 14.01% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 9.63%. This indicates that SMDD's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMDD | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.01% | 9.63% | +4.38% |
Volatility (6M)Calculated over the trailing 6-month period | 35.56% | 19.85% | +15.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.65% | 25.15% | +22.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.88% | 33.67% | +25.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.35% | 35.80% | +27.55% |
SMDD vs. SPUU - Expense Ratio Comparison
SMDD has a 0.95% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
SMDD vs. SPUU - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 7.31%, more than SPUU's 1.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | 7.31% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% | 0.00% | 0.00% | 0.00% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.39% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
Frequently Asked Questions
SMDD and SPUU have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMDD has higher volatility (14.01%) compared to SPUU (9.63%). In terms of maximum drawdown, SMDD dropped -99.99% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 24.79% vs -40.87% for SMDD. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 9.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPUU has performed better with a 24.79% return vs -40.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 0.95% for SMDD.
SMDD has the higher dividend yield at 7.31%, compared with 1.39% for SPUU.
SMDD tracks S&P MidCap 400 Index (-300%), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SMDD and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.59 vs -1.03), 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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