SMDD vs. SQQQ
SMDD (ProShares UltraPro Short MidCap400) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - SMDD tracks the S&P MidCap 400 Index (-300%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, SMDD returned -40.87%/yr vs -56.25%/yr for SQQQ. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SMDD vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, SMDD achieves a -36.25% return, which is significantly higher than SQQQ's -40.47% return. Over the past 10 years, SMDD has outperformed SQQQ with an annualized return of -40.87%, while SQQQ has yielded a comparatively lower -56.25% 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%
SQQQ
- 1D
- -0.27%
- 1M
- -2.53%
- YTD
- -40.47%
- 6M
- -37.47%
- 1Y
- -59.36%
- 3Y*
- -53.90%
- 5Y*
- -46.94%
- 10Y*
- -56.25%
SMDD vs. SQQQ - 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% |
SQQQ ProShares UltraPro Short QQQ | -40.47% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between SMDD and SQQQ is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.72 |
The correlation between SMDD and SQQQ has been stable across timeframes, ranging from 0.63 to 0.72 - a consistent structural relationship.
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Return for Risk
SMDD vs. SQQQ — Risk / Return Rank
SMDD
SQQQ
SMDD vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.79 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.94 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.68 | -1.77 | +0.09 |
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Drawdowns
SMDD vs. SQQQ - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SMDD and SQQQ.
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Drawdown Indicators
| SMDD | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -100.00% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -50.54% | -63.25% | +12.71% |
Max Drawdown (3Y)Largest decline over 3 years | -81.99% | -92.51% | +10.52% |
Max Drawdown (5Y)Largest decline over 5 years | -87.81% | -97.27% | +9.46% |
Max Drawdown (10Y)Largest decline over 10 years | -99.52% | -99.98% | +0.46% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -92.73% | -0.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.20% | 33.97% | -4.77% |
Volatility
SMDD vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraPro Short MidCap400 (SMDD) is 14.01%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.67%. This indicates that SMDD experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMDD | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.01% | 26.67% | -12.66% |
Volatility (6M)Calculated over the trailing 6-month period | 35.56% | 43.18% | -7.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.65% | 53.58% | -5.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.88% | 67.53% | -8.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.35% | 66.46% | -3.11% |
SMDD vs. SQQQ - Expense Ratio Comparison
Both SMDD and SQQQ have an expense ratio of 0.95%.
Dividends
SMDD vs. SQQQ - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 7.31%, less than SQQQ's 11.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SQQQ ProShares UltraPro Short QQQ | 11.47% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
SMDD and SQQQ have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (26.67%) compared to SMDD (14.01%). In terms of maximum drawdown, SMDD dropped -99.99% vs SQQQ's -100.00%.
On 10-year performance, SMDD leads with -40.87% vs -56.25% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SMDD has been the lower-risk option at 14.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMDD has performed better with a -40.87% return vs -56.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMDD and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 11.47%, compared with 7.31% for SMDD.
SMDD tracks S&P MidCap 400 Index (-300%), while SQQQ tracks NASDAQ-100 Index (-300%).
SMDD currently has the higher Sharpe Ratio (-1.03 vs -1.11), 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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