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 -40.23%/yr vs -56.01%/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 -33.48% return, which is significantly higher than SQQQ's -45.27% return. Over the past 10 years, SMDD has outperformed SQQQ with an annualized return of -40.23%, while SQQQ has yielded a comparatively lower -56.01% annualized 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%
SQQQ
- 1D
- 0.76%
- 1M
- -26.37%
- YTD
- -45.27%
- 6M
- -42.79%
- 1Y
- -65.16%
- 3Y*
- -56.19%
- 5Y*
- -49.17%
- 10Y*
- -56.01%
SMDD vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -33.48% | -27.46% | -31.02% | -38.37% | 7.69% | -58.01% | -74.71% | -53.34% | 33.50% | -39.87% |
SQQQ ProShares UltraPro Short QQQ | -45.27% | -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 | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 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.
| SMDD | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +1.04 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.72 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.99 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.65 | -1.82 | +0.17 |
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 | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.05 | -1.37 | +0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.51 | -0.74 | +0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | -0.85 | +0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | -0.88 | +0.17 |
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 | -50.42% | -65.95% | +15.53% |
Max Drawdown (3Y)Largest decline over 3 years | -81.09% | -92.38% | +11.29% |
Max Drawdown (5Y)Largest decline over 5 years | -87.20% | -97.23% | +10.03% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | -99.98% | +0.48% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -92.40% | -0.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.68% | 35.73% | -6.05% |
Volatility
SMDD vs. SQQQ - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) and ProShares UltraPro Short QQQ (SQQQ) have volatilities of 13.34% and 13.75%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 13.34% | 13.75% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 34.30% | 36.45% | -2.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.71% | 47.79% | -1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.82% | 66.64% | -7.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.34% | 66.11% | -2.77% |
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 7.01%, less than SQQQ's 12.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | 7.01% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 12.48% | 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 (13.75%) compared to SMDD (13.34%). In terms of maximum drawdown, SMDD dropped -99.99% vs SQQQ's -100.00%.
On 10-year performance, SMDD leads with -40.23% vs -56.01% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SMDD has been the lower-risk option at 13.34%. 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 -40.23% return vs -56.01%. 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 12.48%, compared with 7.01% for SMDD.
SMDD tracks S&P MidCap 400 Index (-300%), while SQQQ tracks NASDAQ-100 Index (-300%).
SMDD currently has the higher Sharpe Ratio (-1.05 vs -1.37), 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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