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 -39.71%/yr vs -55.08%/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 -36.11% return, which is significantly higher than SQQQ's -38.86% return. Over the past 10 years, SMDD has outperformed SQQQ with an annualized return of -39.71%, while SQQQ has yielded a comparatively lower -55.08% annualized return.
SMDD
- 1D
- -1.63%
- 1M
- -0.00%
- 6M
- -23.09%
- YTD
- -36.11%
- 1Y
- -45.70%
- 3Y*
- -34.48%
- 5Y*
- -31.60%
- 10Y*
- -39.71%
SQQQ
- 1D
- 5.01%
- 1M
- 8.33%
- 6M
- -36.79%
- YTD
- -38.86%
- 1Y
- -54.36%
- 3Y*
- -50.96%
- 5Y*
- -45.88%
- 10Y*
- -55.08%
SMDD vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -36.11% | -27.46% | -31.02% | -38.37% | 7.69% | -58.01% | -74.71% | -53.34% | 33.50% | -39.87% |
SQQQ ProShares UltraPro Short QQQ | -38.86% | -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 0.64, 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 | 0.64 |
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 0.64 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 | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.83 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.89 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.59 | -1.63 | +0.04 |
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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 | -50.01% | -61.03% | +11.02% |
Max Drawdown (3Y)Largest decline over 3 years | -82.62% | -92.51% | +9.89% |
Max Drawdown (5Y)Largest decline over 5 years | -88.24% | -97.27% | +9.03% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -99.97% | +0.52% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -92.99% | -92.76% | -0.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.79% | 33.36% | -4.57% |
Volatility
SMDD vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraPro Short MidCap400 (SMDD) is 10.40%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 22.32%. 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 | 10.40% | 22.32% | -11.92% |
Volatility (6M)Calculated over the trailing 6-month period | 35.28% | 46.22% | -10.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.19% | 55.87% | -8.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.75% | 67.91% | -9.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.21% | 66.57% | -3.36% |
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 5.85%, less than SQQQ's 9.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | 5.85% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 9.77% | 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 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (22.32%) compared to SMDD (10.40%). In terms of maximum drawdown, SMDD dropped -99.99% vs SQQQ's -100.00%.
On 10-year performance, SMDD leads with -39.71% vs -55.08% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SMDD has been the lower-risk option at 10.40%. 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 -39.71% return vs -55.08%. 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 9.77%, compared with 5.85% for SMDD.
SMDD tracks S&P MidCap 400 Index (-300%), while SQQQ tracks NASDAQ-100 Index (-300%).
SMDD currently has the higher Sharpe Ratio (-0.97 vs -0.98), 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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