SMDD vs. SSO
SMDD (ProShares UltraPro Short MidCap400) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds from ProShares - SMDD tracks the S&P MidCap 400 Index (-300%) while SSO tracks the S&P 500. Both are passively managed. Over the past 10 years, SMDD returned -39.71%/yr vs 23.26%/yr for SSO. At a correlation of -0.86, they often move in opposite directions. SMDD charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
SMDD vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, SMDD achieves a -36.11% return, which is significantly lower than SSO's 17.80% return. Over the past 10 years, SMDD has underperformed SSO with an annualized return of -39.71%, while SSO has yielded a comparatively higher 23.26% 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%
SSO
- 1D
- -1.03%
- 1M
- 0.06%
- 6M
- 14.60%
- YTD
- 17.80%
- 1Y
- 37.75%
- 3Y*
- 32.35%
- 5Y*
- 18.24%
- 10Y*
- 23.26%
SMDD vs. SSO - 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% |
SSO ProShares Ultra S&P500 | 17.80% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between SMDD and SSO 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 | -0.82 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.86 |
The correlation between SMDD and SSO shifts across timeframes, from -0.86 (all time) to -0.75 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SMDD vs. SSO — Risk / Return Rank
SMDD
SSO
SMDD vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and ProShares Ultra S&P500 (SSO). 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 | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.49 | ||
| Sortino ratioReturn per unit of downside risk | -3.44 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.27 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 2.09 | -3.00 |
| Martin ratioReturn relative to average drawdown | -1.59 | 8.58 | -10.17 |
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Drawdowns
SMDD vs. SSO - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for SMDD and SSO.
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Drawdown Indicators
| SMDD | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -84.67% | -15.32% |
Max Drawdown (1Y)Largest decline over 1 year | -50.01% | -18.17% | -31.84% |
Max Drawdown (3Y)Largest decline over 3 years | -82.62% | -35.21% | -47.41% |
Max Drawdown (5Y)Largest decline over 5 years | -88.24% | -46.73% | -41.51% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -59.34% | -40.11% |
Current DrawdownCurrent decline from peak | -99.99% | -2.70% | -97.29% |
Average DrawdownAverage peak-to-trough decline | -92.99% | -19.48% | -73.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.79% | 4.41% | +24.38% |
Volatility
SMDD vs. SSO - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) has a higher volatility of 10.40% compared to ProShares Ultra S&P500 (SSO) at 6.83%. This indicates that SMDD's price experiences larger fluctuations and is considered to be riskier than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMDD | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.40% | 6.83% | +3.57% |
Volatility (6M)Calculated over the trailing 6-month period | 35.28% | 19.92% | +15.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.19% | 25.02% | +22.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.75% | 33.87% | +24.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.21% | 35.86% | +27.35% |
SMDD vs. SSO - Expense Ratio Comparison
SMDD has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
SMDD vs. SSO - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 5.85%, more than SSO's 0.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
SSO ProShares Ultra S&P500 | 0.67% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
Frequently Asked Questions
SMDD and SSO 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 (10.40%) compared to SSO (6.83%). In terms of maximum drawdown, SMDD dropped -99.99% vs SSO's -84.67%.
On 10-year performance, SSO leads with 23.26% vs -39.71% for SMDD. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 6.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SSO has performed better with a 23.26% return vs -39.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for SMDD.
SMDD has the higher dividend yield at 5.85%, compared with 0.67% for SSO.
SMDD tracks S&P MidCap 400 Index (-300%), while SSO tracks S&P 500. Their fees differ too: 0.95% for SMDD and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.52 vs -0.97), 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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