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 -40.23%/yr vs 24.21%/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 -33.48% return, which is significantly lower than SSO's 19.37% return. Over the past 10 years, SMDD has underperformed SSO with an annualized return of -40.23%, while SSO has yielded a comparatively higher 24.21% 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%
SSO
- 1D
- -1.40%
- 1M
- 9.75%
- YTD
- 19.37%
- 6M
- 18.81%
- 1Y
- 52.69%
- 3Y*
- 37.56%
- 5Y*
- 19.62%
- 10Y*
- 24.21%
SMDD vs. SSO - 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% |
SSO ProShares Ultra S&P500 | 19.37% | 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 -0.76, 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 | -0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.78 |
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 12, 2010 | -0.86 |
The correlation between SMDD and SSO shifts across timeframes, from -0.86 (all time) to -0.76 (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.
| SMDD | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.30 | ||
| Sortino ratioReturn per unit of downside risk | -4.45 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.38 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 2.91 | -3.89 |
| Martin ratioReturn relative to average drawdown | -1.65 | 12.80 | -14.45 |
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 | SSO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.05 | 2.25 | -3.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.51 | 0.59 | -1.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | 0.68 | -1.31 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | 0.42 | -1.12 |
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 | -50.42% | -18.17% | -32.25% |
Max Drawdown (3Y)Largest decline over 3 years | -81.09% | -35.21% | -45.88% |
Max Drawdown (5Y)Largest decline over 5 years | -87.20% | -46.73% | -40.47% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | -59.34% | -40.16% |
Current DrawdownCurrent decline from peak | -99.99% | -1.40% | -98.59% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -19.57% | -73.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.68% | 4.13% | +25.55% |
Volatility
SMDD vs. SSO - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) has a higher volatility of 13.34% compared to ProShares Ultra S&P500 (SSO) at 5.66%. 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 | 13.34% | 5.66% | +7.68% |
Volatility (6M)Calculated over the trailing 6-month period | 34.30% | 17.78% | +16.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.71% | 23.60% | +23.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.82% | 33.65% | +25.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.34% | 35.89% | +27.45% |
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 7.01%, more than SSO's 0.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
SSO ProShares Ultra S&P500 | 0.62% | 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 -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMDD has higher volatility (13.34%) compared to SSO (5.66%). In terms of maximum drawdown, SMDD dropped -99.99% vs SSO's -84.67%.
On 10-year performance, SSO leads with 24.21% vs -40.23% for SMDD. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 5.66%. 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 24.21% return vs -40.23%. 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 7.01%, compared with 0.62% 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 (2.25 vs -1.05), 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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