SMDD vs. TQQQ
SMDD (ProShares UltraPro Short MidCap400) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - SMDD tracks the S&P MidCap 400 Index (-300%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, SMDD returned -40.23%/yr vs 45.33%/yr for TQQQ. At a correlation of -0.72, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SMDD vs. TQQQ - 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 TQQQ's 64.46% return. Over the past 10 years, SMDD has underperformed TQQQ with an annualized return of -40.23%, while TQQQ has yielded a comparatively higher 45.33% 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%
TQQQ
- 1D
- -0.76%
- 1M
- 33.35%
- YTD
- 64.46%
- 6M
- 55.93%
- 1Y
- 137.89%
- 3Y*
- 69.49%
- 5Y*
- 28.37%
- 10Y*
- 45.33%
SMDD vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 64.46% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between SMDD and TQQQ is -0.63, 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 | -0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.64 |
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 TQQQ has been stable across timeframes, ranging from -0.72 to -0.63 - a consistent structural relationship.
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Return for Risk
SMDD vs. TQQQ — Risk / Return Rank
SMDD
TQQQ
SMDD vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and ProShares UltraPro QQQ (TQQQ). 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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.97 | ||
| Sortino ratioReturn per unit of downside risk | -4.68 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.40 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 3.75 | -4.73 |
| Martin ratioReturn relative to average drawdown | -1.65 | 12.27 | -13.92 |
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 | TQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.05 | 2.92 | -3.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.51 | 0.43 | -0.93 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | 0.69 | -1.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | 0.74 | -1.45 |
Drawdowns
SMDD vs. TQQQ - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for SMDD and TQQQ.
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Drawdown Indicators
| SMDD | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -81.66% | -18.33% |
Max Drawdown (1Y)Largest decline over 1 year | -50.42% | -36.97% | -13.45% |
Max Drawdown (3Y)Largest decline over 3 years | -81.09% | -58.04% | -23.05% |
Max Drawdown (5Y)Largest decline over 5 years | -87.20% | -81.66% | -5.54% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | -81.66% | -17.84% |
Current DrawdownCurrent decline from peak | -99.99% | -0.76% | -99.23% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -18.52% | -74.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.68% | 11.28% | +18.40% |
Volatility
SMDD vs. TQQQ - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) and ProShares UltraPro QQQ (TQQQ) have volatilities of 13.34% and 13.29%, 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 | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.34% | 13.29% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 34.30% | 36.04% | -1.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.71% | 47.60% | -0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.82% | 66.53% | -7.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.34% | 65.96% | -2.62% |
SMDD vs. TQQQ - Expense Ratio Comparison
Both SMDD and TQQQ have an expense ratio of 0.95%.
Dividends
SMDD vs. TQQQ - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 7.01%, more than TQQQ's 0.36% 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% |
TQQQ ProShares UltraPro QQQ | 0.36% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
Frequently Asked Questions
SMDD and TQQQ 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.
SMDD has higher volatility (13.34%) compared to TQQQ (13.29%). In terms of maximum drawdown, SMDD dropped -99.99% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 45.33% vs -40.23% for SMDD. Both ETFs have the same 0.95% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TQQQ has performed better with a 45.33% return vs -40.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMDD and TQQQ have the same expense ratio: 0.95% per year.
SMDD has the higher dividend yield at 7.01%, compared with 0.36% for TQQQ.
SMDD tracks S&P MidCap 400 Index (-300%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (2.92 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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