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 -40.87%/yr vs 45.25%/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 -36.25% return, which is significantly lower than TQQQ's 39.27% return. Over the past 10 years, SMDD has underperformed TQQQ with an annualized return of -40.87%, while TQQQ has yielded a comparatively higher 45.25% annualized return.
SMDD
- 1D
- -2.43%
- 1M
- -10.32%
- YTD
- -36.25%
- 6M
- -32.21%
- 1Y
- -48.94%
- 3Y*
- -38.79%
- 5Y*
- -30.05%
- 10Y*
- -40.87%
TQQQ
- 1D
- -1.53%
- 1M
- -5.83%
- YTD
- 39.27%
- 6M
- 32.62%
- 1Y
- 89.02%
- 3Y*
- 57.21%
- 5Y*
- 21.17%
- 10Y*
- 45.25%
SMDD vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -36.25% | -27.46% | -31.02% | -38.37% | 7.69% | -58.01% | -74.71% | -53.34% | 33.50% | -39.87% |
TQQQ ProShares UltraPro QQQ | 39.27% | 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 -0.62, 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 | -0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.65 |
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 11, 2010 | -0.72 |
The correlation between SMDD and TQQQ shifts across timeframes, from -0.72 (all time) to -0.62 (1 year), reflecting how their relationship changes across market environments.
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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.
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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.71 | ||
| Sortino ratioReturn per unit of downside risk | -3.66 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.28 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 2.42 | -3.39 |
| Martin ratioReturn relative to average drawdown | -1.68 | 7.68 | -9.35 |
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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 | -50.54% | -36.97% | -13.57% |
Max Drawdown (3Y)Largest decline over 3 years | -81.99% | -58.04% | -23.95% |
Max Drawdown (5Y)Largest decline over 5 years | -87.81% | -81.66% | -6.15% |
Max Drawdown (10Y)Largest decline over 10 years | -99.52% | -81.66% | -17.86% |
Current DrawdownCurrent decline from peak | -99.99% | -15.96% | -84.03% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -18.49% | -74.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.20% | 11.64% | +17.56% |
Volatility
SMDD vs. TQQQ - Volatility Comparison
The current volatility for ProShares UltraPro Short MidCap400 (SMDD) is 14.01%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 27.27%. This indicates that SMDD experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. 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 | 14.01% | 27.27% | -13.26% |
Volatility (6M)Calculated over the trailing 6-month period | 35.56% | 43.24% | -7.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.65% | 53.35% | -5.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.88% | 67.41% | -8.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.35% | 66.31% | -2.96% |
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 7.31%, more than TQQQ's 0.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | 7.31% | 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 | 0.43% | 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 -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (27.27%) compared to SMDD (14.01%). In terms of maximum drawdown, SMDD dropped -99.99% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 45.25% vs -40.87% for SMDD. Both ETFs have the same 0.95% expense ratio. On volatility, SMDD has been the lower-risk option at 14.01%. 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 45.25% return vs -40.87%. 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 7.31%, compared with 0.43% for TQQQ.
SMDD tracks S&P MidCap 400 Index (-300%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (1.68 vs -1.03), 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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