SMDD vs. TZA
Compare and contrast key facts about ProShares UltraPro Short MidCap400 (SMDD) and Direxion Daily Small Cap Bear 3X Shares (TZA).
SMDD and TZA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SMDD is a passively managed fund by ProShares that tracks the performance of the S&P MidCap 400 Index (-300%). It was launched on Feb 11, 2010. TZA is a passively managed fund by Direxion that tracks the performance of the Russell 2000 Index (-300%). It was launched on Nov 5, 2008. Both SMDD and TZA are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SMDD vs. TZA - Performance Comparison
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SMDD vs. TZA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -8.06% | -27.46% | -31.02% | -38.37% | 7.69% | -58.01% | -74.71% | -53.34% | 33.50% | -39.87% |
TZA Direxion Daily Small Cap Bear 3X Shares | -5.61% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
Returns By Period
In the year-to-date period, SMDD achieves a -8.06% return, which is significantly lower than TZA's -5.61% return. Over the past 10 years, SMDD has outperformed TZA with an annualized return of -39.00%, while TZA has yielded a comparatively lower -41.41% annualized return.
SMDD
- 1D
- -8.39%
- 1M
- 16.17%
- YTD
- -8.06%
- 6M
- -12.25%
- 1Y
- -44.74%
- 3Y*
- -31.21%
- 5Y*
- -26.72%
- 10Y*
- -39.00%
TZA
- 1D
- -10.46%
- 1M
- 13.79%
- YTD
- -5.61%
- 6M
- -13.23%
- 1Y
- -57.70%
- 3Y*
- -36.92%
- 5Y*
- -24.70%
- 10Y*
- -41.41%
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SMDD vs. TZA - Expense Ratio Comparison
SMDD has a 0.95% expense ratio, which is lower than TZA's 1.11% expense ratio.
Return for Risk
SMDD vs. TZA — Risk / Return Rank
SMDD
TZA
SMDD vs. TZA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and Direxion Daily Small Cap Bear 3X Shares (TZA). 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 | TZA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.71 | -0.83 | +0.12 |
Sortino ratioReturn per unit of downside risk | -0.84 | -1.20 | +0.36 |
Omega ratioGain probability vs. loss probability | 0.89 | 0.86 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | -0.67 | -0.75 | +0.08 |
Martin ratioReturn relative to average drawdown | -0.84 | -0.93 | +0.09 |
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 | TZA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.71 | -0.83 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.46 | -0.37 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.62 | -0.60 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.69 | -0.70 | 0.00 |
Correlation
The correlation between SMDD and TZA is 0.94, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SMDD vs. TZA - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 5.07%, more than TZA's 3.04% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | 5.07% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% |
TZA Direxion Daily Small Cap Bear 3X Shares | 3.04% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% |
Drawdowns
SMDD vs. TZA - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, roughly equal to the maximum TZA drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SMDD and TZA.
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Drawdown Indicators
| SMDD | TZA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -100.00% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -67.39% | -76.19% | +8.80% |
Max Drawdown (5Y)Largest decline over 5 years | -85.18% | -87.77% | +2.59% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -99.64% | +0.19% |
Current DrawdownCurrent decline from peak | -99.98% | -100.00% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -92.88% | -97.98% | +5.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 53.40% | 61.07% | -7.67% |
Volatility
SMDD vs. TZA - Volatility Comparison
The current volatility for ProShares UltraPro Short MidCap400 (SMDD) is 19.39%, while Direxion Daily Small Cap Bear 3X Shares (TZA) has a volatility of 22.59%. This indicates that SMDD experiences smaller price fluctuations and is considered to be less risky than TZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMDD | TZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.39% | 22.59% | -3.20% |
Volatility (6M)Calculated over the trailing 6-month period | 35.71% | 43.38% | -7.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 62.95% | 69.32% | -6.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.83% | 67.53% | -8.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.28% | 68.79% | -5.51% |