SMDD vs. TZA
SMDD (ProShares UltraPro Short MidCap400) and TZA (Direxion Daily Small Cap Bear 3X Shares) are both Leveraged Equities funds - SMDD tracks the S&P MidCap 400 Index (-300%) while TZA tracks the Russell 2000 Index (-300%). Both are passively managed. Over the past 10 years, SMDD returned -39.63%/yr vs -42.83%/yr for TZA. Their correlation of 0.94 suggests significant overlap in exposure. SMDD charges 0.95%/yr vs 1.11%/yr for TZA.
Performance
SMDD vs. TZA - Performance Comparison
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Returns By Period
In the year-to-date period, SMDD achieves a -35.05% return, which is significantly higher than TZA's -45.82% return. Over the past 10 years, SMDD has outperformed TZA with an annualized return of -39.63%, while TZA has yielded a comparatively lower -42.83% annualized return.
SMDD
- 1D
- 0.20%
- 1M
- -0.56%
- 6M
- -25.59%
- YTD
- -35.05%
- 1Y
- -43.10%
- 3Y*
- -34.66%
- 5Y*
- -30.01%
- 10Y*
- -39.63%
TZA
- 1D
- 1.53%
- 1M
- -5.64%
- 6M
- -36.03%
- YTD
- -45.82%
- 1Y
- -62.34%
- 3Y*
- -43.90%
- 5Y*
- -31.29%
- 10Y*
- -42.83%
SMDD vs. TZA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -35.05% | -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 | -45.82% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
Correlation
The correlation between SMDD and TZA is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.94 |
The correlation between SMDD and TZA has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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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.
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 | TZA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.81 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.91 | +0.07 |
| Martin ratioReturn relative to average drawdown | -1.48 | -1.40 | -0.08 |
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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 | -50.01% | -67.34% | +17.33% |
Max Drawdown (3Y)Largest decline over 3 years | -82.62% | -89.50% | +6.88% |
Max Drawdown (5Y)Largest decline over 5 years | -88.24% | -91.74% | +3.50% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -99.67% | +0.22% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -92.98% | -97.99% | +5.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.18% | 43.42% | -15.24% |
Volatility
SMDD vs. TZA - Volatility Comparison
The current volatility for ProShares UltraPro Short MidCap400 (SMDD) is 13.47%, while Direxion Daily Small Cap Bear 3X Shares (TZA) has a volatility of 14.92%. 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 | 13.47% | 14.92% | -1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 35.27% | 42.52% | -7.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.54% | 58.14% | -10.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.78% | 67.55% | -8.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.21% | 68.79% | -5.58% |
SMDD vs. TZA - Expense Ratio Comparison
SMDD has a 0.95% expense ratio, which is lower than TZA's 1.11% expense ratio.
Dividends
SMDD vs. TZA - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 5.76%, more than TZA's 4.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | 5.76% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% |
TZA Direxion Daily Small Cap Bear 3X Shares | 4.89% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% |
Frequently Asked Questions
With a correlation of 0.91, SMDD and TZA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TZA has higher volatility (14.92%) compared to SMDD (13.47%). In terms of maximum drawdown, SMDD dropped -99.99% vs TZA's -100.00%.
On 10-year performance, SMDD leads with -39.63% vs -42.83% for TZA. On fees, SMDD is cheaper at 0.95% per year. On volatility, SMDD has been the lower-risk option at 13.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMDD has performed better with a -39.63% return vs -42.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMDD is cheaper with a 0.95% expense ratio, compared with 1.11% for TZA.
SMDD has the higher dividend yield at 5.76%, compared with 4.89% for TZA.
SMDD tracks S&P MidCap 400 Index (-300%), while TZA tracks Russell 2000 Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SMDD and 1.11% for TZA.
SMDD currently has the higher Sharpe Ratio (-0.88 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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