SMDD vs. UMDD
SMDD (ProShares UltraPro Short MidCap400) and UMDD (ProShares UltraPro MidCap400) are both Leveraged Equities funds from ProShares - SMDD tracks the S&P MidCap 400 Index (-300%) while UMDD tracks the S&P MidCap 400 Index (300%). Both are passively managed. Over the past 10 years, SMDD returned -40.48%/yr vs 12.31%/yr for UMDD. At a correlation of -0.98, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SMDD vs. UMDD - Performance Comparison
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Returns By Period
In the year-to-date period, SMDD achieves a -36.27% return, which is significantly lower than UMDD's 40.52% return. Over the past 10 years, SMDD has underperformed UMDD with an annualized return of -40.48%, while UMDD has yielded a comparatively higher 12.31% annualized return.
SMDD
- 1D
- -3.77%
- 1M
- -12.99%
- YTD
- -36.27%
- 6M
- -33.69%
- 1Y
- -51.52%
- 3Y*
- -37.20%
- 5Y*
- -31.93%
- 10Y*
- -40.48%
UMDD
- 1D
- 3.10%
- 1M
- 11.87%
- YTD
- 40.52%
- 6M
- 35.09%
- 1Y
- 70.92%
- 3Y*
- 23.48%
- 5Y*
- 5.51%
- 10Y*
- 12.31%
SMDD vs. UMDD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -36.27% | -27.46% | -31.02% | -38.37% | 7.69% | -58.01% | -74.71% | -53.34% | 33.50% | -39.87% |
UMDD ProShares UltraPro MidCap400 | 40.52% | -2.57% | 19.68% | 27.21% | -49.60% | 72.27% | -17.30% | 78.90% | -40.29% | 49.17% |
Correlation
The correlation between SMDD and UMDD is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.97 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.98 |
The correlation between SMDD and UMDD has been stable across timeframes, ranging from -1.00 to -0.97 - a consistent structural relationship.
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Return for Risk
SMDD vs. UMDD — Risk / Return Rank
SMDD
UMDD
SMDD vs. UMDD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and ProShares UltraPro MidCap400 (UMDD). 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 | UMDD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.59 | ||
| Sortino ratioReturn per unit of downside risk | -3.80 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.26 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 2.74 | -3.73 |
| Martin ratioReturn relative to average drawdown | -1.69 | 9.16 | -10.84 |
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Drawdowns
SMDD vs. UMDD - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, which is greater than UMDD's maximum drawdown of -86.24%. Use the drawdown chart below to compare losses from any high point for SMDD and UMDD.
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Drawdown Indicators
| SMDD | UMDD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -86.24% | -13.75% |
Max Drawdown (1Y)Largest decline over 1 year | -52.00% | -26.04% | -25.96% |
Max Drawdown (3Y)Largest decline over 3 years | -81.99% | -60.33% | -21.66% |
Max Drawdown (5Y)Largest decline over 5 years | -87.81% | -64.61% | -23.20% |
Max Drawdown (10Y)Largest decline over 10 years | -99.52% | -86.24% | -13.28% |
Current DrawdownCurrent decline from peak | -99.99% | -3.76% | -96.23% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -23.56% | -69.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.51% | 7.77% | +22.74% |
Volatility
SMDD vs. UMDD - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) and ProShares UltraPro MidCap400 (UMDD) have volatilities of 14.35% and 14.02%, 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 | UMDD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.35% | 14.02% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 35.45% | 35.22% | +0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.55% | 47.40% | +0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.92% | 59.00% | -0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.41% | 62.34% | +1.07% |
SMDD vs. UMDD - Expense Ratio Comparison
Both SMDD and UMDD have an expense ratio of 0.95%.
Dividends
SMDD vs. UMDD - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 7.32%, more than UMDD's 0.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | 7.32% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% | 0.00% | 0.00% | 0.00% |
UMDD ProShares UltraPro MidCap400 | 0.75% | 1.00% | 0.76% | 0.19% | 0.49% | 0.06% | 0.08% | 0.64% | 0.32% | 0.00% | 0.03% | 0.06% |
Frequently Asked Questions
SMDD and UMDD have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMDD has higher volatility (14.35%) compared to UMDD (14.02%). In terms of maximum drawdown, SMDD dropped -99.99% vs UMDD's -86.24%.
On 10-year performance, UMDD leads with 12.31% vs -40.48% for SMDD. Both ETFs have the same 0.95% expense ratio. On volatility, UMDD has been the lower-risk option at 14.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UMDD has performed better with a 12.31% return vs -40.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMDD and UMDD have the same expense ratio: 0.95% per year.
SMDD has the higher dividend yield at 7.32%, compared with 0.75% for UMDD.
SMDD tracks S&P MidCap 400 Index (-300%), while UMDD tracks S&P MidCap 400 Index (300%).
UMDD currently has the higher Sharpe Ratio (1.50 vs -1.09), 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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