SMDD vs. UPRO
SMDD (ProShares UltraPro Short MidCap400) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds from ProShares - SMDD tracks the S&P MidCap 400 Index (-300%) while UPRO tracks the S&P 500. Both are passively managed. Over the past 10 years, SMDD returned -40.48%/yr vs 29.93%/yr for UPRO. At a correlation of -0.86, they often move in opposite directions. SMDD charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
SMDD vs. UPRO - 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 UPRO's 23.64% return. Over the past 10 years, SMDD has underperformed UPRO with an annualized return of -40.48%, while UPRO has yielded a comparatively higher 29.93% 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%
UPRO
- 1D
- 2.93%
- 1M
- 1.41%
- YTD
- 23.64%
- 6M
- 23.94%
- 1Y
- 74.75%
- 3Y*
- 46.63%
- 5Y*
- 23.40%
- 10Y*
- 29.93%
SMDD vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 23.64% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between SMDD and UPRO is -0.76, 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 | -0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.82 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.86 |
The correlation between SMDD and UPRO shifts across timeframes, from -0.86 (all time) to -0.76 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SMDD vs. UPRO — Risk / Return Rank
SMDD
UPRO
SMDD vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.11 | ||
| Sortino ratioReturn per unit of downside risk | -4.16 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.33 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 2.81 | -3.80 |
| Martin ratioReturn relative to average drawdown | -1.69 | 11.50 | -13.19 |
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Drawdowns
SMDD vs. UPRO - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for SMDD and UPRO.
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Drawdown Indicators
| SMDD | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -76.82% | -23.17% |
Max Drawdown (1Y)Largest decline over 1 year | -52.00% | -26.78% | -25.22% |
Max Drawdown (3Y)Largest decline over 3 years | -81.99% | -48.87% | -33.12% |
Max Drawdown (5Y)Largest decline over 5 years | -87.81% | -63.94% | -23.87% |
Max Drawdown (10Y)Largest decline over 10 years | -99.52% | -76.82% | -22.70% |
Current DrawdownCurrent decline from peak | -99.99% | -5.34% | -94.65% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -14.39% | -78.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.51% | 6.52% | +23.99% |
Volatility
SMDD vs. UPRO - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) and ProShares UltraPro S&P 500 (UPRO) have volatilities of 14.35% and 14.30%, 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 | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.35% | 14.30% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 35.45% | 29.41% | +6.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.55% | 37.08% | +10.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.92% | 50.60% | +8.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.41% | 53.87% | +9.54% |
SMDD vs. UPRO - Expense Ratio Comparison
SMDD has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
SMDD vs. UPRO - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 7.32%, more than UPRO's 0.71% 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% |
UPRO ProShares UltraPro S&P 500 | 0.71% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
SMDD and UPRO have a correlation of -0.76, 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 UPRO (14.30%). In terms of maximum drawdown, SMDD dropped -99.99% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 29.93% vs -40.48% for SMDD. On fees, UPRO is cheaper at 0.89% per year. 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, UPRO has performed better with a 29.93% return vs -40.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for SMDD.
SMDD has the higher dividend yield at 7.32%, compared with 0.71% for UPRO.
SMDD tracks S&P MidCap 400 Index (-300%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for SMDD and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (2.03 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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