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SMDD vs. UPRO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

SMDD vs. UPRO

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares UltraPro Short MidCap400 (SMDD) and ProShares UltraPro S&P 500 (UPRO).

SMDD and UPRO 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. UPRO is a passively managed fund by ProShares that tracks the performance of the S&P 500 Index (300%). It was launched on Jun 23, 2009. Both SMDD and UPRO 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. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short MidCap400 (SMDD) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

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SMDD vs. UPRO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
UPRO
ProShares UltraPro S&P 500		-16.03%31.88%63.57%68.53%-56.84%98.64%10.09%102.30%-25.11%71.37%

Returns By Period

In the year-to-date period, SMDD achieves a -8.06% return, which is significantly higher than UPRO's -16.03% return. Over the past 10 years, SMDD has underperformed UPRO with an annualized return of -39.00%, while UPRO has yielded a comparatively higher 25.25% 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%

UPRO

1D
8.61%
1M
-15.71%
YTD
-16.03%
6M
-12.57%
1Y
32.51%
3Y*
37.29%
5Y*
16.63%
10Y*
25.25%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraPro Short MidCap400

ProShares UltraPro S&P 500

Often compared with SMDD:
SMDD vs. UMDDSMDD vs. XMMOSMDD vs. TZASMDD vs. OOQBSMDD vs. IFEDSMDD vs. TSYXSMDD vs. XTJL
Often compared with UPRO:
UPRO vs. SPYUPRO vs. TQQQUPRO vs. SPXLUPRO vs. SSOUPRO vs. VOOUPRO vs. QLDUPRO vs. SPXU

SMDD vs. UPRO - Expense Ratio Comparison

SMDD has a 0.95% expense ratio, which is higher than UPRO's 0.92% expense ratio.

SMDD
ProShares UltraPro Short MidCap400
UPRO
ProShares UltraPro S&P 500

Return for Risk

SMDD vs. UPRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMDD
SMDD Risk / Return Rank: 33
Overall Rank
SMDD Sharpe Ratio Rank: 22
Sharpe Ratio Rank
SMDD Sortino Ratio Rank: 22
Sortino Ratio Rank
SMDD Omega Ratio Rank: 22
Omega Ratio Rank
SMDD Calmar Ratio Rank: 22
Calmar Ratio Rank
SMDD Martin Ratio Rank: 55
Martin Ratio Rank
UPRO
UPRO Risk / Return Rank: 4545
Overall Rank
UPRO Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
UPRO Sortino Ratio Rank: 4646
Sortino Ratio Rank
UPRO Omega Ratio Rank: 4949
Omega Ratio Rank
UPRO Calmar Ratio Rank: 4545
Calmar Ratio Rank
UPRO Martin Ratio Rank: 4747
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

SMDDUPRODifference

Sharpe ratio

Return per unit of total volatility

-0.71

0.60

-1.31

Sortino ratio

Return per unit of downside risk

-0.84

1.18

-2.02

Omega ratio

Gain probability vs. loss probability

0.89

1.18

-0.29

Calmar ratio

Return relative to maximum drawdown

-0.67

1.04

-1.71

Martin ratio

Return relative to average drawdown

-0.84

4.18

-5.02

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMDD vs. UPRO - Sharpe Ratio Comparison

The current SMDD Sharpe Ratio is -0.71, which is lower than the UPRO Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of SMDD and UPRO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

SMDDUPRODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.71

0.60

-1.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.46

0.33

-0.79

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.62

0.47

-1.09

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.69

0.59

-1.29

Correlation

The correlation between SMDD and UPRO is -0.86. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

SMDD vs. UPRO - Dividend Comparison

SMDD's dividend yield for the trailing twelve months is around 5.07%, more than UPRO's 1.04% yield.

TTM20252024202320222021202020192018201720162015
SMDD
ProShares UltraPro Short MidCap400		5.07%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		1.04%0.84%0.93%0.74%0.52%0.06%0.11%0.41%0.63%0.00%0.12%0.34%

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

SMDDUPRODifference

Max Drawdown

Largest peak-to-trough decline

-99.99%

-76.82%

-23.17%

Max Drawdown (1Y)

Largest decline over 1 year

-67.39%

-33.38%

-34.01%

Max Drawdown (5Y)

Largest decline over 5 years

-85.18%

-63.94%

-21.24%

Max Drawdown (10Y)

Largest decline over 10 years

-99.45%

-76.82%

-22.63%

Current Drawdown

Current decline from peak

-99.98%

-20.48%

-79.50%

Average Drawdown

Average peak-to-trough decline

-92.88%

-14.53%

-78.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

53.40%

8.33%

+45.07%

Volatility

SMDD vs. UPRO - Volatility Comparison

ProShares UltraPro Short MidCap400 (SMDD) has a higher volatility of 19.39% compared to ProShares UltraPro S&P 500 (UPRO) at 15.89%. This indicates that SMDD's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMDDUPRODifference

Volatility (1M)

Calculated over the trailing 1-month period

19.39%

15.89%

+3.50%

Volatility (6M)

Calculated over the trailing 6-month period

35.71%

28.41%

+7.30%

Volatility (1Y)

Calculated over the trailing 1-year period

62.95%

54.34%

+8.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

58.83%

50.34%

+8.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

63.28%

53.70%

+9.58%