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 -39.58%/yr vs 28.48%/yr for UPRO. Their -0.86 correlation means they have often moved in opposite directions in the past. 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 -34.07% return, which is significantly lower than UPRO's 21.72% return. Over the past 10 years, SMDD has underperformed UPRO with an annualized return of -39.58%, while UPRO has yielded a comparatively higher 28.48% annualized return.
SMDD
- 1D
- 0.12%
- 1M
- 5.35%
- 6M
- -26.03%
- YTD
- -34.07%
- 1Y
- -43.59%
- 3Y*
- -33.04%
- 5Y*
- -29.66%
- 10Y*
- -39.58%
- ALL TIME*
- -42.41%
UPRO
- 1D
- 1.97%
- 1M
- -0.79%
- 6M
- 17.81%
- YTD
- 21.72%
- 1Y
- 46.20%
- 3Y*
- 41.29%
- 5Y*
- 19.17%
- 10Y*
- 28.48%
- ALL TIME*
- 33.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $53.27K | $77.83K | $71.85K | |
| $288.84M | $293.51M | $361.12M |
SMDD vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -34.07% | -27.46% | -31.02% | -38.37% | 7.69% | -58.01% | -74.71% | -53.34% | 33.50% | -39.87% |
UPRO ProShares UltraPro S&P 500 | 21.72% | 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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.76 |
Correlation (3Y) Balances recent behavior with more history. | -0.79 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.84 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 | -2.14 | ||
| Sortino ratioReturn per unit of downside risk | -3.00 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.22 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 1.73 | -2.61 |
| Martin ratioReturn relative to average drawdown | -1.44 | 6.63 | -8.07 |
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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 | -50.01% | -26.78% | -23.23% |
Max Drawdown (3Y)Largest decline over 3 years | -82.62% | -48.87% | -33.75% |
Max Drawdown (5Y)Largest decline over 5 years | -88.24% | -63.94% | -24.30% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -76.82% | -22.63% |
Current DrawdownCurrent decline from peak | -99.99% | -6.81% | -93.18% |
Average DrawdownAverage peak-to-trough decline | -93.01% | -14.35% | -78.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.36% | 7.00% | +23.36% |
Volatility
SMDD vs. UPRO - Volatility Comparison
The current volatility for ProShares UltraPro Short MidCap400 (SMDD) is 9.96%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 10.69%. This indicates that SMDD experiences smaller price fluctuations and is considered to be less risky 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
| SMDD | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.96% | 10.69% | -0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 35.01% | 30.36% | +4.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.21% | 38.51% | +8.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.59% | 50.70% | +7.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.23% | 53.78% | +9.45% |
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 5.67%, more than UPRO's 0.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | 5.67% | 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 | 0.77% | 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.
UPRO has higher volatility (10.69%) compared to SMDD (9.96%). In terms of maximum drawdown, SMDD dropped -99.99% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.48% vs -39.58% for SMDD. On fees, UPRO is cheaper at 0.89% per year. On volatility, SMDD has been the lower-risk option at 9.96%. 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 28.48% return vs -39.58%. 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 5.67%, compared with 0.77% 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 (1.21 vs -0.93), 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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