SMDD vs. USD
SMDD (ProShares UltraPro Short MidCap400) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - SMDD tracks the S&P MidCap 400 Index (-300%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, SMDD returned -40.10%/yr vs 61.24%/yr for USD. At a correlation of -0.65, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SMDD vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, SMDD achieves a -34.17% return, which is significantly lower than USD's 103.32% return. Over the past 10 years, SMDD has underperformed USD with an annualized return of -40.10%, while USD has yielded a comparatively higher 61.24% annualized return.
SMDD
- 1D
- -1.03%
- 1M
- -8.01%
- YTD
- -34.17%
- 6M
- -33.48%
- 1Y
- -49.82%
- 3Y*
- -39.03%
- 5Y*
- -29.74%
- 10Y*
- -40.10%
USD
- 1D
- -4.99%
- 1M
- 31.62%
- YTD
- 103.32%
- 6M
- 97.79%
- 1Y
- 250.81%
- 3Y*
- 125.78%
- 5Y*
- 67.80%
- 10Y*
- 61.24%
SMDD vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -34.17% | -27.46% | -31.02% | -38.37% | 7.69% | -58.01% | -74.71% | -53.34% | 33.50% | -39.87% |
USD ProShares Ultra Semiconductors | 103.32% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between SMDD and USD is -0.44, 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 | -0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.60 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010 | -0.65 |
Over the past year, the inverse relationship between SMDD and USD has weakened: their correlation has moved from -0.65 to -0.44, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SMDD vs. USD — Risk / Return Rank
SMDD
USD
SMDD vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and ProShares Ultra Semiconductors (USD). 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.
| SMDD | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.19 | ||
| Sortino ratioReturn per unit of downside risk | -5.26 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.48 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 7.94 | -8.92 |
| Martin ratioReturn relative to average drawdown | -1.67 | 22.96 | -24.63 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMDD | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.07 | 4.12 | -5.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.51 | 0.89 | -1.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.63 | 0.89 | -1.52 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | 0.49 | -1.19 |
Drawdowns
SMDD vs. USD - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SMDD and USD.
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Drawdown Indicators
| SMDD | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -88.63% | -11.36% |
Max Drawdown (1Y)Largest decline over 1 year | -50.84% | -31.80% | -19.04% |
Max Drawdown (3Y)Largest decline over 3 years | -81.25% | -64.46% | -16.79% |
Max Drawdown (5Y)Largest decline over 5 years | -87.31% | -77.85% | -9.46% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | -77.85% | -21.65% |
Current DrawdownCurrent decline from peak | -99.99% | -6.07% | -93.92% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -32.35% | -60.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.85% | 10.98% | +18.87% |
Volatility
SMDD vs. USD - Volatility Comparison
The current volatility for ProShares UltraPro Short MidCap400 (SMDD) is 12.68%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. This indicates that SMDD experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMDD | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.68% | 21.29% | -8.61% |
Volatility (6M)Calculated over the trailing 6-month period | 34.29% | 46.74% | -12.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.57% | 61.28% | -14.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.82% | 76.56% | -17.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.33% | 69.24% | -5.91% |
SMDD vs. USD - Expense Ratio Comparison
Both SMDD and USD have an expense ratio of 0.95%.
Dividends
SMDD vs. USD - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 7.08%, more than USD's 0.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | 7.08% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% | 0.00% | 0.00% | 0.00% |
USD ProShares Ultra Semiconductors | 0.23% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
SMDD and USD have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (21.29%) compared to SMDD (12.68%). In terms of maximum drawdown, SMDD dropped -99.99% vs USD's -88.63%.
On 10-year performance, USD leads with 61.24% vs -40.10% for SMDD. Both ETFs have the same 0.95% expense ratio. On volatility, SMDD has been the lower-risk option at 12.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 61.24% return vs -40.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMDD and USD have the same expense ratio: 0.95% per year.
SMDD has the higher dividend yield at 7.08%, compared with 0.23% for USD.
SMDD tracks S&P MidCap 400 Index (-300%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (4.12 vs -1.07), 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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