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 -41.41%/yr vs 62.72%/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 -37.10% return, which is significantly lower than USD's 92.18% return. Over the past 10 years, SMDD has underperformed USD with an annualized return of -41.41%, while USD has yielded a comparatively higher 62.72% annualized return.
SMDD
- 1D
- -2.21%
- 1M
- -7.23%
- YTD
- -37.10%
- 6M
- -33.12%
- 1Y
- -50.81%
- 3Y*
- -38.60%
- 5Y*
- -30.24%
- 10Y*
- -41.41%
USD
- 1D
- 4.73%
- 1M
- -0.57%
- YTD
- 92.18%
- 6M
- 86.88%
- 1Y
- 185.02%
- 3Y*
- 118.50%
- 5Y*
- 64.73%
- 10Y*
- 62.72%
SMDD vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -37.10% | -27.46% | -31.02% | -38.37% | 7.69% | -58.01% | -74.71% | -53.34% | 33.50% | -39.87% |
USD ProShares Ultra Semiconductors | 92.18% | 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 -0.46, 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 | -0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.49 |
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 11, 2010 | -0.65 |
The correlation between SMDD and USD shifts across timeframes, from -0.65 (all time) to -0.46 (1 year), reflecting how their relationship changes across market environments.
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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.
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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.82 | ||
| Sortino ratioReturn per unit of downside risk | -4.42 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.38 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -1.04 | 5.86 | -6.90 |
| Martin ratioReturn relative to average drawdown | -1.89 | 16.16 | -18.05 |
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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 | -48.76% | -31.80% | -16.96% |
Max Drawdown (3Y)Largest decline over 3 years | -82.09% | -64.46% | -17.63% |
Max Drawdown (5Y)Largest decline over 5 years | -87.88% | -77.85% | -10.03% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | -77.85% | -21.65% |
Current DrawdownCurrent decline from peak | -99.99% | -11.21% | -88.78% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -32.29% | -60.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.37% | 11.50% | +17.87% |
Volatility
SMDD vs. USD - Volatility Comparison
The current volatility for ProShares UltraPro Short MidCap400 (SMDD) is 13.32%, while ProShares Ultra Semiconductors (USD) has a volatility of 33.79%. 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 | 13.32% | 33.79% | -20.47% |
Volatility (6M)Calculated over the trailing 6-month period | 35.50% | 53.90% | -18.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.59% | 67.84% | -20.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.87% | 77.74% | -18.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.33% | 69.82% | -6.49% |
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 5.94%, more than USD's 0.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | 5.94% | 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 | 0.30% | 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 -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (33.79%) compared to SMDD (13.32%). In terms of maximum drawdown, SMDD dropped -99.99% vs USD's -88.63%.
On 10-year performance, USD leads with 62.72% vs -41.41% for SMDD. Both ETFs have the same 0.95% expense ratio. On volatility, SMDD has been the lower-risk option at 13.32%. 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 62.72% return vs -41.41%. 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 5.94%, compared with 0.30% 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 (2.75 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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