SMDD vs. UVXY
SMDD (ProShares UltraPro Short MidCap400) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SMDD is a Leveraged Equities fund tracking the S&P MidCap 400 Index (-300%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, SMDD returned -40.23%/yr vs -72.67%/yr for UVXY. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SMDD vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, SMDD achieves a -33.48% return, which is significantly lower than UVXY's -19.06% return. Over the past 10 years, SMDD has outperformed UVXY with an annualized return of -40.23%, while UVXY has yielded a comparatively lower -72.67% annualized return.
SMDD
- 1D
- 0.19%
- 1M
- -11.19%
- YTD
- -33.48%
- 6M
- -33.71%
- 1Y
- -48.94%
- 3Y*
- -38.20%
- 5Y*
- -29.60%
- 10Y*
- -40.23%
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
SMDD vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -33.48% | -27.46% | -31.02% | -38.37% | 7.69% | -58.01% | -74.71% | -53.34% | 33.50% | -39.87% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -19.06% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between SMDD and UVXY is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | 0.68 |
The correlation between SMDD and UVXY has been stable across timeframes, ranging from 0.62 to 0.68 - a consistent structural relationship.
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Return for Risk
SMDD vs. UVXY — Risk / Return Rank
SMDD
UVXY
SMDD vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.82 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.97 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.65 | -1.31 | -0.34 |
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 | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.05 | -0.87 | -0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.51 | -0.66 | +0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | -0.64 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | -0.68 | -0.03 |
Drawdowns
SMDD vs. UVXY - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SMDD and UVXY.
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Drawdown Indicators
| SMDD | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -100.00% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -50.42% | -75.22% | +24.80% |
Max Drawdown (3Y)Largest decline over 3 years | -81.09% | -95.45% | +14.36% |
Max Drawdown (5Y)Largest decline over 5 years | -87.20% | -99.68% | +12.48% |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | -100.00% | +0.50% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -98.55% | +5.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.68% | 55.63% | -25.95% |
Volatility
SMDD vs. UVXY - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) has a higher volatility of 13.34% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 11.77%. This indicates that SMDD's price experiences larger fluctuations and is considered to be riskier than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMDD | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.34% | 11.77% | +1.57% |
Volatility (6M)Calculated over the trailing 6-month period | 34.30% | 62.64% | -28.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.71% | 84.42% | -37.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.82% | 103.85% | -45.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.34% | 113.82% | -50.48% |
SMDD vs. UVXY - Expense Ratio Comparison
Both SMDD and UVXY have an expense ratio of 0.95%.
Dividends
SMDD vs. UVXY - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 7.01%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | 7.01% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMDD and UVXY have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMDD has higher volatility (13.34%) compared to UVXY (11.77%). In terms of maximum drawdown, SMDD dropped -99.99% vs UVXY's -100.00%.
On 10-year performance, SMDD leads with -40.23% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 11.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMDD has performed better with a -40.23% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMDD and UVXY have the same expense ratio: 0.95% per year.
SMDD has the higher dividend yield at 7.01%, compared with 0.00% for UVXY.
SMDD is categorized as Leveraged Equities, while UVXY is Volatility. SMDD tracks S&P MidCap 400 Index (-300%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.87 vs -1.05), 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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