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 -39.71%/yr vs -72.05%/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
The year-to-date returns for both investments are quite close, with SMDD having a -36.11% return and UVXY slightly higher at -34.93%. Over the past 10 years, SMDD has outperformed UVXY with an annualized return of -39.71%, while UVXY has yielded a comparatively lower -72.05% annualized return.
SMDD
- 1D
- -1.63%
- 1M
- -0.00%
- 6M
- -23.09%
- YTD
- -36.11%
- 1Y
- -45.70%
- 3Y*
- -34.48%
- 5Y*
- -31.60%
- 10Y*
- -39.71%
UVXY
- 1D
- 2.95%
- 1M
- -9.52%
- 6M
- -33.79%
- YTD
- -34.93%
- 1Y
- -73.19%
- 3Y*
- -62.17%
- 5Y*
- -68.33%
- 10Y*
- -72.05%
SMDD vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -36.11% | -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 | -34.93% | -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 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
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 4, 2011 | 0.68 |
The correlation between SMDD and UVXY has been stable across timeframes, ranging from 0.64 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.
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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.82 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.99 | +0.08 |
| Martin ratioReturn relative to average drawdown | -1.59 | -1.48 | -0.11 |
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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 | -50.01% | -73.88% | +23.87% |
Max Drawdown (3Y)Largest decline over 3 years | -82.62% | -95.42% | +12.80% |
Max Drawdown (5Y)Largest decline over 5 years | -88.24% | -99.75% | +11.51% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -100.00% | +0.55% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -92.99% | -98.76% | +5.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.79% | 49.56% | -20.77% |
Volatility
SMDD vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraPro Short MidCap400 (SMDD) is 10.40%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 17.16%. This indicates that SMDD experiences smaller price fluctuations and is considered to be less risky 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 | 10.40% | 17.16% | -6.76% |
Volatility (6M)Calculated over the trailing 6-month period | 35.28% | 66.78% | -31.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.19% | 85.47% | -38.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.75% | 103.82% | -45.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.21% | 112.00% | -48.79% |
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 5.85%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | 5.85% | 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 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (17.16%) compared to SMDD (10.40%). In terms of maximum drawdown, SMDD dropped -99.99% vs UVXY's -100.00%.
On 10-year performance, SMDD leads with -39.71% vs -72.05% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, SMDD has been the lower-risk option at 10.40%. 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 -39.71% return vs -72.05%. 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 5.85%, 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 (-0.86 vs -0.97), 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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