SMDD vs. WTIU
SMDD (ProShares UltraPro Short MidCap400) and WTIU (MicroSectors Energy 3X Leveraged ETN) are both Leveraged Equities funds - SMDD tracks the S&P MidCap 400 Index (-300%) while WTIU tracks the Solactive MicroSectors Energy Index - Benchmark TR Gross (--300%). Both are passively managed. Over the past 3 years, SMDD returned -38.60%/yr vs -1.81%/yr for WTIU. At a correlation of -0.33, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SMDD vs. WTIU - 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 WTIU's 43.70% 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%
WTIU
- 1D
- 2.10%
- 1M
- -18.32%
- YTD
- 43.70%
- 6M
- 46.65%
- 1Y
- 45.61%
- 3Y*
- -1.81%
- 5Y*
- —
- 10Y*
- —
SMDD vs. WTIU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -37.10% | -27.46% | -31.02% | -17.22% |
WTIU MicroSectors Energy 3X Leveraged ETN | 43.70% | -17.13% | -29.63% | -28.45% |
Correlation
The correlation between SMDD and WTIU is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.28 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2023 | -0.33 |
Over the past year, the inverse relationship between SMDD and WTIU has weakened: their correlation has moved from -0.33 to -0.05, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SMDD vs. WTIU — Risk / Return Rank
SMDD
WTIU
SMDD vs. WTIU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and MicroSectors Energy 3X Leveraged ETN (WTIU). 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 | WTIU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.74 | ||
| Sortino ratioReturn per unit of downside risk | -2.91 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.15 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -1.04 | 0.97 | -2.02 |
| Martin ratioReturn relative to average drawdown | -1.89 | 2.51 | -4.40 |
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Drawdowns
SMDD vs. WTIU - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, which is greater than WTIU's maximum drawdown of -75.73%. Use the drawdown chart below to compare losses from any high point for SMDD and WTIU.
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Drawdown Indicators
| SMDD | WTIU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -75.73% | -24.26% |
Max Drawdown (1Y)Largest decline over 1 year | -48.76% | -47.07% | -1.69% |
Max Drawdown (3Y)Largest decline over 3 years | -82.09% | -75.73% | -6.36% |
Max Drawdown (5Y)Largest decline over 5 years | -87.88% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.50% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -49.06% | -50.93% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -39.21% | -53.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.37% | 18.25% | +11.12% |
Volatility
SMDD vs. WTIU - Volatility Comparison
The current volatility for ProShares UltraPro Short MidCap400 (SMDD) is 13.32%, while MicroSectors Energy 3X Leveraged ETN (WTIU) has a volatility of 22.57%. This indicates that SMDD experiences smaller price fluctuations and is considered to be less risky than WTIU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMDD | WTIU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.32% | 22.57% | -9.25% |
Volatility (6M)Calculated over the trailing 6-month period | 35.50% | 56.28% | -20.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.59% | 68.30% | -20.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.87% | 70.77% | -11.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.33% | 70.77% | -7.44% |
SMDD vs. WTIU - Expense Ratio Comparison
Both SMDD and WTIU have an expense ratio of 0.95%.
Dividends
SMDD vs. WTIU - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 5.94%, while WTIU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | 5.94% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% |
WTIU MicroSectors Energy 3X Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMDD and WTIU have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WTIU has higher volatility (22.57%) compared to SMDD (13.32%). In terms of maximum drawdown, SMDD dropped -99.99% vs WTIU's -75.73%.
On 3-year performance, WTIU leads with -1.81% vs -38.60% 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 3-year period, WTIU has performed better with a -1.81% return vs -38.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMDD and WTIU have the same expense ratio: 0.95% per year.
SMDD has the higher dividend yield at 5.94%, compared with 0.00% for WTIU.
SMDD tracks S&P MidCap 400 Index (-300%), while WTIU tracks Solactive MicroSectors Energy Index - Benchmark TR Gross (--300%). They also come from different issuers: ProShares and REX.
WTIU currently has the higher Sharpe Ratio (0.67 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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