SMDD vs. XDQQ
SMDD (ProShares UltraPro Short MidCap400) and XDQQ (Innovator Growth Accelerated ETF - Quarterly) are both Leveraged Equities funds. SMDD is passively managed, while XDQQ is actively managed. Over the past 5 years, SMDD returned -31.60%/yr vs 6.98%/yr for XDQQ. At a correlation of -0.68, they often move in opposite directions. SMDD charges 0.95%/yr vs 0.79%/yr for XDQQ.
Performance
SMDD vs. XDQQ - Performance Comparison
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Returns By Period
In the year-to-date period, SMDD achieves a -36.11% return, which is significantly lower than XDQQ's -0.61% 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%
XDQQ
- 1D
- -1.74%
- 1M
- -3.26%
- 6M
- -1.60%
- YTD
- -0.61%
- 1Y
- 11.08%
- 3Y*
- 15.20%
- 5Y*
- 6.98%
- 10Y*
- —
SMDD vs. XDQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -36.11% | -27.46% | -31.02% | -38.37% | 7.69% | -33.42% |
XDQQ Innovator Growth Accelerated ETF - Quarterly | -0.61% | 13.75% | 31.47% | 30.15% | -33.74% | 18.52% |
Correlation
The correlation between SMDD and XDQQ is -0.59, 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 | -0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.69 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021 | -0.68 |
The correlation between SMDD and XDQQ shifts across timeframes, from -0.69 (5 years) to -0.59 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SMDD vs. XDQQ — Risk / Return Rank
SMDD
XDQQ
SMDD vs. XDQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and Innovator Growth Accelerated ETF - Quarterly (XDQQ). 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 | XDQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.74 | ||
| Sortino ratioReturn per unit of downside risk | -2.50 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.16 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 0.94 | -1.86 |
| Martin ratioReturn relative to average drawdown | -1.59 | 4.20 | -5.79 |
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Drawdowns
SMDD vs. XDQQ - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, which is greater than XDQQ's maximum drawdown of -35.63%. Use the drawdown chart below to compare losses from any high point for SMDD and XDQQ.
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Drawdown Indicators
| SMDD | XDQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -35.63% | -64.36% |
Max Drawdown (1Y)Largest decline over 1 year | -50.01% | -11.84% | -38.17% |
Max Drawdown (3Y)Largest decline over 3 years | -82.62% | -23.17% | -59.45% |
Max Drawdown (5Y)Largest decline over 5 years | -88.24% | -35.63% | -52.61% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -3.50% | -96.49% |
Average DrawdownAverage peak-to-trough decline | -92.99% | -10.61% | -82.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.79% | 2.64% | +26.15% |
Volatility
SMDD vs. XDQQ - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) has a higher volatility of 10.40% compared to Innovator Growth Accelerated ETF - Quarterly (XDQQ) at 4.48%. This indicates that SMDD's price experiences larger fluctuations and is considered to be riskier than XDQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMDD | XDQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.40% | 4.48% | +5.92% |
Volatility (6M)Calculated over the trailing 6-month period | 35.28% | 10.84% | +24.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.19% | 14.40% | +32.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.75% | 19.89% | +38.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.21% | 19.53% | +43.68% |
SMDD vs. XDQQ - Expense Ratio Comparison
SMDD has a 0.95% expense ratio, which is higher than XDQQ's 0.79% expense ratio.
Dividends
SMDD vs. XDQQ - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 5.85%, while XDQQ 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% |
XDQQ Innovator Growth Accelerated ETF - Quarterly | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMDD and XDQQ have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMDD has higher volatility (10.40%) compared to XDQQ (4.48%). In terms of maximum drawdown, SMDD dropped -99.99% vs XDQQ's -35.63%.
On 5-year performance, XDQQ leads with 6.98% vs -31.60% for SMDD. On fees, XDQQ is cheaper at 0.79% per year. On volatility, XDQQ has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, XDQQ has performed better with a 6.98% return vs -31.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XDQQ is cheaper with a 0.79% expense ratio, compared with 0.95% for SMDD.
SMDD has the higher dividend yield at 5.85%, compared with 0.00% for XDQQ.
They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for SMDD and 0.79% for XDQQ.
XDQQ currently has the higher Sharpe Ratio (0.77 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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