SMDD vs. XMMO
SMDD (ProShares UltraPro Short MidCap400) and XMMO (Invesco S&P MidCap Momentum ETF) are both exchange-traded funds - SMDD is a Leveraged Equities fund tracking the S&P MidCap 400 Index (-300%), while XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index. Both are passively managed. Over the past 10 years, SMDD returned -39.58%/yr vs 18.04%/yr for XMMO. Their -0.86 correlation means they have often moved in opposite directions in the past. SMDD charges 0.95%/yr vs 0.35%/yr for XMMO.
Performance
SMDD vs. XMMO - Performance Comparison
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Returns By Period
In the year-to-date period, SMDD achieves a -34.07% return, which is significantly lower than XMMO's 11.79% return. Over the past 10 years, SMDD has underperformed XMMO with an annualized return of -39.58%, while XMMO has yielded a comparatively higher 18.04% annualized return.
SMDD
- 1D
- 0.12%
- 1M
- 5.35%
- 6M
- -26.03%
- YTD
- -34.07%
- 1Y
- -43.59%
- 3Y*
- -33.04%
- 5Y*
- -29.66%
- 10Y*
- -39.58%
- ALL TIME*
- -42.41%
XMMO
- 1D
- 0.22%
- 1M
- -7.05%
- 6M
- 10.34%
- YTD
- 11.79%
- 1Y
- 19.09%
- 3Y*
- 23.81%
- 5Y*
- 13.41%
- 10Y*
- 18.04%
- ALL TIME*
- 12.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $53.27K | $77.83K | $71.85K | |
| $60.32M | $71.93M | $66.65M |
SMDD vs. XMMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -34.07% | -27.46% | -31.02% | -38.37% | 7.69% | -58.01% | -74.71% | -53.34% | 33.50% | -39.87% |
XMMO Invesco S&P MidCap Momentum ETF | 11.79% | 13.04% | 38.03% | 20.39% | -16.02% | 16.69% | 29.17% | 36.78% | 6.12% | 37.18% |
Correlation
The correlation between SMDD and XMMO is -0.83, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.83 |
Correlation (3Y) Balances recent behavior with more history. | -0.89 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.91 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.84 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.86 |
The correlation between SMDD and XMMO has been stable across timeframes, ranging from -0.91 to -0.83 - a consistent structural relationship.
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Return for Risk
SMDD vs. XMMO — Risk / Return Rank
SMDD
XMMO
SMDD vs. XMMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and Invesco S&P MidCap Momentum ETF (XMMO). 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 | XMMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.82 | ||
| Sortino ratioReturn per unit of downside risk | -2.65 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.17 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 1.38 | -2.25 |
| Martin ratioReturn relative to average drawdown | -1.44 | 5.81 | -7.25 |
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Drawdowns
SMDD vs. XMMO - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, which is greater than XMMO's maximum drawdown of -55.37%. Use the drawdown chart below to compare losses from any high point for SMDD and XMMO.
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Drawdown Indicators
| SMDD | XMMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -55.37% | -44.62% |
Max Drawdown (1Y)Largest decline over 1 year | -50.01% | -13.91% | -36.10% |
Max Drawdown (3Y)Largest decline over 3 years | -82.62% | -24.93% | -57.69% |
Max Drawdown (5Y)Largest decline over 5 years | -88.24% | -27.91% | -60.33% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -36.74% | -62.71% |
Current DrawdownCurrent decline from peak | -99.99% | -11.24% | -88.75% |
Average DrawdownAverage peak-to-trough decline | -93.01% | -9.42% | -83.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.36% | 3.29% | +27.07% |
Volatility
SMDD vs. XMMO - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) has a higher volatility of 9.96% compared to Invesco S&P MidCap Momentum ETF (XMMO) at 7.88%. This indicates that SMDD's price experiences larger fluctuations and is considered to be riskier than XMMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMDD | XMMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.96% | 7.88% | +2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 35.01% | 18.46% | +16.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.21% | 21.50% | +25.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.59% | 21.86% | +36.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.23% | 22.43% | +40.80% |
SMDD vs. XMMO - Expense Ratio Comparison
SMDD has a 0.95% expense ratio, which is higher than XMMO's 0.35% expense ratio.
Dividends
SMDD vs. XMMO - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 5.67%, more than XMMO's 0.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | 5.67% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% | 0.00% | 0.00% | 0.00% |
XMMO Invesco S&P MidCap Momentum ETF | 0.63% | 0.78% | 0.34% | 0.80% | 1.43% | 0.41% | 0.61% | 0.60% | 0.19% | 0.21% | 0.22% | 0.64% |
Frequently Asked Questions
SMDD and XMMO have a correlation of -0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMDD has higher volatility (9.96%) compared to XMMO (7.88%). In terms of maximum drawdown, SMDD dropped -99.99% vs XMMO's -55.37%.
On 10-year performance, XMMO leads with 18.04% vs -39.58% for SMDD. On fees, XMMO is cheaper at 0.35% per year. On volatility, XMMO has been the lower-risk option at 7.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XMMO has performed better with a 18.04% return vs -39.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XMMO is cheaper with a 0.35% expense ratio, compared with 0.95% for SMDD.
SMDD has the higher dividend yield at 5.67%, compared with 0.63% for XMMO.
SMDD is categorized as Leveraged Equities, while XMMO is Momentum. SMDD tracks S&P MidCap 400 Index (-300%), while XMMO tracks S&P MidCap 400 Momentum Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for SMDD and 0.35% for XMMO.
XMMO currently has the higher Sharpe Ratio (0.89 vs -0.93), 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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