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 -40.48%/yr vs 19.85%/yr for XMMO. At a correlation of -0.86, they often move in opposite directions. 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 -36.27% return, which is significantly lower than XMMO's 24.32% return. Over the past 10 years, SMDD has underperformed XMMO with an annualized return of -40.48%, while XMMO has yielded a comparatively higher 19.85% annualized return.
SMDD
- 1D
- -3.77%
- 1M
- -12.99%
- YTD
- -36.27%
- 6M
- -33.69%
- 1Y
- -51.52%
- 3Y*
- -37.20%
- 5Y*
- -31.93%
- 10Y*
- -40.48%
XMMO
- 1D
- 1.25%
- 1M
- 5.74%
- YTD
- 24.32%
- 6M
- 22.99%
- 1Y
- 38.74%
- 3Y*
- 31.09%
- 5Y*
- 17.11%
- 10Y*
- 19.85%
SMDD vs. XMMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -36.27% | -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 | 24.32% | 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 -0.85, 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 | -0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 -0.84 - 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 | -3.06 | ||
| Sortino ratioReturn per unit of downside risk | -4.39 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.35 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 4.67 | -5.66 |
| Martin ratioReturn relative to average drawdown | -1.69 | 18.55 | -20.23 |
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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 | -52.00% | -8.34% | -43.66% |
Max Drawdown (3Y)Largest decline over 3 years | -81.99% | -24.93% | -57.06% |
Max Drawdown (5Y)Largest decline over 5 years | -87.81% | -27.91% | -59.90% |
Max Drawdown (10Y)Largest decline over 10 years | -99.52% | -36.74% | -62.78% |
Current DrawdownCurrent decline from peak | -99.99% | 0.00% | -99.99% |
Average DrawdownAverage peak-to-trough decline | -92.96% | -9.43% | -83.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.51% | 2.09% | +28.42% |
Volatility
SMDD vs. XMMO - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) has a higher volatility of 14.35% compared to Invesco S&P MidCap Momentum ETF (XMMO) at 8.19%. 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 | 14.35% | 8.19% | +6.16% |
Volatility (6M)Calculated over the trailing 6-month period | 35.45% | 16.62% | +18.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.55% | 19.75% | +27.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.92% | 21.62% | +37.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.41% | 22.34% | +41.07% |
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 7.32%, more than XMMO's 0.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | 7.32% | 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 | 0.60% | 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 -0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMDD has higher volatility (14.35%) compared to XMMO (8.19%). In terms of maximum drawdown, SMDD dropped -99.99% vs XMMO's -55.37%.
On 10-year performance, XMMO leads with 19.85% vs -40.48% for SMDD. On fees, XMMO is cheaper at 0.35% per year. On volatility, XMMO has been the lower-risk option at 8.19%. 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 19.85% return vs -40.48%. 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 7.32%, compared with 0.60% 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 (1.97 vs -1.09), 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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