SMDD vs. XTJL
SMDD (ProShares UltraPro Short MidCap400) and XTJL (Innovator U.S. Equity Accelerated Plus ETF - July) are both Leveraged Equities funds. SMDD is passively managed, while XTJL is actively managed. Over the past 5 years, SMDD returned -30.01%/yr vs 9.70%/yr for XTJL. At a correlation of -0.80, they often move in opposite directions. SMDD charges 0.95%/yr vs 0.79%/yr for XTJL.
Performance
SMDD vs. XTJL - Performance Comparison
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Returns By Period
In the year-to-date period, SMDD achieves a -35.05% return, which is significantly lower than XTJL's 6.36% return.
SMDD
- 1D
- 0.20%
- 1M
- -0.56%
- 6M
- -25.59%
- YTD
- -35.05%
- 1Y
- -43.10%
- 3Y*
- -34.66%
- 5Y*
- -30.01%
- 10Y*
- -39.63%
XTJL
- 1D
- 0.32%
- 1M
- 0.95%
- 6M
- 5.53%
- YTD
- 6.36%
- 1Y
- 14.26%
- 3Y*
- 14.77%
- 5Y*
- 9.70%
- 10Y*
- —
SMDD vs. XTJL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -35.05% | -27.46% | -31.02% | -38.37% | 7.69% | -23.34% |
XTJL Innovator U.S. Equity Accelerated Plus ETF - July | 6.36% | 15.42% | 14.43% | 25.72% | -15.66% | 7.81% |
Correlation
The correlation between SMDD and XTJL is -0.71, 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 | -0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.80 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021 | -0.80 |
The correlation between SMDD and XTJL has been stable across timeframes, ranging from -0.80 to -0.71 - a consistent structural relationship.
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Return for Risk
SMDD vs. XTJL — Risk / Return Rank
SMDD
XTJL
SMDD vs. XTJL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) and Innovator U.S. Equity Accelerated Plus ETF - July (XTJL). 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 | XTJL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.80 | ||
| Sortino ratioReturn per unit of downside risk | -4.07 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.43 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 2.77 | -3.60 |
| Martin ratioReturn relative to average drawdown | -1.48 | 15.67 | -17.14 |
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Drawdowns
SMDD vs. XTJL - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, which is greater than XTJL's maximum drawdown of -23.24%. Use the drawdown chart below to compare losses from any high point for SMDD and XTJL.
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Drawdown Indicators
| SMDD | XTJL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -23.24% | -76.75% |
Max Drawdown (1Y)Largest decline over 1 year | -50.01% | -5.12% | -44.89% |
Max Drawdown (3Y)Largest decline over 3 years | -82.62% | -16.70% | -65.92% |
Max Drawdown (5Y)Largest decline over 5 years | -88.24% | -23.24% | -65.00% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | 0.00% | -99.99% |
Average DrawdownAverage peak-to-trough decline | -92.98% | -3.96% | -89.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.18% | 0.90% | +27.28% |
Volatility
SMDD vs. XTJL - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) has a higher volatility of 13.47% compared to Innovator U.S. Equity Accelerated Plus ETF - July (XTJL) at 1.10%. This indicates that SMDD's price experiences larger fluctuations and is considered to be riskier than XTJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMDD | XTJL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.47% | 1.10% | +12.37% |
Volatility (6M)Calculated over the trailing 6-month period | 35.27% | 5.68% | +29.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.54% | 7.36% | +40.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.78% | 15.09% | +43.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.21% | 15.07% | +48.14% |
SMDD vs. XTJL - Expense Ratio Comparison
SMDD has a 0.95% expense ratio, which is higher than XTJL's 0.79% expense ratio.
Dividends
SMDD vs. XTJL - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 5.76%, while XTJL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | 5.76% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% |
XTJL Innovator U.S. Equity Accelerated Plus ETF - July | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMDD and XTJL have a correlation of -0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMDD has higher volatility (13.47%) compared to XTJL (1.10%). In terms of maximum drawdown, SMDD dropped -99.99% vs XTJL's -23.24%.
On 5-year performance, XTJL leads with 9.70% vs -30.01% for SMDD. On fees, XTJL is cheaper at 0.79% per year. On volatility, XTJL has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, XTJL has performed better with a 9.70% return vs -30.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XTJL is cheaper with a 0.79% expense ratio, compared with 0.95% for SMDD.
SMDD has the higher dividend yield at 5.76%, compared with 0.00% for XTJL.
They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for SMDD and 0.79% for XTJL.
XTJL currently has the higher Sharpe Ratio (1.92 vs -0.88), 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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