SPOG vs. SMDD
SPOG (Leverage Shares 2X Long SPOT Daily ETF) and SMDD (ProShares UltraPro Short MidCap400) are both Leveraged Equities funds. SPOG is actively managed, while SMDD is passively managed. At a correlation of -0.06, they often move in opposite directions. SPOG charges 0.75%/yr vs 0.95%/yr for SMDD.
Performance
SPOG vs. SMDD - Performance Comparison
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Returns By Period
In the year-to-date period, SPOG achieves a -41.52% return, which is significantly lower than SMDD's -33.48% return.
SPOG
- 1D
- -5.23%
- 1M
- 19.81%
- YTD
- -41.52%
- 6M
- -37.75%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMDD
- 1D
- 0.19%
- 1M
- -11.19%
- YTD
- -33.48%
- 6M
- -33.71%
- 1Y
- -48.94%
- 3Y*
- -38.20%
- 5Y*
- -29.60%
- 10Y*
- -40.23%
SPOG vs. SMDD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SPOG Leverage Shares 2X Long SPOT Daily ETF | -41.52% | -19.53% |
SMDD ProShares UltraPro Short MidCap400 | -33.48% | -14.15% |
Correlation
The correlation between SPOG and SMDD is -0.06, 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 (All Time) Calculated using the full available price history since Nov 18, 2025 | -0.06 |
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Return for Risk
SPOG vs. SMDD — Risk / Return Rank
SPOG
SMDD
SPOG vs. SMDD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long SPOT Daily ETF (SPOG) and ProShares UltraPro Short MidCap400 (SMDD). 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| SPOG | SMDD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -1.05 | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.51 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.73 | -0.71 | -0.02 |
Drawdowns
SPOG vs. SMDD - Drawdown Comparison
The maximum SPOG drawdown since its inception was -64.41%, smaller than the maximum SMDD drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for SPOG and SMDD.
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Drawdown Indicators
| SPOG | SMDD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.41% | -99.99% | +35.58% |
Max Drawdown (1Y)Largest decline over 1 year | — | -50.42% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -81.09% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -87.20% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.50% | — |
Current DrawdownCurrent decline from peak | -52.94% | -99.99% | +47.05% |
Average DrawdownAverage peak-to-trough decline | -40.43% | -92.96% | +52.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 29.68% | — |
Volatility
SPOG vs. SMDD - Volatility Comparison
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Volatility by Period
| SPOG | SMDD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 13.34% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 34.30% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 103.84% | 46.71% | +57.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.84% | 58.82% | +45.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 103.84% | 63.34% | +40.50% |
SPOG vs. SMDD - Expense Ratio Comparison
SPOG has a 0.75% expense ratio, which is lower than SMDD's 0.95% expense ratio.
Dividends
SPOG vs. SMDD - Dividend Comparison
SPOG has not paid dividends to shareholders, while SMDD's dividend yield for the trailing twelve months is around 7.01%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | 7.01% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% |
SPOG Leverage Shares 2X Long SPOT Daily ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPOG and SMDD have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPOG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPOG is cheaper with a 0.75% expense ratio, compared with 0.95% for SMDD.
SMDD has the higher dividend yield at 7.01%, compared with 0.00% for SPOG.
They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for SPOG and 0.95% for SMDD.
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