ProShares UltraShort MidCap400 (MZZ) Performance
MZZ total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −15.5% since Dec 31, 2025
- 1 year
- −16.6% total return
- 5 years
- −13.6% a year
- 10 years
- −24.1% a year
- Since first price
- −25.7% a year since 2006
MZZ trailing returns vs SPY, QQQ, AGG
| Period | MZZ total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +2.5% | +2.5% | −1.0% | −5.0% | +0.9% |
| 3 months | +9.5% | +8.9% | +3.2% | +1.9% | −0.4% |
| 6 months | +2.3% | +1.4% | +7.8% | +8.4% | −1.5% |
| YTD | −15.5% | −16.9% | +12.3% | +15.1% | −1.0% |
| 1 year | −16.6% | −19.3% | +14.4% | +15.9% | −1.1% |
| 3 years | −57.1%−24.6%/yr | −62.7% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −51.9%−13.6%/yr | −59.2% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −93.6%−24.1%/yr | −94.7% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −98.8%−25.7%/yr | −99.0% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | −99.7%−25.5%/yr | −99.8% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| Since inceptionJul 13, 2006 | −99.8%−25.7%/yr | −99.8% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: MZZ vs SPY
From Jul 13, 2006: MZZ grew to $24, SPY to $88,731.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
MZZ returns by calendar year
3 of 19 full years positive. Best 2008 (+47.2%), worst 2009 (−62.1%). 2026 is year to date.
MZZ annual returns table
| Year | MZZ | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −15.5% | −29.7% | +12.3% | +15.1% | −1.0% |
| 2025 | −14.7% | −44.3% | +17.7% | +20.8% | +7.2% |
| 2024 | −17.8% | −35.2% | +24.9% | +25.6% | +1.3% |
| 2023 | −23.7% | −31.7% | +26.2% | +54.9% | +5.7% |
| 2022 | +13.0% | −32.4% | −18.2% | −32.6% | −13.0% |
| 2021 | −42.1% | −45.5% | +28.7% | +27.4% | −1.8% |
| 2020 | −53.1% | −79.3% | +18.3% | +48.6% | +7.5% |
| 2019 | −38.0% | −40.4% | +31.2% | +39.0% | +8.5% |
| 2018 | +22.8% | −24.5% | −4.6% | −0.1% | +0.1% |
| 2017 | −27.7% | −27.2% | +21.7% | +32.7% | +3.6% |
| 2016 | −36.0% | −50.8% | +12.0% | +7.1% | +2.4% |
| 2015 | −3.0% | −19.7% | +1.2% | +9.4% | +0.5% |
| 2014 | −21.8% | −31.7% | +13.5% | +19.2% | +6.0% |
| 2013 | −47.2% | −44.4% | +32.3% | +36.6% | −2.0% |
| 2012 | −33.4% | −33.7% | +16.0% | +18.1% | +3.8% |
| 2011 | −20.0% | −36.8% | +1.9% | +3.4% | +7.7% |
| 2010 | −46.2% | −50.8% | +15.1% | +19.9% | +6.4% |
| 2009 | −62.1% | −76.8% | +26.4% | +54.7% | +3.0% |
| 2008 | +47.2% | −47.1% | −36.8% | −41.7% | +7.9% |
| 2007 | −8.7% | −23.3% | +5.1% | +19.0% | +6.6% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
MZZ largest drawdowns
Now 99.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 20, 2008 | −99.9% | Aug 14, 2026 | not yet | 17.7 years | 17.9 years so far |
| Jul 21, 2006 | −36.7% | Jun 4, 2007 | Oct 2, 2008 | 10 months | 2.2 years |
| Oct 27, 2008 | −34.1% | Nov 4, 2008 | Nov 19, 2008 | 8 days | 23 days |
| Oct 10, 2008 | −21.3% | Oct 13, 2008 | Oct 23, 2008 | 3 days | 13 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
MZZ risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2006 |
|---|---|---|---|---|
| Annualized return | −21.6% | −15.6% | −23.7% | −25.7% |
| Volatility (annualized) | 30.5% | 35.8% | 35.5% | 34.2% |
| Sharpe ratio | -0.79 | -0.39 | -0.64 | -0.73 |
| Sortino ratio | -0.98 | -0.52 | -0.83 | -0.92 |
| Best month | +16.9% | +20.1% | +25.8% | +36.5% |
| Worst month | −15.7% | −19.7% | −29.3% | −29.3% |
| Best 12 months | +11.2% | +19.2% | +24.9% | +84.1% |
| Worst 12 months | −40.4% | −40.4% | −77.1% | −77.1% |
| Positive months | 42% | 47% | 39% | 36% |
| Beta vs S&P 500 | -1.91 | -1.98 | -2.06 | — |
| Correlation with S&P 500 | -0.78 | -0.86 | -0.89 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
MZZ rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 232 | −77.1% | −24.5% | +84.1% | 16% |
| 3-year (a year) | 208 | −53.4% | −25.2% | −2.6% | 0% |
| 5-year (a year) | 184 | −47.1% | −27.7% | −10.0% | 0% |
| 10-year (a year) | 124 | −34.6% | −27.6% | −21.9% | 0% |
Every holding period starting at a month-end since 2006. Returns for 3 years and longer are annualized.
MZZ performance overview
ProShares UltraShort MidCap400 (MZZ) returned −16.6% over the past year and −24.1% a year over ten years, with distributions reinvested. Since its first recorded price in 2006 it has returned −25.7% a year, turning $10,000 into about $24. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −99.9%, from Nov 20, 2008 to Aug 14, 2026; the fund has not yet regained that high. MZZ finished 3 of its 19 full calendar years with a gain; the best year was 2008 (+47.2%) and the worst 2009 (−62.1%). Volatility has been 34.2% a year.
Related: MZZ chart, MZZ dividends. See the MZZ overview for the latest quote and fund facts.
MZZ performance FAQ
What is the MZZ return over the past year?
MZZ returned −16.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 19.3%.
What is the average annual return of MZZ?
MZZ has returned −13.6% a year over 5 years, −24.1% a year over 10 years, −25.7% a year since July 13, 2006 (total return, distributions reinvested).
How much would $10,000 invested in MZZ be worth?
$10,000 invested in MZZ at its first recorded close on July 13, 2006 would be worth about $24 on October 23, 2026 with distributions reinvested.
What was the worst year for MZZ?
The worst calendar year was 2009, with a total return of −62.1%. The best was 2008 at +47.2%.
What is the biggest drawdown of MZZ?
The largest peak-to-trough decline was −99.9% between November 20, 2008 and August 14, 2026. It has not yet recovered to that high; it is 99.9% below its peak.
How volatile is MZZ?
Over the past 3 years MZZ had an annualized volatility of 30.5% and a Sharpe ratio of -0.79 (excess return over 1–3 month T-bills per unit of risk).