ProShares UltraPro Short MidCap400 (SMDD) Performance
SMDD total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −25.4% since Dec 31, 2025
- 1 year
- −27.4% total return
- 5 years
- −25.9% a year
- 10 years
- −38.8% a year
- Since first price
- −41.5% a year since 2010
SMDD trailing returns vs SPY, QQQ, AGG
| Period | SMDD total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +3.4% | +3.4% | −1.0% | −5.0% | +0.9% |
| 3 months | +14.1% | +13.1% | +3.2% | +1.9% | −0.4% |
| 6 months | +1.3% | −0.5% | +7.8% | +8.4% | −1.5% |
| YTD | −25.4% | −27.0% | +12.3% | +15.1% | −1.0% |
| 1 year | −27.4% | −29.8% | +14.4% | +15.9% | −1.1% |
| 3 years | −77.5%−39.1%/yr | −79.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −77.6%−25.9%/yr | −80.5% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −99.3%−38.8%/yr | −99.4% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −99.95%−39.9%/yr | −99.96% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionFeb 11, 2010 | −99.99%−41.5%/yr | −99.99% | — | — | — |
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: SMDD vs SPY
From Feb 11, 2010: SMDD grew to $1, SPY to $94,410.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SMDD returns by calendar year
2 of 15 full years positive. Best 2018 (+33.5%), worst 2020 (−74.7%). 2026 is year to date.
SMDD annual returns table
| Year | SMDD | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −25.4% | −42.4% | +12.3% | +15.1% | −1.0% |
| 2025 | −27.5% | −60.8% | +17.7% | +20.8% | +7.2% |
| 2024 | −31.0% | −51.4% | +24.9% | +25.6% | +1.3% |
| 2023 | −38.4% | −44.7% | +26.2% | +54.9% | +5.7% |
| 2022 | +7.7% | −47.0% | −18.2% | −32.6% | −13.0% |
| 2021 | −58.0% | −61.2% | +28.7% | +27.4% | −1.8% |
| 2020 | −74.7% | −91.9% | +18.3% | +48.6% | +7.5% |
| 2019 | −53.3% | −55.8% | +31.2% | +39.0% | +8.5% |
| 2018 | +33.5% | −34.8% | −4.6% | −0.1% | +0.1% |
| 2017 | −39.9% | −39.2% | +21.7% | +32.7% | +3.6% |
| 2016 | −51.3% | −66.4% | +12.0% | +7.1% | +2.4% |
| 2015 | −7.6% | −28.6% | +1.2% | +9.4% | +0.5% |
| 2014 | −32.6% | −44.4% | +13.5% | +19.2% | +6.0% |
| 2013 | −62.7% | −59.3% | +32.3% | +36.6% | −2.0% |
| 2012 | −47.5% | −47.7% | +16.0% | +18.1% | +3.8% |
| 2011 | −36.1% | −53.5% | +1.9% | +3.4% | +7.7% |
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.
SMDD largest drawdowns
Now 99.99% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 11, 2010 | −99.99% | Aug 14, 2026 | not yet | 16.5 years | 16.7 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
SMDD risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2010 |
|---|---|---|---|---|
| Annualized return | −35.6% | −28.3% | −38.4% | −41.1% |
| Volatility (annualized) | 45.5% | 53.1% | 51.5% | 47.6% |
| Sharpe ratio | -0.82 | -0.42 | -0.70 | -0.88 |
| Sortino ratio | -1.03 | -0.56 | -0.90 | -1.07 |
| Best month | +25.5% | +30.2% | +39.3% | +39.3% |
| Worst month | −22.7% | −28.6% | −43.0% | −43.0% |
| Best 12 months | +10.5% | +19.0% | +33.5% | +33.5% |
| Worst 12 months | −57.5% | −57.5% | −90.3% | −90.3% |
| Positive months | 36% | 43% | 36% | 33% |
| Beta vs S&P 500 | -2.84 | -2.93 | -2.94 | — |
| Correlation with S&P 500 | -0.78 | -0.86 | -0.88 | — |
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.
SMDD rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 189 | −90.3% | −37.6% | +33.5% | 7% |
| 3-year (a year) | 165 | −63.3% | −36.8% | −11.4% | 0% |
| 5-year (a year) | 141 | −50.5% | −41.5% | −19.7% | 0% |
| 10-year (a year) | 81 | −46.8% | −39.9% | −35.8% | 0% |
Every holding period starting at a month-end since 2010. Returns for 3 years and longer are annualized.
SMDD performance overview
ProShares UltraPro Short MidCap400 (SMDD) returned −27.4% over the past year and −38.8% a year over ten years, with distributions reinvested. Since its first recorded price in 2010 it has returned −41.5% a year, turning $10,000 into about $1. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −99.99%, from Feb 11, 2010 to Aug 14, 2026; the fund has not yet regained that high. SMDD finished 2 of its 15 full calendar years with a gain; the best year was 2018 (+33.5%) and the worst 2020 (−74.7%). Volatility has been 47.6% a year.
Related: SMDD chart, SMDD dividends. See the SMDD overview for the latest quote and fund facts.
SMDD performance FAQ
What is the SMDD return over the past year?
SMDD returned −27.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 29.8%.
What is the average annual return of SMDD?
SMDD has returned −25.9% a year over 5 years, −38.8% a year over 10 years, −41.5% a year since February 11, 2010 (total return, distributions reinvested).
How much would $10,000 invested in SMDD be worth?
$10,000 invested in SMDD at its first recorded close on February 11, 2010 would be worth about $1 on October 23, 2026 with distributions reinvested.
What was the worst year for SMDD?
The worst calendar year was 2020, with a total return of −74.7%. The best was 2018 at +33.5%.
What is the biggest drawdown of SMDD?
The largest peak-to-trough decline was −99.99% between February 11, 2010 and August 14, 2026. It has not yet recovered to that high; it is 99.99% below its peak.
How volatile is SMDD?
Over the past 3 years SMDD had an annualized volatility of 45.5% and a Sharpe ratio of -0.82 (excess return over 1–3 month T-bills per unit of risk).