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SMDD vs SRTY

ProShares UltraPro Short MidCap400

SMDDCNYSE Arca

ProShares UltraPro Short Russell2000

SRTYANYSE Arca

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

SMDD0.95%SRTY0.95%

Avg volume · 30D

SRTY 151.0×the volume

SMDD10.6KSRTY1.6M

10Y return · a year

SMDD +3.4pt

SMDD−39.4%SRTY−42.8%

SMDD vs SRTY Performance

Oct 29, 2021 – Oct 30, 2026

−79.1%SMDD−82.0%SRTY

Oct 29, 2021 to Oct 30, 2026. SMDD −79.1%. SRTY −82.0%. Use the arrow keys to read each point.−25%0%25%50%75%Oct 2021Apr 2024Oct 2026
Expense ratio
SMDD 0.95%
SRTY 0.95%
Fund size
SMDD $2M
SRTY $68M
1Y total return
SMDD −32.1%, better
SRTY −37.4%
Yield (12M)
SMDD 3.82%
SRTY 5.87%, better
Holdings
SMDD 1
SRTY 5
Avg volume (30D)
SMDD 10.6K sh
SRTY 1.6M sh, better
NAV per share
SMDD $8.74
SRTY $26.34
52W range

ETF.net Grade

SMDD: Cost 84, Risk 66, Mission not scored, Tradability 28, Holdings not scored, Durability 39. SRTY: Cost 84, Risk 53, Mission 83, Tradability 70, Holdings not scored, Durability 56.
Pillar letters and Scores for SMDD, SRTY, with each pillar’s weight
PillarSMDDSRTY
Cost30% weightA84A84
Mission25% weightNot scoredA83
Risk15% weightB66HigherC53
Tradability15% weightD28A70Higher
Holdings10% weightNot scoredNot scored
Durability5% weightD39B56Higher

Rank among 3x Leveraged Inverse funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. SMDD and SRTY are both graded against the same 14 3x Leveraged Inverse funds, so their Grades compare head to head.

3x Leveraged Inverse⁠

Category · 14 funds
See all 14 ›

SRTY ranks 3rd and SMDD 9th of 14 funds in the 3x Leveraged Inverse Category.

  1. Rank 1ASQQQProShares UltraPro Short QQQScore 83
  2. Rank 2ASDOWProShares UltraPro Short Dow30Score 78
  3. Rank 3ASRTYProShares UltraPro Short Russell2000Score 71
  4. Rank 4BTZADirexion Daily Small Cap Bear 3X ETFScore 61
  5. Rank 8CYANGDirexion Daily FTSE China Bear 3X ETFScore 45
  6. Rank 9CSMDDProShares UltraPro Short MidCap400Score 40
  7. Rank 10DDRVDirexion Daily Real Estate Bear 3X ETFScore 39

Our read on each fund

ETF.net Research

SMDDCProShares UltraPro Short MidCap400

SRTYAProShares UltraPro Short Russell2000

In short

SMDD The 3x bear trade on the market's forgotten middle. SMDD aims to deliver three times the inverse of the S&P MidCap 400's daily move, at 0.95% net of a waiver through September 30, 2027, and no peer in its category points at the same index.

SRTY A one-day instrument by design: SRTY aims for three times the inverse of the Russell 2000's daily move, and it has been the ProShares small-cap bear since 2010.

Stated mandate

SMDD The fund seeks inverse daily exposure equal to three times the daily decline of the S&P MidCap 400.

SRTY SRTY seeks daily investment results, before fees and expenses, equal to three times the inverse daily performance of the Russell 2000 Index.

Why people hold it

  • SMDD The only 3x bear fund in its category aimed at the S&P MidCap 400. Everyone else crowds the Nasdaq-100, the Dow and small caps.
  • 0.95% net of a waiver through September 30, 2027: below the category median, and under TZA (0.99%) and SOXS (1.00%).
  • The objective is a single day, NAV to NAV. The fund stays fully invested in instruments giving inverse leveraged exposure and rebalances daily.proshares.com
  • Running since 2010, which makes it one of the longer-tenured geared bear funds still trading.
  • SRTY 0.95% net of a waiver through September 30, 2027 (1.10% gross), which undercuts TZA at 0.99%, the only other 3x small-cap bear in the peer set, and sits below the category median.
  • The mechanism is plain: three times the inverse of the Russell 2000's daily performance, reset each day. That index covers roughly 2,000 of the smallest names in the Russell 3000.proshares.comfidelity.com
  • Listed since 2010 and actively traded, it rates as one of the stronger implementations in its bear-3x peer group.

Worth knowing

  • SMDD Hold past one day and compounding takes over: results can differ from three times the index move over that stretch. ProShares tells holders to monitor as often as daily.proshares.com
  • A small fund and thinly traded, so spreads can bite on a position where entry and exit timing is the whole trade.
  • The gross expense ratio is 4.27%. The 0.95% you pay rests on a waiver that runs to September 30, 2027.
  • SRTY Daily reset means compounding. Hold past a single day and results can diverge widely from 3x the index's move over that stretch, especially through choppy markets.proshares.com
  • The fee steps toward the 1.10% gross rate if the waiver is not extended past September 30, 2027.
  • Small caps are the jumpier end of US equity, and a 3x inverse multiplies that daily swing in both directions.fidelity.com

Full SMDD profile⁠

Full SRTY profile⁠

SMDD vs SRTY Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SMDD vs SRTY Cost

Same expense ratio

$17,869

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • SMDD 0.95%

    $17,869

  • SRTY 0.95%

    $17,869

$10,000
30 years

Cost over time

  • SMDD 0.95%
  • SRTY 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530SMDD $17,869SRTY $17,869

Year by year

YearSMDDSRTY
10$1,678$1,678
20$6,322$6,322
30$17,869$17,869

Expense ratio

  • 0.95%SMDD
  • 0.95%SRTY
  • Middle half of 3x Leveraged Inverse funds
  • Median 1.02%

SMDD 2nd cheapest of 14 funds

SRTY 2nd cheapest of 14 funds

SMDD vs SRTY Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
SMDD 3.82%
SRTY 5.87%, better
Payout (12M)
SMDD $0.33
SRTY $1.55
Last payment
SMDD $0.07
SRTY $0.27
Ex-dividend
SMDD Sep 23, 2026
SRTY Sep 23, 2026
Paid on
SMDD Sep 29, 2026
SRTY Sep 29, 2026
Frequency
SMDD Quarterly
SRTY Quarterly

Distribution history

Per share, 2018 to 2026, same scale for both

SMDDQuarterly · 14 paymentsAll SMDD payments⁠
One bar per payment. 14 payments from 2018 to 2026 YTD. Dec 26, 2018 $0.77; Jun 25, 2019 $2.05; Sep 25, 2019 $1.47; Jun 21, 2023 $0.24; Mar 20, 2024 $0.07; Jun 26, 2024 $0.12; Dec 23, 2024 $0.31; Mar 26, 2025 $0.09; Jun 25, 2025 $0.19; Sep 24, 2025 $0.20; Dec 24, 2025 $0.14; Mar 25, 2026 $0.05; Jun 24, 2026 $0.07; Sep 23, 2026 $0.07. Use the arrow keys to read each point.$0$2202020232026YTD
SRTYQuarterly · 10 paymentsAll SRTY payments⁠
One bar per payment. 10 payments from 2018 to 2026 YTD. Mar 20, 2024 $1.50; Jun 26, 2024 $1.99; Dec 23, 2024 $1.80; Mar 26, 2025 $0.89; Jun 25, 2025 $0.68; Sep 24, 2025 $0.63; Dec 24, 2025 $0.72; Mar 25, 2026 $0.27; Jun 24, 2026 $0.29; Sep 23, 2026 $0.27. Use the arrow keys to read each point.$0$2202020232026YTD

SMDD vs SRTY Risk

Fall from peak · 5 years

  • SMDD
  • SRTY
Oct 29, 2021 to Oct 30, 2026. Worst fall: SRTY −92.8% · Aug 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
SMDD 44.0%, betterSRTY 54.0%
Return per unit of riskSharpe ratio, 3 years
SMDD −1.04SRTY −1.04Same figure. Both funds show the same value, so neither comes out ahead.
Worst fallMax drawdown, 5 years
SMDD −89.3%, betterSRTY −92.8%
Market sensitivityBeta, 5 years
SMDD −2.86SRTY −3.24

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