MZZ vs SPY
ProShares UltraShort MidCap 400 vs State Street SPDR S&P 500 ETF Trust
Which is better, MZZ or SPY?
Opposite sides of the same exposure.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two move opposite each other, correlation -0.88, so holding both offsets the exposure while paying both fees.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | MZZ | SPY |
|---|---|---|
| Expense Ratio | 0.95% | 0.09%Best |
| AUM | $4M | $804.7B |
| Dividend Yield | 5.56% | 0.98% |
| Holdings | 4 | 505 |
| YTD Return | -15.46% | +12.09%Best |
| 1Y Return | -16.80% | +16.29%Best |
| 3Y Return (annualized) | -21.16% | +21.20%Best |
| 5Y Return (annualized) | -16.19% | +13.37%Best |
| Volatility (annualized) | 34.9% | 15.3%Best |
| Max Drawdown | - | -56.5% |
| $10,000 over 5 years | $4,135 | $18,728Best |
| Fund Family | ProShares | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Trading-Inverse Equity | Large Cap Blend |
| Inception | Jul 11, 2006 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jul 12, 2006 to Sep 18, 2026 (20.2 years).
MZZ vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 20.2 years both funds cover.
MZZ vs SPY Performance
ProShares UltraShort MidCap 400 (MZZ) is an ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year MZZ returned -16.80% while SPY returned +16.29%. Year to date, MZZ is down 15.46% versus a gain of 12.09% for SPY.
Over three years, MZZ compounded at -21.16% per year against +21.20% for SPY; over five years the annualized figures are -16.19% and +13.37% respectively. Across the full 20-year window we track, SPY has the edge at +9.72% annualized vs -30.50%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MZZ has been the more volatile fund, with annualized monthly volatility of 34.9% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at -0.88. They move opposite each other. Holding both offsets the exposure rather than spreading it, while paying both funds' fees.
Fees and Cost Over Time
MZZ charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, MZZ currently yields 5.56% against 0.98% for SPY.
You are not choosing between two funds in isolation.
Whichever of MZZ and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, MZZ or SPY?
MZZ has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option, by $86 a year on a $10,000 investment.
Which performed better, MZZ or SPY?
Over the past year MZZ returned -16.80% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), MZZ annualized -30.50% vs +9.72% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MZZ or SPY?
MZZ has been the more volatile fund at 34.9% annualized versus 15.3% for SPY.
Should I hold both MZZ and SPY?
MZZ and SPY have a monthly-return correlation of -0.88, so they move opposite each other. Holding both offsets the exposure rather than spreading it, and pays both funds' fees on the way. This is information, not a recommendation.
Which pays a higher dividend, MZZ or SPY?
MZZ yields 5.56% while SPY yields 0.98%, so MZZ currently pays the higher dividend yield.
Is SPY better than MZZ?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two move opposite each other, correlation -0.88, so holding both offsets the exposure while paying both fees. Which one suits a particular account depends on what it is for. This is information, not a recommendation.