SMDD vs SPY
UltraPro Short MidCap400 vs State Street SPDR S&P 500 ETF Trust
Which is better, SMDD 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 -0.82, 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 | SMDD | SPY |
|---|---|---|
| Expense Ratio | 0.95% | 0.09%Best |
| AUM | $2M | $804.7B |
| Dividend Yield | 5.65% | 0.98% |
| Holdings | 5 | 505 |
| YTD Return | -24.90% | +12.09%Best |
| 1Y Return | -27.96% | +16.29%Best |
| 3Y Return (annualized) | -35.47% | +21.20%Best |
| 5Y Return (annualized) | -29.38% | +13.37%Best |
| Volatility (annualized) | 52.3% | 14.4%Best |
| Max Drawdown | - | -34.1% |
| $10,000 over 5 years | $1,756 | $18,728Best |
| Fund Family | ProShares | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Trading-Inverse Equity | Large Cap Blend |
| Inception | Feb 9, 2010 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Feb 11, 2010 to Sep 18, 2026 (16.6 years).
SMDD 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 16.6 years both funds cover.
SMDD vs SPY Performance
UltraPro Short MidCap400 (SMDD) 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 SMDD returned -27.96% while SPY returned +16.29%. Year to date, SMDD is down 24.90% versus a gain of 12.09% for SPY.
Over three years, SMDD compounded at -35.47% per year against +21.20% for SPY; over five years the annualized figures are -29.38% and +13.37% respectively. Across the full 17-year window we track, SPY has the edge at +12.98% annualized vs -39.46%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SMDD has been the more volatile fund, with annualized monthly volatility of 52.3% compared with 14.4% 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 -0.82. They move opposite each other. Holding both offsets the exposure rather than spreading it, while paying both funds' fees.
Fees and Cost Over Time
SMDD 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, SMDD currently yields 5.65% against 0.98% for SPY.
You are not choosing between two funds in isolation.
Whichever of SMDD 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, SMDD or SPY?
SMDD 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, SMDD or SPY?
Over the past year SMDD returned -27.96% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), SMDD annualized -39.46% vs +12.98% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SMDD or SPY?
SMDD has been the more volatile fund at 52.3% annualized versus 14.4% for SPY.
Should I hold both SMDD and SPY?
SMDD and SPY have a monthly-return correlation of -0.82, 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, SMDD or SPY?
SMDD yields 5.65% while SPY yields 0.98%, so SMDD currently pays the higher dividend yield.
Is SPY better than SMDD?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two move opposite each other, correlation -0.82, 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.