DDM vs. UDOW

Last updated Jun 23, 2026

DDM (ProShares Ultra Dow30) and UDOW (ProShares UltraPro Dow30) are both Leveraged Equities funds from ProShares - DDM tracks the Dow Jones Industrial Average Index (200%) while UDOW tracks the Dow Jones Industrial Average (300%). Both are passively managed. Over the past 10 years, DDM returned 20.49%/yr vs 24.83%/yr for UDOW. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.

Performance

DDM vs. UDOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Dow30 (DDM) and ProShares UltraPro Dow30 (UDOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DDM achieves a 13.28% return, which is significantly lower than UDOW's 17.97% return. Over the past 10 years, DDM has underperformed UDOW with an annualized return of 20.49%, while UDOW has yielded a comparatively higher 24.83% annualized return.

DDM

• 1D: 0.50%
• 1M: 4.22%
• YTD: 13.28%
• 6M: 11.77%
• 1Y: 43.91%
• 3Y*: 26.61%
• 5Y*: 13.89%
• 10Y*: 20.49%

UDOW

• 1D: 0.87%
• 1M: 6.11%
• YTD: 17.97%
• 6M: 15.54%
• 1Y: 65.66%
• 3Y*: 35.65%
• 5Y*: 15.69%
• 10Y*: 24.83%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DDM vs. UDOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DDM ProShares Ultra Dow30	13.28%	20.59%	21.60%	24.34%	-19.48%	41.97%	2.14%	47.98%	-13.46%	59.56%
UDOW ProShares UltraPro Dow30	17.97%	24.46%	28.47%	32.72%	-32.39%	65.67%	-17.15%	75.24%	-23.86%	99.07%

Correlation

The correlation between DDM and UDOW is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	1.00

The correlation between DDM and UDOW has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

DDM vs. UDOW - Sectors Allocation Comparison

Sectors	DDM	UDOW
Financial Services	34.6%	27.3%
Industrials	13.6%	18.1%
Technology	12.0%	19.1%
Healthcare	9.2%	12.8%
Consumer Cyclical	7.7%	11.0%
Consumer Defensive	3.0%	4.1%
Basic Materials	2.7%	3.7%
Energy	1.5%	2.2%
Communication Services	1.3%	1.8%
Real Estate	-	-
Utilities	-	-

Return for Risk

DDM vs. UDOW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DDM

DDM Risk / Return Rank: 50
DDM Sharpe Ratio Rank: 54
DDM Sortino Ratio Rank: 53
DDM Omega Ratio Rank: 48
DDM Calmar Ratio Rank: 47
DDM Martin Ratio Rank: 50

UDOW

UDOW Risk / Return Rank: 50
UDOW Sharpe Ratio Rank: 54
UDOW Sortino Ratio Rank: 50
UDOW Omega Ratio Rank: 46
UDOW Calmar Ratio Rank: 49
UDOW Martin Ratio Rank: 50

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DDM vs. UDOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Dow30 (DDM) and ProShares UltraPro Dow30 (UDOW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DDM	UDOW	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.78	-0.01
Sortino ratio: Return per unit of downside risk	2.47	2.39	+0.07
Omega ratio: Gain probability vs. loss probability	1.30	1.29	+0.01
Calmar ratio: Return relative to maximum drawdown	2.28	2.35	-0.07
Martin ratio: Return relative to average drawdown	8.37	8.33	+0.05

DDM vs. UDOW - Sharpe Ratio Comparison

The current DDM Sharpe Ratio is 1.77, which is comparable to the UDOW Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of DDM and UDOW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DDM vs. UDOW - Drawdown Comparison

The maximum DDM drawdown since its inception was -81.70%, roughly equal to the maximum UDOW drawdown of -80.29%. Use the drawdown chart below to compare losses from any high point for DDM and UDOW.

Drawdown Indicators

	DDM	UDOW	Difference
Max Drawdown Largest peak-to-trough decline	-81.70%	-80.29%	-1.41%
Max Drawdown (1Y) Largest decline over 1 year	-19.31%	-28.07%	+8.76%
Max Drawdown (3Y) Largest decline over 3 years	-31.62%	-44.83%	+13.21%
Max Drawdown (5Y) Largest decline over 5 years	-40.18%	-55.79%	+15.61%
Max Drawdown (10Y) Largest decline over 10 years	-63.13%	-80.29%	+17.16%
Current Drawdown Current decline from peak	-1.34%	-1.90%	+0.56%
Average Drawdown Average peak-to-trough decline	-17.29%	-14.35%	-2.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.26%	7.91%	-2.65%

Volatility

DDM vs. UDOW - Volatility Comparison

The current volatility for ProShares Ultra Dow30 (DDM) is 8.41%, while ProShares UltraPro Dow30 (UDOW) has a volatility of 12.48%. This indicates that DDM experiences smaller price fluctuations and is considered to be less risky than UDOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DDM	UDOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.41%	12.48%	-4.07%
Volatility (6M) Calculated over the trailing 6-month period	19.59%	29.07%	-9.48%
Volatility (1Y) Calculated over the trailing 1-year period	24.95%	37.16%	-12.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.63%	44.33%	-14.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.83%	51.87%	-17.04%

DDM vs. UDOW - Expense Ratio Comparison

Both DDM and UDOW have an expense ratio of 0.95%.

Dividends

DDM vs. UDOW - Dividend Comparison

DDM's dividend yield for the trailing twelve months is around 0.88%, less than UDOW's 1.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DDM ProShares Ultra Dow30	0.88%	0.94%	1.00%	0.27%	0.83%	0.18%	0.31%	0.62%	0.89%	0.68%	1.08%	1.23%
UDOW ProShares UltraPro Dow30	1.15%	1.38%	0.95%	0.95%	0.83%	0.26%	0.19%	0.61%	0.73%	0.13%	0.26%	0.21%

Frequently Asked Questions

Can I hold both DDM and UDOW in my portfolio?

With a correlation of 1.00, DDM and UDOW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DDM or UDOW?

UDOW has higher volatility (12.48%) compared to DDM (8.41%). In terms of maximum drawdown, DDM dropped -81.70% vs UDOW's -80.29%.

Which ETF is better, DDM or UDOW?

On 10-year performance, UDOW leads with 24.83% vs 20.49% for DDM. Both ETFs have the same 0.95% expense ratio. On volatility, DDM has been the lower-risk option at 8.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DDM or UDOW?

Over the 10-year period, UDOW has performed better with a 24.83% return vs 20.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DDM or UDOW?

DDM and UDOW have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, DDM or UDOW?

UDOW has the higher dividend yield at 1.15%, compared with 0.88% for DDM.

What is the main difference between DDM and UDOW?

DDM tracks Dow Jones Industrial Average Index (200%), while UDOW tracks Dow Jones Industrial Average (300%).

Which has better risk-adjusted returns?

UDOW currently has the higher Sharpe Ratio (1.78 vs 1.77), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.