DIA vs. DDM

Last updated Jun 4, 2026

DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) and DDM (ProShares Ultra Dow30) are both exchange-traded funds - DIA is a Large Cap Blend Equities fund tracking the Dow Jones Industrial Average, while DDM is a Leveraged Equities fund tracking the Dow Jones Industrial Average Index (200%). Both are passively managed. Over the past 10 years, DIA returned 13.21%/yr vs 19.50%/yr for DDM. With a 0.99 correlation, they move nearly in lockstep. DIA charges 0.16%/yr vs 0.95%/yr for DDM.

Performance

DIA vs. DDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) and ProShares Ultra Dow30 (DDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIA achieves a 6.26% return, which is significantly lower than DDM's 9.35% return. Over the past 10 years, DIA has underperformed DDM with an annualized return of 13.21%, while DDM has yielded a comparatively higher 19.50% annualized return.

DIA

• 1D: -1.13%
• 1M: 3.88%
• YTD: 6.26%
• 6M: 6.75%
• 1Y: 21.13%
• 3Y*: 16.45%
• 5Y*: 9.76%
• 10Y*: 13.21%

DDM

• 1D: -2.29%
• 1M: 7.27%
• YTD: 9.35%
• 6M: 9.82%
• 1Y: 36.48%
• 3Y*: 24.94%
• 5Y*: 11.93%
• 10Y*: 19.50%

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

DIA vs. DDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	6.26%	14.71%	14.82%	16.02%	-7.02%	20.83%	9.59%	24.70%	-3.74%	28.08%
DDM ProShares Ultra Dow30	9.35%	20.59%	21.60%	24.34%	-19.48%	41.97%	2.14%	47.98%	-13.46%	59.56%

Correlation

The correlation between DIA and DDM 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 Jun 22, 2006	0.99

The correlation between DIA and DDM has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

DIA vs. DDM - Sectors Allocation Comparison

Sectors	DIA	DDM
Financial Services	27.2%	27.2%
Industrials	18.4%	18.4%
Technology	17.1%	17.1%
Healthcare	13.1%	13.1%
Consumer Cyclical	11.6%	11.6%
Consumer Defensive	4.4%	4.4%
Basic Materials	4.0%	4.0%
Energy	2.4%	2.4%
Communication Services	1.9%	1.9%
Real Estate	-	-
Utilities	-	-

Return for Risk

DIA vs. DDM — Risk / Return Rank

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

DIA

DIA Risk / Return Rank: 48
DIA Sharpe Ratio Rank: 50
DIA Sortino Ratio Rank: 52
DIA Omega Ratio Rank: 49
DIA Calmar Ratio Rank: 43
DIA Martin Ratio Rank: 49

DDM

DDM Risk / Return Rank: 41
DDM Sharpe Ratio Rank: 43
DDM Sortino Ratio Rank: 42
DDM Omega Ratio Rank: 40
DDM Calmar Ratio Rank: 38
DDM Martin Ratio Rank: 42

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.

DIA vs. DDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) and ProShares Ultra Dow30 (DDM). 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.

	DIA	DDM	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.51	+0.24
Sortino ratio: Return per unit of downside risk	2.57	2.17	+0.40
Omega ratio: Gain probability vs. loss probability	1.31	1.26	+0.05
Calmar ratio: Return relative to maximum drawdown	2.18	1.90	+0.28
Martin ratio: Return relative to average drawdown	8.42	6.97	+1.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DIA vs. DDM - Sharpe Ratio Comparison

The current DIA Sharpe Ratio is 1.76, which is comparable to the DDM Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of DIA and DDM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DIA	DDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	1.51	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.41	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.56	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.39	+0.10

Drawdowns

DIA vs. DDM - Drawdown Comparison

The maximum DIA drawdown since its inception was -51.87%, smaller than the maximum DDM drawdown of -81.70%. Use the drawdown chart below to compare losses from any high point for DIA and DDM.

Drawdown Indicators

	DIA	DDM	Difference
Max Drawdown Largest peak-to-trough decline	-51.87%	-81.70%	+29.83%
Max Drawdown (1Y) Largest decline over 1 year	-9.76%	-19.31%	+9.55%
Max Drawdown (3Y) Largest decline over 3 years	-15.95%	-31.62%	+15.67%
Max Drawdown (5Y) Largest decline over 5 years	-20.76%	-40.18%	+19.42%
Max Drawdown (10Y) Largest decline over 10 years	-36.70%	-63.13%	+26.43%
Current Drawdown Current decline from peak	-1.13%	-2.29%	+1.16%
Average Drawdown Average peak-to-trough decline	-7.14%	-17.33%	+10.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	5.25%	-2.73%

Volatility

DIA vs. DDM - Volatility Comparison

The current volatility for State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) is 2.97%, while ProShares Ultra Dow30 (DDM) has a volatility of 5.95%. This indicates that DIA experiences smaller price fluctuations and is considered to be less risky than DDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIA	DDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	5.95%	-2.98%
Volatility (6M) Calculated over the trailing 6-month period	9.28%	18.62%	-9.34%
Volatility (1Y) Calculated over the trailing 1-year period	12.10%	24.25%	-12.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.78%	29.53%	-14.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.53%	34.76%	-17.23%

DIA vs. DDM - Expense Ratio Comparison

DIA has a 0.16% expense ratio, which is lower than DDM's 0.95% expense ratio.

Dividends

DIA vs. DDM - Dividend Comparison

DIA's dividend yield for the trailing twelve months is around 1.38%, more than DDM's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DDM ProShares Ultra Dow30	0.91%	0.94%	1.00%	0.27%	0.83%	0.18%	0.31%	0.62%	0.89%	0.68%	1.08%	1.23%
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	1.38%	1.43%	1.61%	1.81%	1.91%	1.58%	1.87%	1.85%	2.24%	1.97%	2.26%	2.33%

Frequently Asked Questions

Can I hold both DIA and DDM in my portfolio?

With a correlation of 1.00, DIA and DDM 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, DIA or DDM?

DDM has higher volatility (5.95%) compared to DIA (2.97%). In terms of maximum drawdown, DIA dropped -51.87% vs DDM's -81.70%.

Which ETF is better, DIA or DDM?

On 10-year performance, DDM leads with 19.50% vs 13.21% for DIA. On fees, DIA is cheaper at 0.16% per year. On volatility, DIA has been the lower-risk option at 2.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIA or DDM?

Over the 10-year period, DDM has performed better with a 19.50% return vs 13.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIA or DDM?

DIA is cheaper with a 0.16% expense ratio, compared with 0.95% for DDM.

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

DIA has the higher dividend yield at 1.38%, compared with 0.91% for DDM.

What is the main difference between DIA and DDM?

DIA is categorized as Large Cap Blend Equities, while DDM is Leveraged Equities. DIA tracks Dow Jones Industrial Average, while DDM tracks Dow Jones Industrial Average Index (200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.16% for DIA and 0.95% for DDM.

Which has better risk-adjusted returns?

DIA currently has the higher Sharpe Ratio (1.76 vs 1.51), 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.