EET vs. UMDD

Last updated Jun 5, 2026

EET (ProShares Ultra MSCI Emerging Markets) and UMDD (ProShares UltraPro MidCap400) are both Leveraged Equities funds from ProShares - EET tracks the MSCI Emerging Markets Index (200%) while UMDD tracks the S&P MidCap 400 Index (300%). Both are passively managed. Over the past 10 years, EET returned 10.52%/yr vs 11.80%/yr for UMDD. A 0.66 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

EET vs. UMDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI Emerging Markets (EET) and ProShares UltraPro MidCap400 (UMDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EET achieves a 50.58% return, which is significantly higher than UMDD's 38.92% return. Over the past 10 years, EET has underperformed UMDD with an annualized return of 10.52%, while UMDD has yielded a comparatively higher 11.80% annualized return.

EET

• 1D: -2.31%
• 1M: 9.26%
• YTD: 50.58%
• 6M: 56.34%
• 1Y: 108.31%
• 3Y*: 37.59%
• 5Y*: 3.59%
• 10Y*: 10.52%

UMDD

• 1D: 0.96%
• 1M: 7.76%
• YTD: 38.92%
• 6M: 36.59%
• 1Y: 68.09%
• 3Y*: 27.72%
• 5Y*: 2.53%
• 10Y*: 11.80%

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

EET vs. UMDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EET ProShares Ultra MSCI Emerging Markets	50.58%	63.14%	2.88%	7.06%	-43.07%	-10.93%	18.92%	31.87%	-33.84%	82.41%
UMDD ProShares UltraPro MidCap400	38.92%	-2.57%	19.68%	27.21%	-49.60%	72.27%	-17.30%	78.90%	-40.29%	49.17%

Correlation

The correlation between EET and UMDD is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	0.66

The correlation between EET and UMDD has been stable across timeframes, ranging from 0.58 to 0.66 - a consistent structural relationship.

EET vs. UMDD - Sectors Allocation Comparison

Sectors	EET	UMDD
Financial Services	51.5%	7.5%
Basic Materials	-	2.6%
Communication Services	-	0.5%
Consumer Cyclical	-	5.2%
Consumer Defensive	-	2.2%
Energy	-	2.9%
Healthcare	-	4.8%
Industrials	-	13.6%
Real Estate	-	4.1%
Technology	-	9.1%
Utilities	-	1.6%

Return for Risk

EET vs. UMDD — Risk / Return Rank

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

EET

EET Risk / Return Rank: 78
EET Sharpe Ratio Rank: 85
EET Sortino Ratio Rank: 70
EET Omega Ratio Rank: 74
EET Calmar Ratio Rank: 81
EET Martin Ratio Rank: 79

UMDD

UMDD Risk / Return Rank: 46
UMDD Sharpe Ratio Rank: 42
UMDD Sortino Ratio Rank: 42
UMDD Omega Ratio Rank: 39
UMDD Calmar Ratio Rank: 54
UMDD Martin Ratio Rank: 52

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.

EET vs. UMDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Emerging Markets (EET) and ProShares UltraPro MidCap400 (UMDD). 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.

	EET	UMDD	Difference
Sharpe ratio: Return per unit of total volatility	2.75	1.47	+1.28
Sortino ratio: Return per unit of downside risk	3.12	2.08	+1.04
Omega ratio: Gain probability vs. loss probability	1.43	1.25	+0.18
Calmar ratio: Return relative to maximum drawdown	4.13	2.63	+1.50
Martin ratio: Return relative to average drawdown	15.14	8.80	+6.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EET vs. UMDD - Sharpe Ratio Comparison

The current EET Sharpe Ratio is 2.75, which is higher than the UMDD Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of EET and UMDD, 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

	EET	UMDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	1.47	+1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.04	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.19	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.33	-0.21

Drawdowns

EET vs. UMDD - Drawdown Comparison

The maximum EET drawdown since its inception was -71.66%, smaller than the maximum UMDD drawdown of -86.24%. Use the drawdown chart below to compare losses from any high point for EET and UMDD.

Drawdown Indicators

	EET	UMDD	Difference
Max Drawdown Largest peak-to-trough decline	-71.66%	-86.24%	+14.58%
Max Drawdown (1Y) Largest decline over 1 year	-26.38%	-26.04%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	-34.89%	-60.33%	+25.44%
Max Drawdown (5Y) Largest decline over 5 years	-64.88%	-64.61%	-0.27%
Max Drawdown (10Y) Largest decline over 10 years	-69.07%	-86.24%	+17.17%
Current Drawdown Current decline from peak	-4.77%	-4.86%	+0.09%
Average Drawdown Average peak-to-trough decline	-37.26%	-23.61%	-13.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.18%	7.76%	-0.58%

Volatility

EET vs. UMDD - Volatility Comparison

ProShares Ultra MSCI Emerging Markets (EET) has a higher volatility of 17.15% compared to ProShares UltraPro MidCap400 (UMDD) at 13.04%. This indicates that EET's price experiences larger fluctuations and is considered to be riskier than UMDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EET	UMDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.15%	13.04%	+4.11%
Volatility (6M) Calculated over the trailing 6-month period	34.62%	34.22%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	39.74%	46.65%	-6.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.79%	58.91%	-21.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.60%	62.27%	-21.67%

EET vs. UMDD - Expense Ratio Comparison

Both EET and UMDD have an expense ratio of 0.95%.

Dividends

EET vs. UMDD - Dividend Comparison

EET's dividend yield for the trailing twelve months is around 1.26%, more than UMDD's 0.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EET ProShares Ultra MSCI Emerging Markets	1.26%	1.82%	3.85%	2.14%	0.00%	0.00%	0.01%	1.40%	0.16%	0.00%	0.00%	0.00%
UMDD ProShares UltraPro MidCap400	0.75%	1.00%	0.76%	0.19%	0.49%	0.06%	0.08%	0.64%	0.32%	0.00%	0.03%	0.06%

Frequently Asked Questions

Can I hold both EET and UMDD in my portfolio?

EET and UMDD have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EET or UMDD?

EET has higher volatility (17.15%) compared to UMDD (13.04%). In terms of maximum drawdown, EET dropped -71.66% vs UMDD's -86.24%.

Which ETF is better, EET or UMDD?

On 10-year performance, UMDD leads with 11.80% vs 10.52% for EET. Both ETFs have the same 0.95% expense ratio. On volatility, UMDD has been the lower-risk option at 13.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EET or UMDD?

Over the 10-year period, UMDD has performed better with a 11.80% return vs 10.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EET or UMDD?

EET and UMDD have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, EET or UMDD?

EET has the higher dividend yield at 1.26%, compared with 0.75% for UMDD.

What is the main difference between EET and UMDD?

EET tracks MSCI Emerging Markets Index (200%), while UMDD tracks S&P MidCap 400 Index (300%).

Which has better risk-adjusted returns?

EET currently has the higher Sharpe Ratio (2.75 vs 1.47), 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.