INDL vs. UMDD

Last updated Jun 13, 2026

INDL (Direxion Daily India Bull 3x Shares) and UMDD (ProShares UltraPro MidCap400) are both Leveraged Equities funds - INDL tracks the Indus India Index (300%) while UMDD tracks the S&P MidCap 400 Index (300%). Both are passively managed. Over the past 10 years, INDL returned 0.22%/yr vs 12.78%/yr for UMDD. A 0.52 correlation means they provide meaningful diversification when combined. INDL charges 1.33%/yr vs 0.95%/yr for UMDD.

Performance

INDL vs. UMDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily India Bull 3x Shares (INDL) 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, INDL achieves a -23.37% return, which is significantly lower than UMDD's 41.42% return. Over the past 10 years, INDL has underperformed UMDD with an annualized return of 0.22%, while UMDD has yielded a comparatively higher 12.78% annualized return.

INDL

• 1D: 2.23%
• 1M: 0.60%
• YTD: -23.37%
• 6M: -20.84%
• 1Y: -28.42%
• 3Y*: -0.01%
• 5Y*: -2.48%
• 10Y*: 0.22%

UMDD

• 1D: 2.20%
• 1M: 10.73%
• YTD: 41.42%
• 6M: 35.75%
• 1Y: 66.43%
• 3Y*: 23.57%
• 5Y*: 2.41%
• 10Y*: 12.78%

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

INDL vs. UMDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INDL Direxion Daily India Bull 3x Shares	-23.37%	-3.21%	7.56%	26.06%	-22.88%	40.26%	-36.43%	3.15%	-34.29%	127.98%
UMDD ProShares UltraPro MidCap400	41.42%	-2.57%	19.68%	27.21%	-49.60%	72.27%	-17.30%	78.90%	-40.29%	49.17%

Correlation

The correlation between INDL and UMDD is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010	0.52

The correlation between INDL and UMDD shifts across timeframes, from 0.38 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.

INDL vs. UMDD - Sectors Allocation Comparison

Sectors	INDL	UMDD
Financial Services	28.3%	7.1%
Consumer Cyclical	12.4%	5.1%
Industrials	10.3%	13.4%
Energy	9.4%	2.7%
Basic Materials	8.6%	2.6%
Technology	8.2%	9.0%
Consumer Defensive	6.3%	2.2%
Healthcare	6.1%	4.8%
Communication Services	4.6%	0.5%
Utilities	4.5%	1.6%
Real Estate	1.4%	3.9%

Return for Risk

INDL vs. UMDD — Risk / Return Rank

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

INDL

INDL Risk / Return Rank: 2
INDL Sharpe Ratio Rank: 2
INDL Sortino Ratio Rank: 2
INDL Omega Ratio Rank: 2
INDL Calmar Ratio Rank: 3
INDL Martin Ratio Rank: 1

UMDD

UMDD Risk / Return Rank: 49
UMDD Sharpe Ratio Rank: 45
UMDD Sortino Ratio Rank: 45
UMDD Omega Ratio Rank: 43
UMDD Calmar Ratio Rank: 58
UMDD Martin Ratio Rank: 56

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.

INDL vs. UMDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily India Bull 3x Shares (INDL) 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.

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.

	INDL	UMDD	Difference
Sharpe ratio: Return per unit of total volatility	-0.96	1.40	-2.36
Sortino ratio: Return per unit of downside risk	-1.37	2.01	-3.38
Omega ratio: Gain probability vs. loss probability	0.85	1.24	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.75	2.56	-3.32
Martin ratio: Return relative to average drawdown	-1.55	8.58	-10.13

INDL vs. UMDD - Sharpe Ratio Comparison

The current INDL Sharpe Ratio is -0.96, which is lower than the UMDD Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of INDL 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.

Drawdowns

INDL vs. UMDD - Drawdown Comparison

The maximum INDL drawdown since its inception was -95.67%, which is greater than UMDD's maximum drawdown of -86.24%. Use the drawdown chart below to compare losses from any high point for INDL and UMDD.

Drawdown Indicators

	INDL	UMDD	Difference
Max Drawdown Largest peak-to-trough decline	-95.67%	-86.24%	-9.43%
Max Drawdown (1Y) Largest decline over 1 year	-37.82%	-26.04%	-11.78%
Max Drawdown (3Y) Largest decline over 3 years	-47.64%	-60.33%	+12.69%
Max Drawdown (5Y) Largest decline over 5 years	-47.64%	-64.61%	+16.97%
Max Drawdown (10Y) Largest decline over 10 years	-91.96%	-86.24%	-5.72%
Current Drawdown Current decline from peak	-78.43%	-3.15%	-75.28%
Average Drawdown Average peak-to-trough decline	-66.36%	-23.58%	-42.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.35%	7.78%	+10.57%

Volatility

INDL vs. UMDD - Volatility Comparison

The current volatility for Direxion Daily India Bull 3x Shares (INDL) is 8.12%, while ProShares UltraPro MidCap400 (UMDD) has a volatility of 14.80%. This indicates that INDL experiences smaller price fluctuations and is considered to be less risky than UMDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDL	UMDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.12%	14.80%	-6.68%
Volatility (6M) Calculated over the trailing 6-month period	25.59%	35.26%	-9.67%
Volatility (1Y) Calculated over the trailing 1-year period	29.71%	47.64%	-17.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.62%	59.05%	-28.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.69%	62.32%	-9.63%

INDL vs. UMDD - Expense Ratio Comparison

INDL has a 1.33% expense ratio, which is higher than UMDD's 0.95% expense ratio.

Dividends

INDL vs. UMDD - Dividend Comparison

INDL's dividend yield for the trailing twelve months is around 1.64%, more than UMDD's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDL Direxion Daily India Bull 3x Shares	1.64%	1.42%	2.79%	1.65%	0.09%	2.35%	0.00%	0.68%	0.18%	0.31%	0.00%	0.00%
UMDD ProShares UltraPro MidCap400	0.74%	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 INDL and UMDD in my portfolio?

INDL and UMDD have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INDL or UMDD?

UMDD has higher volatility (14.80%) compared to INDL (8.12%). In terms of maximum drawdown, INDL dropped -95.67% vs UMDD's -86.24%.

Which ETF is better, INDL or UMDD?

On 10-year performance, UMDD leads with 12.78% vs 0.22% for INDL. On fees, UMDD is cheaper at 0.95% per year. On volatility, INDL has been the lower-risk option at 8.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INDL or UMDD?

Over the 10-year period, UMDD has performed better with a 12.78% return vs 0.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDL or UMDD?

UMDD is cheaper with a 0.95% expense ratio, compared with 1.33% for INDL.

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

INDL has the higher dividend yield at 1.64%, compared with 0.74% for UMDD.

What is the main difference between INDL and UMDD?

INDL tracks Indus India Index (300%), while UMDD tracks S&P MidCap 400 Index (300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.33% for INDL and 0.95% for UMDD.

Which has better risk-adjusted returns?

UMDD currently has the higher Sharpe Ratio (1.40 vs -0.96), 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.