MEXX vs. UMDD

Last updated Jun 13, 2026

MEXX (Direxion Daily MSCI Mexico Bull 3X Shares) and UMDD (ProShares UltraPro MidCap400) are both Leveraged Equities funds - MEXX tracks the MSCI Mexico IMI 25-50 Net Total Return USD Index (300%) while UMDD tracks the S&P MidCap 400 Index (300%). Both are passively managed. Over the past 5 years, MEXX returned 13.61%/yr vs 2.41%/yr for UMDD. A 0.51 correlation means they provide meaningful diversification when combined. MEXX charges 1.21%/yr vs 0.95%/yr for UMDD.

Performance

MEXX vs. UMDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) 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, MEXX achieves a 25.40% return, which is significantly lower than UMDD's 41.42% return.

MEXX

• 1D: 4.13%
• 1M: -9.17%
• YTD: 25.40%
• 6M: 24.32%
• 1Y: 80.47%
• 3Y*: 2.29%
• 5Y*: 13.61%
• 10Y*: —

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)

MEXX vs. UMDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MEXX Direxion Daily MSCI Mexico Bull 3X Shares	25.40%	181.49%	-73.13%	115.60%	-12.96%	52.75%	-53.63%	21.41%	-51.95%	-15.26%
UMDD ProShares UltraPro MidCap400	41.42%	-2.57%	19.68%	27.21%	-49.60%	72.27%	-17.30%	78.90%	-40.29%	32.21%

Correlation

The correlation between MEXX and UMDD is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.51

The correlation between MEXX and UMDD has been stable across timeframes, ranging from 0.45 to 0.51 - a consistent structural relationship.

MEXX vs. UMDD - Sectors Allocation Comparison

Sectors	MEXX	UMDD
Consumer Defensive	24.6%	2.2%
Basic Materials	23.8%	2.6%
Financial Services	18.2%	7.1%
Industrials	13.2%	13.4%
Communication Services	10.4%	0.5%
Real Estate	7.8%	3.9%
Consumer Cyclical	1.4%	5.1%
Healthcare	0.5%	4.8%
Energy	-	2.7%
Technology	-	9.0%
Utilities	-	1.6%

Return for Risk

MEXX vs. UMDD — Risk / Return Rank

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

MEXX

MEXX Risk / Return Rank: 42
MEXX Sharpe Ratio Rank: 40
MEXX Sortino Ratio Rank: 41
MEXX Omega Ratio Rank: 40
MEXX Calmar Ratio Rank: 47
MEXX Martin Ratio Rank: 43

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.

MEXX vs. UMDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) 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.

	MEXX	UMDD	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.40	-0.15
Sortino ratio: Return per unit of downside risk	1.86	2.01	-0.15
Omega ratio: Gain probability vs. loss probability	1.23	1.24	-0.01
Calmar ratio: Return relative to maximum drawdown	2.09	2.56	-0.48
Martin ratio: Return relative to average drawdown	6.10	8.58	-2.48

MEXX vs. UMDD - Sharpe Ratio Comparison

The current MEXX Sharpe Ratio is 1.25, which is comparable to the UMDD Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of MEXX 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

MEXX vs. UMDD - Drawdown Comparison

The maximum MEXX drawdown since its inception was -95.58%, which is greater than UMDD's maximum drawdown of -86.24%. Use the drawdown chart below to compare losses from any high point for MEXX and UMDD.

Drawdown Indicators

	MEXX	UMDD	Difference
Max Drawdown Largest peak-to-trough decline	-95.58%	-86.24%	-9.34%
Max Drawdown (1Y) Largest decline over 1 year	-38.77%	-26.04%	-12.73%
Max Drawdown (3Y) Largest decline over 3 years	-74.92%	-60.33%	-14.59%
Max Drawdown (5Y) Largest decline over 5 years	-74.92%	-64.61%	-10.31%
Max Drawdown (10Y) Largest decline over 10 years	—	-86.24%	—
Current Drawdown Current decline from peak	-54.38%	-3.15%	-51.23%
Average Drawdown Average peak-to-trough decline	-65.49%	-23.58%	-41.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.27%	7.78%	+5.49%

Volatility

MEXX vs. UMDD - Volatility Comparison

Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) has a higher volatility of 20.29% compared to ProShares UltraPro MidCap400 (UMDD) at 14.80%. This indicates that MEXX'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

	MEXX	UMDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.29%	14.80%	+5.49%
Volatility (6M) Calculated over the trailing 6-month period	54.58%	35.26%	+19.32%
Volatility (1Y) Calculated over the trailing 1-year period	64.50%	47.64%	+16.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.05%	59.05%	+8.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.48%	62.32%	+12.16%

MEXX vs. UMDD - Expense Ratio Comparison

MEXX has a 1.21% expense ratio, which is higher than UMDD's 0.95% expense ratio.

Dividends

MEXX vs. UMDD - Dividend Comparison

MEXX's dividend yield for the trailing twelve months is around 1.27%, more than UMDD's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MEXX Direxion Daily MSCI Mexico Bull 3X Shares	1.27%	1.60%	5.81%	1.66%	1.33%	0.63%	0.12%	1.60%	5.61%	0.27%	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 MEXX and UMDD in my portfolio?

MEXX and UMDD have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEXX or UMDD?

MEXX has higher volatility (20.29%) compared to UMDD (14.80%). In terms of maximum drawdown, MEXX dropped -95.58% vs UMDD's -86.24%.

Which ETF is better, MEXX or UMDD?

On 5-year performance, MEXX leads with 13.61% vs 2.41% for UMDD. On fees, UMDD is cheaper at 0.95% per year. On volatility, UMDD has been the lower-risk option at 14.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEXX or UMDD?

Over the 5-year period, MEXX has performed better with a 13.61% return vs 2.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEXX or UMDD?

UMDD is cheaper with a 0.95% expense ratio, compared with 1.21% for MEXX.

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

MEXX has the higher dividend yield at 1.27%, compared with 0.74% for UMDD.

What is the main difference between MEXX and UMDD?

MEXX tracks MSCI Mexico IMI 25-50 Net Total Return USD Index (300%), while UMDD tracks S&P MidCap 400 Index (300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.21% for MEXX and 0.95% for UMDD.

Which has better risk-adjusted returns?

UMDD currently has the higher Sharpe Ratio (1.40 vs 1.25), 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.