MIDU vs. MVV

Last updated Jun 23, 2026

MIDU (Direxion Daily Mid Cap Bull 3X Shares) and MVV (ProShares Ultra Midcap 400) are both Leveraged Equities funds - MIDU tracks the S&P MidCap 400 Index (300%) while MVV tracks the S&P MidCap 400 Index (200%). Both are passively managed. Over the past 10 years, MIDU returned 13.35%/yr vs 14.63%/yr for MVV. With a 0.99 correlation, they move nearly in lockstep. MIDU charges 1.06%/yr vs 0.95%/yr for MVV.

Performance

MIDU vs. MVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Mid Cap Bull 3X Shares (MIDU) and ProShares Ultra Midcap 400 (MVV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MIDU achieves a 42.23% return, which is significantly higher than MVV's 29.16% return. Over the past 10 years, MIDU has underperformed MVV with an annualized return of 13.35%, while MVV has yielded a comparatively higher 14.63% annualized return.

MIDU

• 1D: 1.17%
• 1M: 10.15%
• YTD: 42.23%
• 6M: 33.14%
• 1Y: 73.64%
• 3Y*: 27.63%
• 5Y*: 4.54%
• 10Y*: 13.35%

MVV

• 1D: 0.77%
• 1M: 7.10%
• YTD: 29.16%
• 6M: 23.52%
• 1Y: 49.79%
• 3Y*: 23.02%
• 5Y*: 7.97%
• 10Y*: 14.63%

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

MIDU vs. MVV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MIDU Direxion Daily Mid Cap Bull 3X Shares	42.23%	-2.75%	20.32%	27.79%	-49.27%	72.89%	-18.31%	77.38%	-39.21%	46.86%
MVV ProShares Ultra Midcap 400	29.16%	3.48%	17.75%	22.51%	-31.96%	48.57%	6.20%	49.50%	-25.44%	30.81%

Correlation

The correlation between MIDU and MVV 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 Jan 8, 2009	0.99

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

MIDU vs. MVV - Sectors Allocation Comparison

Sectors	MIDU	MVV
Industrials	5.3%	24.8%
Technology	3.4%	17.8%
Financial Services	2.8%	13.7%
Consumer Cyclical	2.0%	10.5%
Healthcare	1.8%	9.1%
Real Estate	1.5%	7.3%
Energy	1.0%	4.9%
Basic Materials	1.0%	4.8%
Consumer Defensive	0.8%	3.3%
Utilities	0.6%	2.9%
Communication Services	0.2%	1.0%

Return for Risk

MIDU vs. MVV — Risk / Return Rank

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

MIDU

MIDU Risk / Return Rank: 49
MIDU Sharpe Ratio Rank: 46
MIDU Sortino Ratio Rank: 44
MIDU Omega Ratio Rank: 41
MIDU Calmar Ratio Rank: 60
MIDU Martin Ratio Rank: 56

MVV

MVV Risk / Return Rank: 50
MVV Sharpe Ratio Rank: 47
MVV Sortino Ratio Rank: 45
MVV Omega Ratio Rank: 42
MVV Calmar Ratio Rank: 59
MVV Martin Ratio Rank: 57

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.

MIDU vs. MVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Mid Cap Bull 3X Shares (MIDU) and ProShares Ultra Midcap 400 (MVV). 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.

	MIDU	MVV	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.57	-0.01
Sortino ratio: Return per unit of downside risk	2.17	2.22	-0.04
Omega ratio: Gain probability vs. loss probability	1.26	1.27	-0.01
Calmar ratio: Return relative to maximum drawdown	2.87	2.83	+0.04
Martin ratio: Return relative to average drawdown	9.51	9.70	-0.18

MIDU vs. MVV - Sharpe Ratio Comparison

The current MIDU Sharpe Ratio is 1.57, which is comparable to the MVV Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of MIDU and MVV, 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

MIDU vs. MVV - Drawdown Comparison

The maximum MIDU drawdown since its inception was -86.26%, roughly equal to the maximum MVV drawdown of -85.54%. Use the drawdown chart below to compare losses from any high point for MIDU and MVV.

Drawdown Indicators

	MIDU	MVV	Difference
Max Drawdown Largest peak-to-trough decline	-86.26%	-85.54%	-0.72%
Max Drawdown (1Y) Largest decline over 1 year	-25.80%	-17.68%	-8.12%
Max Drawdown (3Y) Largest decline over 3 years	-60.41%	-44.80%	-15.61%
Max Drawdown (5Y) Largest decline over 5 years	-64.14%	-45.53%	-18.61%
Max Drawdown (10Y) Largest decline over 10 years	-86.26%	-69.19%	-17.07%
Current Drawdown Current decline from peak	-1.00%	-0.21%	-0.79%
Average Drawdown Average peak-to-trough decline	-22.38%	-20.50%	-1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.76%	5.15%	+2.61%

Volatility

MIDU vs. MVV - Volatility Comparison

Direxion Daily Mid Cap Bull 3X Shares (MIDU) has a higher volatility of 13.42% compared to ProShares Ultra Midcap 400 (MVV) at 9.19%. This indicates that MIDU's price experiences larger fluctuations and is considered to be riskier than MVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MIDU	MVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.42%	9.19%	+4.23%
Volatility (6M) Calculated over the trailing 6-month period	34.76%	23.43%	+11.33%
Volatility (1Y) Calculated over the trailing 1-year period	47.36%	31.87%	+15.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.48%	39.66%	+19.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.68%	42.41%	+21.27%

MIDU vs. MVV - Expense Ratio Comparison

MIDU has a 1.06% expense ratio, which is higher than MVV's 0.95% expense ratio.

Dividends

MIDU vs. MVV - Dividend Comparison

MIDU's dividend yield for the trailing twelve months is around 0.62%, less than MVV's 0.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MIDU Direxion Daily Mid Cap Bull 3X Shares	0.62%	1.04%	1.10%	1.43%	0.11%	0.00%	0.06%	0.71%	0.70%	2.67%	1.89%	0.00%
MVV ProShares Ultra Midcap 400	0.66%	0.77%	0.39%	0.77%	0.93%	0.16%	0.29%	0.62%	0.62%	0.21%	0.43%	0.17%

Frequently Asked Questions

Can I hold both MIDU and MVV in my portfolio?

With a correlation of 1.00, MIDU and MVV 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, MIDU or MVV?

MIDU has higher volatility (13.42%) compared to MVV (9.19%). In terms of maximum drawdown, MIDU dropped -86.26% vs MVV's -85.54%.

Which ETF is better, MIDU or MVV?

On 10-year performance, MVV leads with 14.63% vs 13.35% for MIDU. On fees, MVV is cheaper at 0.95% per year. On volatility, MVV has been the lower-risk option at 9.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MIDU or MVV?

Over the 10-year period, MVV has performed better with a 14.63% return vs 13.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MIDU or MVV?

MVV is cheaper with a 0.95% expense ratio, compared with 1.06% for MIDU.

Which ETF pays a higher dividend yield, MIDU or MVV?

MVV has the higher dividend yield at 0.66%, compared with 0.62% for MIDU.

What is the main difference between MIDU and MVV?

MIDU tracks S&P MidCap 400 Index (300%), while MVV tracks S&P MidCap 400 Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.06% for MIDU and 0.95% for MVV.

Which has better risk-adjusted returns?

MVV currently has the higher Sharpe Ratio (1.57 vs 1.57), 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.