MIDU vs. SAA

Last updated Jul 21, 2026

MIDU (Direxion Daily Mid Cap Bull 3X Shares) and SAA (ProShares Ultra SmallCap600) are both Leveraged Equities funds - MIDU tracks the S&P MidCap 400 Index (300%) while SAA tracks the S&P SmallCap 600 Index (200%). Both are passively managed. Over the past 10 years, MIDU returned 10.70%/yr vs 11.73%/yr for SAA. Their correlation of 0.89 suggests significant overlap in exposure. MIDU charges 1.06%/yr vs 0.95%/yr for SAA.

Performance

MIDU vs. SAA - 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 SmallCap600 (SAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MIDU achieves a 34.47% return, which is significantly lower than SAA's 40.69% return. Over the past 10 years, MIDU has underperformed SAA with an annualized return of 10.70%, while SAA has yielded a comparatively higher 11.73% annualized return.

MIDU

• 1D: -2.52%
• 1M: -4.35%
• 6M: 13.38%
• YTD: 34.47%
• 1Y: 43.49%
• 3Y*: 16.82%
• 5Y*: 3.53%
• 10Y*: 10.70%
• ALL TIME*: 21.76%

SAA

• 1D: -1.26%
• 1M: 2.42%
• 6M: 23.30%
• YTD: 40.69%
• 1Y: 58.53%
• 3Y*: 16.94%
• 5Y*: 4.80%
• 10Y*: 11.73%
• ALL TIME*: 9.34%

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

MIDU vs. SAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MIDU Direxion Daily Mid Cap Bull 3X Shares	34.47%	-2.75%	20.32%	27.79%	-49.27%	72.89%	-18.31%	77.38%	-39.21%	46.86%
SAA ProShares Ultra SmallCap600	40.69%	0.29%	5.60%	21.32%	-36.17%	51.77%	-1.79%	42.39%	-23.00%	23.94%

Correlation

The correlation between MIDU and SAA is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 8, 2009	0.89

The correlation between MIDU and SAA has been stable across timeframes, ranging from 0.89 to 0.95 - a consistent structural relationship.

MIDU vs. SAA - Sectors Allocation Comparison

Sectors	MIDU	SAA
Industrials	25.3%	15.6%
Technology	17.1%	15.5%
Financial Services	13.9%	17.1%
Consumer Cyclical	10.5%	13.2%
Healthcare	8.9%	12.4%
Real Estate	7.3%	7.6%
Basic Materials	4.8%	4.7%
Energy	4.6%	4.7%
Consumer Defensive	3.2%	4.2%
Utilities	2.9%	1.8%
Communication Services	1.5%	3.2%

Return for Risk

MIDU vs. SAA — Risk / Return Rank

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

MIDU

MIDU Risk / Return Rank: 39
MIDU Sharpe Ratio Rank: 34
MIDU Sortino Ratio Rank: 38
MIDU Omega Ratio Rank: 35
MIDU Calmar Ratio Rank: 44
MIDU Martin Ratio Rank: 45

SAA

SAA Risk / Return Rank: 72
SAA Sharpe Ratio Rank: 70
SAA Sortino Ratio Rank: 70
SAA Omega Ratio Rank: 61
SAA Calmar Ratio Rank: 82
SAA Martin Ratio Rank: 77

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. SAA - 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 SmallCap600 (SAA). 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	SAA	Difference
Sharpe ratio: Return per unit of total volatility	0.93	1.66	-0.73
Sortino ratio: Return per unit of downside risk	1.54	2.38	-0.84
Omega ratio: Gain probability vs. loss probability	1.18	1.28	-0.10
Calmar ratio: Return relative to maximum drawdown	1.69	3.23	-1.54
Martin ratio: Return relative to average drawdown	5.54	10.51	-4.97

MIDU vs. SAA - Sharpe Ratio Comparison

The current MIDU Sharpe Ratio is 0.93, which is lower than the SAA Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of MIDU and SAA, 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. SAA - Drawdown Comparison

The maximum MIDU drawdown since its inception was -86.26%, roughly equal to the maximum SAA drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for MIDU and SAA.

Drawdown Indicators

	MIDU	SAA	Difference
Max Drawdown Largest peak-to-trough decline	-86.26%	-87.39%	+1.13%
Max Drawdown (1Y) Largest decline over 1 year	-25.80%	-18.21%	-7.59%
Max Drawdown (3Y) Largest decline over 3 years	-60.41%	-50.84%	-9.57%
Max Drawdown (5Y) Largest decline over 5 years	-64.14%	-55.37%	-8.77%
Max Drawdown (10Y) Largest decline over 10 years	-86.26%	-74.54%	-11.72%
Current Drawdown Current decline from peak	-9.11%	-4.54%	-4.57%
Average Drawdown Average peak-to-trough decline	-22.31%	-27.26%	+4.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.87%	5.59%	+2.28%

Volatility

MIDU vs. SAA - Volatility Comparison

Direxion Daily Mid Cap Bull 3X Shares (MIDU) has a higher volatility of 10.31% compared to ProShares Ultra SmallCap600 (SAA) at 7.48%. This indicates that MIDU's price experiences larger fluctuations and is considered to be riskier than SAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MIDU	SAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.31%	7.48%	+2.83%
Volatility (6M) Calculated over the trailing 6-month period	34.74%	24.17%	+10.57%
Volatility (1Y) Calculated over the trailing 1-year period	47.11%	35.47%	+11.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.24%	43.28%	+15.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.46%	46.01%	+17.45%

MIDU vs. SAA - Expense Ratio Comparison

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

Dividends

MIDU vs. SAA - Dividend Comparison

MIDU's dividend yield for the trailing twelve months is around 0.53%, less than SAA's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MIDU Direxion Daily Mid Cap Bull 3X Shares	0.53%	1.04%	1.10%	1.43%	0.11%	0.00%	0.06%	0.71%	0.70%	2.67%	1.89%
SAA ProShares Ultra SmallCap600	0.77%	1.05%	1.36%	0.88%	0.46%	0.00%	0.03%	0.35%	0.27%	0.00%	0.14%

Frequently Asked Questions

Can I hold both MIDU and SAA in my portfolio?

With a correlation of 0.92, MIDU and SAA 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 SAA?

MIDU has higher volatility (10.31%) compared to SAA (7.48%). In terms of maximum drawdown, MIDU dropped -86.26% vs SAA's -87.39%.

Which ETF is better, MIDU or SAA?

On 10-year performance, SAA leads with 11.73% vs 10.70% for MIDU. On fees, SAA is cheaper at 0.95% per year. On volatility, SAA has been the lower-risk option at 7.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MIDU or SAA?

Over the 10-year period, SAA has performed better with a 11.73% return vs 10.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MIDU or SAA?

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

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

SAA has the higher dividend yield at 0.77%, compared with 0.53% for MIDU.

What is the main difference between MIDU and SAA?

MIDU tracks S&P MidCap 400 Index (300%), while SAA tracks S&P SmallCap 600 Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.06% for MIDU and 0.95% for SAA.

Which has better risk-adjusted returns?

SAA currently has the higher Sharpe Ratio (1.66 vs 0.93), 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.