MVV vs. IFED

Last updated Jun 3, 2026

MVV (ProShares Ultra Midcap 400) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - MVV tracks the S&P MidCap 400 Index (200%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, MVV returned 22.19%/yr vs 17.19%/yr for IFED. Their correlation of 0.82 suggests significant overlap in exposure. MVV charges 0.95%/yr vs 0.45%/yr for IFED.

Performance

MVV vs. IFED - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Midcap 400 (MVV) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MVV achieves a 26.09% return, which is significantly higher than IFED's -2.31% return.

MVV

• 1D: 1.75%
• 1M: 6.05%
• YTD: 26.09%
• 6M: 27.71%
• 1Y: 48.71%
• 3Y*: 22.19%
• 5Y*: 6.86%
• 10Y*: 13.68%

IFED

• 1D: -1.64%
• 1M: 6.11%
• YTD: -2.31%
• 6M: -1.82%
• 1Y: 4.42%
• 3Y*: 17.19%
• 5Y*: —
• 10Y*: —

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

MVV vs. IFED - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MVV ProShares Ultra Midcap 400	26.09%	3.48%	17.75%	22.51%	-31.96%	10.03%
IFED ETRACS IFED Invest with the Fed TR Index ETN	-2.31%	15.02%	23.04%	20.78%	-1.46%	8.46%

Correlation

The correlation between MVV and IFED is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Sep 16, 2021	0.82

The correlation between MVV and IFED shifts across timeframes, from 0.63 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MVV vs. IFED — Risk / Return Rank

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

MVV

MVV Risk / Return Rank: 47
MVV Sharpe Ratio Rank: 44
MVV Sortino Ratio Rank: 44
MVV Omega Ratio Rank: 41
MVV Calmar Ratio Rank: 54
MVV Martin Ratio Rank: 54

IFED

IFED Risk / Return Rank: 12
IFED Sharpe Ratio Rank: 13
IFED Sortino Ratio Rank: 12
IFED Omega Ratio Rank: 12
IFED Calmar Ratio Rank: 12
IFED Martin Ratio Rank: 12

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.

MVV vs. IFED - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Midcap 400 (MVV) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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.

	MVV	IFED	Difference
Sharpe ratio Return per unit of total volatility	1.57	0.27	+1.29
Sortino ratio Return per unit of downside risk	2.22	0.51	+1.71
Omega ratio Gain probability vs. loss probability	1.27	1.06	+0.20
Calmar ratio Return relative to maximum drawdown	2.73	0.33	+2.40
Martin ratio Return relative to average drawdown	9.38	0.84	+8.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MVV vs. IFED - Sharpe Ratio Comparison

The current MVV Sharpe Ratio is 1.57, which is higher than the IFED Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of MVV and IFED, 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

	MVV	IFED	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	0.27	+1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.66	-0.40

Drawdowns

MVV vs. IFED - Drawdown Comparison

The maximum MVV drawdown since its inception was -85.54%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for MVV and IFED.

Drawdown Indicators

	MVV	IFED	Difference
Max Drawdown Largest peak-to-trough decline	-85.54%	-22.36%	-63.18%
Max Drawdown (1Y) Largest decline over 1 year	-17.68%	-14.65%	-3.03%
Max Drawdown (3Y) Largest decline over 3 years	-44.80%	-22.36%	-22.44%
Max Drawdown (5Y) Largest decline over 5 years	-45.53%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-69.19%	—	—
Current Drawdown Current decline from peak	0.00%	-4.31%	+4.31%
Average Drawdown Average peak-to-trough decline	-20.55%	-5.84%	-14.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.14%	5.74%	-0.60%

Volatility

MVV vs. IFED - Volatility Comparison

ProShares Ultra Midcap 400 (MVV) has a higher volatility of 8.69% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 4.24%. This indicates that MVV's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVV	IFED	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.69%	4.24%	+4.45%
Volatility (6M) Calculated over the trailing 6-month period	22.69%	12.80%	+9.89%
Volatility (1Y) Calculated over the trailing 1-year period	31.22%	16.17%	+15.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.64%	19.88%	+19.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.37%	19.88%	+22.49%

MVV vs. IFED - Expense Ratio Comparison

MVV has a 0.95% expense ratio, which is higher than IFED's 0.45% expense ratio.

Dividends

MVV vs. IFED - Dividend Comparison

MVV's dividend yield for the trailing twelve months is around 0.67%, while IFED has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IFED ETRACS IFED Invest with the Fed TR Index ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MVV ProShares Ultra Midcap 400	0.67%	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 MVV and IFED in my portfolio?

MVV and IFED have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MVV or IFED?

MVV has higher volatility (8.69%) compared to IFED (4.24%). In terms of maximum drawdown, MVV dropped -85.54% vs IFED's -22.36%.

Which ETF is better, MVV or IFED?

On 3-year performance, MVV leads with 22.19% vs 17.19% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 4.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MVV or IFED?

Over the 3-year period, MVV has performed better with a 22.19% return vs 17.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MVV or IFED?

IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for MVV.

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

MVV has the higher dividend yield at 0.67%, compared with 0.00% for IFED.

What is the main difference between MVV and IFED?

MVV tracks S&P MidCap 400 Index (200%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: ProShares and UBS. Their fees differ too: 0.95% for MVV and 0.45% for IFED.

Which has better risk-adjusted returns?

MVV currently has the higher Sharpe Ratio (1.57 vs 0.27), 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.