MVV vs. IJR

Last updated Jun 3, 2026

MVV (ProShares Ultra Midcap 400) and IJR (iShares Core S&P Small-Cap ETF) are both exchange-traded funds - MVV is a Leveraged Equities fund tracking the S&P MidCap 400 Index (200%), while IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, MVV returned 13.68%/yr vs 10.76%/yr for IJR. With a 0.95 correlation, they move nearly in lockstep. MVV charges 0.95%/yr vs 0.06%/yr for IJR.

Performance

MVV vs. IJR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Midcap 400 (MVV) and iShares Core S&P Small-Cap ETF (IJR). 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 IJR's 16.42% return. Over the past 10 years, MVV has outperformed IJR with an annualized return of 13.68%, while IJR has yielded a comparatively lower 10.76% annualized 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%

IJR

• 1D: 0.89%
• 1M: 1.64%
• YTD: 16.42%
• 6M: 16.87%
• 1Y: 34.85%
• 3Y*: 14.73%
• 5Y*: 5.90%
• 10Y*: 10.76%

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

MVV vs. IJR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MVV ProShares Ultra Midcap 400	26.09%	3.48%	17.75%	22.51%	-31.96%	48.57%	6.20%	49.50%	-25.44%	30.81%
IJR iShares Core S&P Small-Cap ETF	16.42%	5.89%	8.63%	16.06%	-16.20%	26.58%	11.28%	22.82%	-8.51%	13.15%

Correlation

The correlation between MVV and IJR is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.95

The correlation between MVV and IJR has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

MVV vs. IJR - Sectors Allocation Comparison

Sectors	MVV	IJR
Industrials	25.1%	15.5%
Technology	15.8%	15.5%
Financial Services	14.3%	16.8%
Consumer Cyclical	10.6%	13.4%
Healthcare	8.7%	11.1%
Real Estate	7.5%	7.6%
Energy	5.5%	5.9%
Basic Materials	4.8%	5.1%
Consumer Defensive	3.7%	3.5%
Utilities	3.1%	2.0%
Communication Services	1.0%	3.6%

Return for Risk

MVV vs. IJR — 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

IJR

IJR Risk / Return Rank: 64
IJR Sharpe Ratio Rank: 59
IJR Sortino Ratio Rank: 61
IJR Omega Ratio Rank: 55
IJR Calmar Ratio Rank: 77
IJR Martin Ratio Rank: 70

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. IJR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Midcap 400 (MVV) and iShares Core S&P Small-Cap ETF (IJR). 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	IJR	Difference
Sharpe ratio Return per unit of total volatility	1.57	2.00	-0.43
Sortino ratio Return per unit of downside risk	2.22	2.88	-0.66
Omega ratio Gain probability vs. loss probability	1.27	1.34	-0.08
Calmar ratio Return relative to maximum drawdown	2.73	3.96	-1.23
Martin ratio Return relative to average drawdown	9.38	13.21	-3.83
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. IJR - Sharpe Ratio Comparison

The current MVV Sharpe Ratio is 1.57, which is comparable to the IJR Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of MVV and IJR, 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	IJR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	2.00	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.28	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.47	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.44	-0.18

Drawdowns

MVV vs. IJR - Drawdown Comparison

The maximum MVV drawdown since its inception was -85.54%, which is greater than IJR's maximum drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for MVV and IJR.

Drawdown Indicators

	MVV	IJR	Difference
Max Drawdown Largest peak-to-trough decline	-85.54%	-58.15%	-27.39%
Max Drawdown (1Y) Largest decline over 1 year	-17.68%	-8.68%	-9.00%
Max Drawdown (3Y) Largest decline over 3 years	-44.80%	-28.02%	-16.78%
Max Drawdown (5Y) Largest decline over 5 years	-45.53%	-28.02%	-17.51%
Max Drawdown (10Y) Largest decline over 10 years	-69.19%	-44.36%	-24.83%
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-20.55%	-9.28%	-11.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.14%	2.60%	+2.54%

Volatility

MVV vs. IJR - Volatility Comparison

ProShares Ultra Midcap 400 (MVV) has a higher volatility of 8.69% compared to iShares Core S&P Small-Cap ETF (IJR) at 4.46%. This indicates that MVV's price experiences larger fluctuations and is considered to be riskier than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVV	IJR	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.69%	4.46%	+4.23%
Volatility (6M) Calculated over the trailing 6-month period	22.69%	11.63%	+11.06%
Volatility (1Y) Calculated over the trailing 1-year period	31.22%	17.51%	+13.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.64%	21.40%	+18.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.37%	22.91%	+19.46%

MVV vs. IJR - Expense Ratio Comparison

MVV has a 0.95% expense ratio, which is higher than IJR's 0.06% expense ratio.

Dividends

MVV vs. IJR - Dividend Comparison

MVV's dividend yield for the trailing twelve months is around 0.67%, less than IJR's 1.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IJR iShares Core S&P Small-Cap ETF	1.14%	1.44%	2.05%	1.31%	1.41%	1.53%	1.11%	1.44%	1.58%	1.20%	1.22%	1.48%
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 IJR in my portfolio?

With a correlation of 0.94, MVV and IJR 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, MVV or IJR?

MVV has higher volatility (8.69%) compared to IJR (4.46%). In terms of maximum drawdown, MVV dropped -85.54% vs IJR's -58.15%.

Which ETF is better, MVV or IJR?

On 10-year performance, MVV leads with 13.68% vs 10.76% for IJR. On fees, IJR is cheaper at 0.06% per year. On volatility, IJR has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MVV or IJR?

Over the 10-year period, MVV has performed better with a 13.68% return vs 10.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MVV or IJR?

IJR is cheaper with a 0.06% expense ratio, compared with 0.95% for MVV.

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

IJR has the higher dividend yield at 1.14%, compared with 0.67% for MVV.

What is the main difference between MVV and IJR?

MVV is categorized as Leveraged Equities, while IJR is Small Cap Blend Equities. MVV tracks S&P MidCap 400 Index (200%), while IJR tracks S&P SmallCap 600 Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for MVV and 0.06% for IJR.

Which has better risk-adjusted returns?

IJR currently has the higher Sharpe Ratio (2.00 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.