MVV vs. MIDU

Last updated Jun 24, 2026

MVV (ProShares Ultra Midcap 400) and MIDU (Direxion Daily Mid Cap Bull 3X Shares) are both Leveraged Equities funds - MVV tracks the S&P MidCap 400 Index (200%) while MIDU tracks the S&P MidCap 400 Index (300%). Both are passively managed. Over the past 10 years, MVV returned 14.42%/yr vs 12.98%/yr for MIDU. With a 0.99 correlation, they move nearly in lockstep. MVV charges 0.95%/yr vs 1.06%/yr for MIDU.

Performance

MVV vs. MIDU - Performance Comparison

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

Returns By Period

In the year-to-date period, MVV achieves a 26.73% return, which is significantly lower than MIDU's 37.67% return. Over the past 10 years, MVV has outperformed MIDU with an annualized return of 14.42%, while MIDU has yielded a comparatively lower 12.98% annualized return.

MVV

• 1D: -1.88%
• 1M: 5.08%
• YTD: 26.73%
• 6M: 22.00%
• 1Y: 44.27%
• 3Y*: 22.25%
• 5Y*: 7.15%
• 10Y*: 14.42%

MIDU

• 1D: -3.21%
• 1M: 6.62%
• YTD: 37.67%
• 6M: 30.01%
• 1Y: 63.47%
• 3Y*: 26.25%
• 5Y*: 3.28%
• 10Y*: 12.98%

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

MVV vs. MIDU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MVV ProShares Ultra Midcap 400	26.73%	3.48%	17.75%	22.51%	-31.96%	48.57%	6.20%	49.50%	-25.44%	30.81%
MIDU Direxion Daily Mid Cap Bull 3X Shares	37.67%	-2.75%	20.32%	27.79%	-49.27%	72.89%	-18.31%	77.38%	-39.21%	46.86%

Correlation

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

MVV vs. MIDU - Sectors Allocation Comparison

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

Return for Risk

MVV vs. MIDU — Risk / Return Rank

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

MVV

MVV Risk / Return Rank: 46
MVV Sharpe Ratio Rank: 42
MVV Sortino Ratio Rank: 42
MVV Omega Ratio Rank: 39
MVV Calmar Ratio Rank: 54
MVV Martin Ratio Rank: 53

MIDU

MIDU Risk / Return Rank: 44
MIDU Sharpe Ratio Rank: 40
MIDU Sortino Ratio Rank: 41
MIDU Omega Ratio Rank: 37
MIDU Calmar Ratio Rank: 53
MIDU Martin Ratio Rank: 51

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. MIDU - Risk-Adjusted Trends Comparison

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

	MVV	MIDU	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.35	+0.05
Sortino ratio: Return per unit of downside risk	2.03	1.96	+0.06
Omega ratio: Gain probability vs. loss probability	1.24	1.23	+0.01
Calmar ratio: Return relative to maximum drawdown	2.52	2.47	+0.04
Martin ratio: Return relative to average drawdown	8.62	8.20	+0.42

MVV vs. MIDU - Sharpe Ratio Comparison

The current MVV Sharpe Ratio is 1.40, which is comparable to the MIDU Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of MVV and MIDU, 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

MVV vs. MIDU - Drawdown Comparison

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

Drawdown Indicators

	MVV	MIDU	Difference
Max Drawdown Largest peak-to-trough decline	-85.54%	-86.26%	+0.72%
Max Drawdown (1Y) Largest decline over 1 year	-17.68%	-25.80%	+8.12%
Max Drawdown (3Y) Largest decline over 3 years	-44.80%	-60.41%	+15.61%
Max Drawdown (5Y) Largest decline over 5 years	-45.53%	-64.14%	+18.61%
Max Drawdown (10Y) Largest decline over 10 years	-69.19%	-86.26%	+17.07%
Current Drawdown Current decline from peak	-2.08%	-4.17%	+2.09%
Average Drawdown Average peak-to-trough decline	-20.50%	-22.38%	+1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.15%	7.77%	-2.62%

Volatility

MVV vs. MIDU - Volatility Comparison

The current volatility for ProShares Ultra Midcap 400 (MVV) is 9.48%, while Direxion Daily Mid Cap Bull 3X Shares (MIDU) has a volatility of 13.97%. This indicates that MVV experiences smaller price fluctuations and is considered to be less risky than MIDU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVV	MIDU	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.48%	13.97%	-4.49%
Volatility (6M) Calculated over the trailing 6-month period	23.52%	34.92%	-11.40%
Volatility (1Y) Calculated over the trailing 1-year period	31.88%	47.39%	-15.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.67%	59.50%	-19.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.34%	63.57%	-21.23%

MVV vs. MIDU - Expense Ratio Comparison

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

Dividends

MVV vs. MIDU - Dividend Comparison

MVV's dividend yield for the trailing twelve months is around 0.67%, more than MIDU's 0.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MIDU Direxion Daily Mid Cap Bull 3X Shares	0.65%	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	0.67%	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 MIDU in my portfolio?

With a correlation of 1.00, MVV and MIDU 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 MIDU?

MIDU has higher volatility (13.97%) compared to MVV (9.48%). In terms of maximum drawdown, MVV dropped -85.54% vs MIDU's -86.26%.

Which ETF is better, MVV or MIDU?

On 10-year performance, MVV leads with 14.42% vs 12.98% for MIDU. On fees, MVV is cheaper at 0.95% per year. On volatility, MVV has been the lower-risk option at 9.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MVV or MIDU?

Over the 10-year period, MVV has performed better with a 14.42% return vs 12.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MVV or MIDU?

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

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

MVV has the higher dividend yield at 0.67%, compared with 0.65% for MIDU.

What is the main difference between MVV and MIDU?

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

Which has better risk-adjusted returns?

MVV currently has the higher Sharpe Ratio (1.40 vs 1.35), 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.