MVV vs. SPY

Last updated Jun 3, 2026

MVV (ProShares Ultra Midcap 400) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - MVV is a Leveraged Equities fund tracking the S&P MidCap 400 Index (200%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, MVV returned 13.68%/yr vs 15.57%/yr for SPY. Their correlation of 0.88 suggests significant overlap in exposure. MVV charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

MVV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Midcap 400 (MVV) and State Street SPDR S&P 500 ETF (SPY). 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 SPY's 11.69% return. Over the past 10 years, MVV has underperformed SPY with an annualized return of 13.68%, while SPY has yielded a comparatively higher 15.57% 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%

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

MVV vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between MVV and SPY is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.88

The correlation between MVV and SPY shifts across timeframes, from 0.76 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

MVV vs. SPY - Sectors Allocation Comparison

Sectors	MVV	SPY
Industrials	25.1%	7.8%
Technology	15.8%	35.9%
Financial Services	14.3%	11.8%
Consumer Cyclical	10.6%	10.3%
Healthcare	8.7%	8.4%
Real Estate	7.5%	1.9%
Energy	5.5%	3.6%
Basic Materials	4.8%	1.8%
Consumer Defensive	3.7%	4.8%
Utilities	3.1%	2.4%
Communication Services	1.0%	11.3%

Return for Risk

MVV vs. SPY — 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

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Midcap 400 (MVV) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio Return per unit of total volatility	1.57	2.52	-0.95
Sortino ratio Return per unit of downside risk	2.22	3.42	-1.20
Omega ratio Gain probability vs. loss probability	1.27	1.46	-0.19
Calmar ratio Return relative to maximum drawdown	2.73	3.42	-0.69
Martin ratio Return relative to average drawdown	9.38	15.93	-6.55
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. SPY - Sharpe Ratio Comparison

The current MVV Sharpe Ratio is 1.57, which is lower than the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of MVV and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	2.52	-0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.84	-0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.87	-0.55
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.59	-0.33

Drawdowns

MVV vs. SPY - Drawdown Comparison

The maximum MVV drawdown since its inception was -85.54%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MVV and SPY.

Drawdown Indicators

	MVV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-85.54%	-55.19%	-30.35%
Max Drawdown (1Y) Largest decline over 1 year	-17.68%	-8.88%	-8.80%
Max Drawdown (3Y) Largest decline over 3 years	-44.80%	-18.76%	-26.04%
Max Drawdown (5Y) Largest decline over 5 years	-45.53%	-24.50%	-21.03%
Max Drawdown (10Y) Largest decline over 10 years	-69.19%	-33.72%	-35.47%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-20.55%	-9.05%	-11.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.14%	1.91%	+3.23%

Volatility

MVV vs. SPY - Volatility Comparison

ProShares Ultra Midcap 400 (MVV) has a higher volatility of 8.69% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that MVV's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.69%	2.75%	+5.94%
Volatility (6M) Calculated over the trailing 6-month period	22.69%	8.89%	+13.80%
Volatility (1Y) Calculated over the trailing 1-year period	31.22%	11.81%	+19.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.64%	17.05%	+22.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.37%	17.94%	+24.43%

MVV vs. SPY - Expense Ratio Comparison

MVV has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

MVV vs. SPY - Dividend Comparison

MVV's dividend yield for the trailing twelve months is around 0.67%, less than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	0.97%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both MVV and SPY in my portfolio?

MVV and SPY have a correlation of 0.76, 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 SPY?

MVV has higher volatility (8.69%) compared to SPY (2.75%). In terms of maximum drawdown, MVV dropped -85.54% vs SPY's -55.19%.

Which ETF is better, MVV or SPY?

On 10-year performance, SPY leads with 15.57% vs 13.68% for MVV. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MVV or SPY?

Over the 10-year period, SPY has performed better with a 15.57% return vs 13.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MVV or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for MVV.

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

SPY has the higher dividend yield at 0.97%, compared with 0.67% for MVV.

What is the main difference between MVV and SPY?

MVV is categorized as Leveraged Equities, while SPY is S&P 500. MVV tracks S&P MidCap 400 Index (200%), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for MVV and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 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.