MVV vs. UPRO

Last updated Jun 3, 2026

MVV (ProShares Ultra Midcap 400) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds from ProShares - MVV tracks the S&P MidCap 400 Index (200%) while UPRO tracks the S&P 500. Both are passively managed. Over the past 10 years, MVV returned 13.68%/yr vs 30.36%/yr for UPRO. Their correlation of 0.88 suggests significant overlap in exposure. MVV charges 0.95%/yr vs 0.89%/yr for UPRO.

Performance

MVV vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Midcap 400 (MVV) and ProShares UltraPro S&P 500 (UPRO). 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 lower than UPRO's 30.62% return. Over the past 10 years, MVV has underperformed UPRO with an annualized return of 13.68%, while UPRO has yielded a comparatively higher 30.36% 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%

UPRO

• 1D: 0.39%
• 1M: 15.79%
• YTD: 30.62%
• 6M: 30.65%
• 1Y: 87.98%
• 3Y*: 53.66%
• 5Y*: 24.29%
• 10Y*: 30.36%

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

MVV vs. UPRO - 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%
UPRO ProShares UltraPro S&P 500	30.62%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%

Correlation

The correlation between MVV and UPRO 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 26, 2009	0.88

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

MVV vs. UPRO - Sectors Allocation Comparison

Sectors	MVV	UPRO
Industrials	25.1%	3.4%
Technology	15.8%	17.8%
Financial Services	14.3%	28.8%
Consumer Cyclical	10.6%	4.5%
Healthcare	8.7%	3.8%
Real Estate	7.5%	0.8%
Energy	5.5%	1.4%
Basic Materials	4.8%	0.8%
Consumer Defensive	3.7%	2.0%
Utilities	3.1%	1.1%
Communication Services	1.0%	4.8%

Return for Risk

MVV vs. UPRO — 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

UPRO

UPRO Risk / Return Rank: 69
UPRO Sharpe Ratio Rank: 76
UPRO Sortino Ratio Rank: 62
UPRO Omega Ratio Rank: 64
UPRO Calmar Ratio Rank: 68
UPRO Martin Ratio Rank: 74

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. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Midcap 400 (MVV) and ProShares UltraPro S&P 500 (UPRO). 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	UPRO	Difference
Sharpe ratio Return per unit of total volatility	1.57	2.51	-0.94
Sortino ratio Return per unit of downside risk	2.22	2.94	-0.72
Omega ratio Gain probability vs. loss probability	1.27	1.39	-0.12
Calmar ratio Return relative to maximum drawdown	2.73	3.40	-0.67
Martin ratio Return relative to average drawdown	9.38	14.36	-4.98
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. UPRO - Sharpe Ratio Comparison

The current MVV Sharpe Ratio is 1.57, which is lower than the UPRO Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of MVV and UPRO, 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	UPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	2.51	-0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.49	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.57	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.66	-0.40

Drawdowns

MVV vs. UPRO - Drawdown Comparison

The maximum MVV drawdown since its inception was -85.54%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for MVV and UPRO.

Drawdown Indicators

	MVV	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-85.54%	-76.82%	-8.72%
Max Drawdown (1Y) Largest decline over 1 year	-17.68%	-26.78%	+9.10%
Max Drawdown (3Y) Largest decline over 3 years	-44.80%	-48.87%	+4.07%
Max Drawdown (5Y) Largest decline over 5 years	-45.53%	-63.94%	+18.41%
Max Drawdown (10Y) Largest decline over 10 years	-69.19%	-76.82%	+7.63%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-20.55%	-14.42%	-6.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.14%	6.33%	-1.19%

Volatility

MVV vs. UPRO - Volatility Comparison

ProShares Ultra Midcap 400 (MVV) has a higher volatility of 8.69% compared to ProShares UltraPro S&P 500 (UPRO) at 8.17%. This indicates that MVV's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVV	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.69%	8.17%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	22.69%	26.54%	-3.85%
Volatility (1Y) Calculated over the trailing 1-year period	31.22%	35.29%	-4.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.64%	50.31%	-10.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.37%	53.75%	-11.38%

MVV vs. UPRO - Expense Ratio Comparison

MVV has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.

Dividends

MVV vs. UPRO - Dividend Comparison

MVV's dividend yield for the trailing twelve months is around 0.67%, which matches UPRO's 0.67% 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%
UPRO ProShares UltraPro S&P 500	0.67%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%

Frequently Asked Questions

Can I hold both MVV and UPRO in my portfolio?

MVV and UPRO 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 UPRO?

MVV has higher volatility (8.69%) compared to UPRO (8.17%). In terms of maximum drawdown, MVV dropped -85.54% vs UPRO's -76.82%.

Which ETF is better, MVV or UPRO?

On 10-year performance, UPRO leads with 30.36% vs 13.68% for MVV. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 8.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MVV or UPRO?

Over the 10-year period, UPRO has performed better with a 30.36% 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 UPRO?

UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for MVV.

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

MVV and UPRO have nearly identical dividend yields, around 0.67%.

What is the main difference between MVV and UPRO?

MVV tracks S&P MidCap 400 Index (200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for MVV and 0.89% for UPRO.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (2.51 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.