MVV vs. VOO

Last updated Jun 24, 2026

MVV (ProShares Ultra Midcap 400) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - MVV is a Leveraged Equities fund tracking the S&P MidCap 400 Index (200%), while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, MVV returned 14.42%/yr vs 15.61%/yr for VOO. Their correlation of 0.87 suggests significant overlap in exposure. MVV charges 0.95%/yr vs 0.03%/yr for VOO.

Performance

MVV vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Midcap 400 (MVV) and Vanguard S&P 500 ETF (VOO). 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 higher than VOO's 8.19% return. Over the past 10 years, MVV has underperformed VOO with an annualized return of 14.42%, while VOO has yielded a comparatively higher 15.61% 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%

VOO

• 1D: -1.42%
• 1M: -1.34%
• YTD: 8.19%
• 6M: 7.24%
• 1Y: 23.69%
• 3Y*: 20.78%
• 5Y*: 13.13%
• 10Y*: 15.61%

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

MVV vs. VOO - 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%
VOO Vanguard S&P 500 ETF	8.19%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between MVV and VOO is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.79
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 Sep 9, 2010	0.87

The correlation between MVV and VOO shifts across timeframes, from 0.75 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

MVV vs. VOO - Sectors Allocation Comparison

Sectors	MVV	VOO
Industrials	24.8%	7.6%
Technology	17.8%	39.1%
Financial Services	13.7%	10.9%
Consumer Cyclical	10.5%	9.8%
Healthcare	9.1%	8.3%
Real Estate	7.3%	1.8%
Energy	4.9%	3.2%
Basic Materials	4.8%	1.7%
Consumer Defensive	3.3%	4.5%
Utilities	2.9%	2.5%
Communication Services	1.0%	10.5%

Return for Risk

MVV vs. VOO — 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

VOO

VOO Risk / Return Rank: 59
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 56
VOO Omega Ratio Rank: 58
VOO Calmar Ratio Rank: 56
VOO Martin Ratio Rank: 67

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Midcap 400 (MVV) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.91	-0.52
Sortino ratio: Return per unit of downside risk	2.03	2.60	-0.58
Omega ratio: Gain probability vs. loss probability	1.24	1.35	-0.10
Calmar ratio: Return relative to maximum drawdown	2.52	2.67	-0.16
Martin ratio: Return relative to average drawdown	8.62	11.96	-3.34

MVV vs. VOO - Sharpe Ratio Comparison

The current MVV Sharpe Ratio is 1.40, which is comparable to the VOO Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of MVV and VOO, 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. VOO - Drawdown Comparison

The maximum MVV drawdown since its inception was -85.54%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for MVV and VOO.

Drawdown Indicators

	MVV	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-85.54%	-33.99%	-51.55%
Max Drawdown (1Y) Largest decline over 1 year	-17.68%	-8.90%	-8.78%
Max Drawdown (3Y) Largest decline over 3 years	-44.80%	-18.69%	-26.11%
Max Drawdown (5Y) Largest decline over 5 years	-45.53%	-24.52%	-21.01%
Max Drawdown (10Y) Largest decline over 10 years	-69.19%	-33.99%	-35.20%
Current Drawdown Current decline from peak	-2.08%	-3.14%	+1.06%
Average Drawdown Average peak-to-trough decline	-20.50%	-3.68%	-16.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.15%	1.99%	+3.16%

Volatility

MVV vs. VOO - Volatility Comparison

ProShares Ultra Midcap 400 (MVV) has a higher volatility of 9.48% compared to Vanguard S&P 500 ETF (VOO) at 4.83%. This indicates that MVV's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVV	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.48%	4.83%	+4.65%
Volatility (6M) Calculated over the trailing 6-month period	23.52%	9.82%	+13.70%
Volatility (1Y) Calculated over the trailing 1-year period	31.88%	12.46%	+19.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.67%	16.91%	+22.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.34%	18.02%	+24.32%

MVV vs. VOO - Expense Ratio Comparison

MVV has a 0.95% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

MVV vs. VOO - Dividend Comparison

MVV's dividend yield for the trailing twelve months is around 0.67%, less than VOO's 1.05% 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%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both MVV and VOO in my portfolio?

MVV and VOO have a correlation of 0.75, 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 VOO?

MVV has higher volatility (9.48%) compared to VOO (4.83%). In terms of maximum drawdown, MVV dropped -85.54% vs VOO's -33.99%.

Which ETF is better, MVV or VOO?

On 10-year performance, VOO leads with 15.61% vs 14.42% for MVV. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MVV or VOO?

Over the 10-year period, VOO has performed better with a 15.61% return vs 14.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MVV or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.95% for MVV.

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

VOO has the higher dividend yield at 1.05%, compared with 0.67% for MVV.

What is the main difference between MVV and VOO?

MVV is categorized as Leveraged Equities, while VOO is S&P 500. MVV tracks S&P MidCap 400 Index (200%), while VOO tracks S&P 500 Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.95% for MVV and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.91 vs 1.40), 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.