MVV vs. XMMO

Last updated Jun 3, 2026

MVV (ProShares Ultra Midcap 400) and XMMO (Invesco S&P MidCap Momentum ETF) are both exchange-traded funds - MVV is a Leveraged Equities fund tracking the S&P MidCap 400 Index (200%), while XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index. Both are passively managed. Over the past 10 years, MVV returned 13.68%/yr vs 19.66%/yr for XMMO. Their correlation of 0.88 suggests significant overlap in exposure. MVV charges 0.95%/yr vs 0.35%/yr for XMMO.

Performance

MVV vs. XMMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Midcap 400 (MVV) and Invesco S&P MidCap Momentum ETF (XMMO). 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 XMMO's 22.96% return. Over the past 10 years, MVV has underperformed XMMO with an annualized return of 13.68%, while XMMO has yielded a comparatively higher 19.66% 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%

XMMO

• 1D: 2.16%
• 1M: 6.07%
• YTD: 22.96%
• 6M: 24.84%
• 1Y: 37.37%
• 3Y*: 31.83%
• 5Y*: 16.81%
• 10Y*: 19.66%

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

MVV vs. XMMO - 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%
XMMO Invesco S&P MidCap Momentum ETF	22.96%	13.04%	38.03%	20.39%	-16.02%	16.69%	29.17%	36.78%	6.12%	37.18%

Correlation

The correlation between MVV and XMMO is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.88

The correlation between MVV and XMMO has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

MVV vs. XMMO - Sectors Allocation Comparison

Sectors	MVV	XMMO
Industrials	25.1%	41.1%
Technology	15.8%	16.7%
Financial Services	14.3%	2.4%
Consumer Cyclical	10.6%	4.6%
Healthcare	8.7%	6.3%
Real Estate	7.5%	6.1%
Energy	5.5%	7.7%
Basic Materials	4.8%	7.2%
Consumer Defensive	3.7%	0.5%
Utilities	3.1%	5.8%
Communication Services	1.0%	1.6%

Return for Risk

MVV vs. XMMO — 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

XMMO

XMMO Risk / Return Rank: 69
XMMO Sharpe Ratio Rank: 59
XMMO Sortino Ratio Rank: 59
XMMO Omega Ratio Rank: 56
XMMO Calmar Ratio Rank: 84
XMMO Martin Ratio Rank: 86

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. XMMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Midcap 400 (MVV) and Invesco S&P MidCap Momentum ETF (XMMO). 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	XMMO	Difference
Sharpe ratio Return per unit of total volatility	1.57	2.01	-0.44
Sortino ratio Return per unit of downside risk	2.22	2.80	-0.58
Omega ratio Gain probability vs. loss probability	1.27	1.35	-0.08
Calmar ratio Return relative to maximum drawdown	2.73	4.53	-1.80
Martin ratio Return relative to average drawdown	9.38	18.56	-9.18
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. XMMO - Sharpe Ratio Comparison

The current MVV Sharpe Ratio is 1.57, which is comparable to the XMMO Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of MVV and XMMO, 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	XMMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	2.01	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.79	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.89	-0.56
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.57	-0.32

Drawdowns

MVV vs. XMMO - Drawdown Comparison

The maximum MVV drawdown since its inception was -85.54%, which is greater than XMMO's maximum drawdown of -55.37%. Use the drawdown chart below to compare losses from any high point for MVV and XMMO.

Drawdown Indicators

	MVV	XMMO	Difference
Max Drawdown Largest peak-to-trough decline	-85.54%	-55.37%	-30.17%
Max Drawdown (1Y) Largest decline over 1 year	-17.68%	-8.34%	-9.34%
Max Drawdown (3Y) Largest decline over 3 years	-44.80%	-24.93%	-19.87%
Max Drawdown (5Y) Largest decline over 5 years	-45.53%	-27.91%	-17.62%
Max Drawdown (10Y) Largest decline over 10 years	-69.19%	-36.74%	-32.45%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-20.55%	-9.45%	-11.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.14%	2.04%	+3.10%

Volatility

MVV vs. XMMO - Volatility Comparison

ProShares Ultra Midcap 400 (MVV) has a higher volatility of 8.69% compared to Invesco S&P MidCap Momentum ETF (XMMO) at 7.82%. This indicates that MVV's price experiences larger fluctuations and is considered to be riskier than XMMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVV	XMMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.69%	7.82%	+0.87%
Volatility (6M) Calculated over the trailing 6-month period	22.69%	15.59%	+7.10%
Volatility (1Y) Calculated over the trailing 1-year period	31.22%	18.71%	+12.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.64%	21.45%	+18.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.37%	22.27%	+20.10%

MVV vs. XMMO - Expense Ratio Comparison

MVV has a 0.95% expense ratio, which is higher than XMMO's 0.35% expense ratio.

Dividends

MVV vs. XMMO - Dividend Comparison

MVV's dividend yield for the trailing twelve months is around 0.67%, more than XMMO's 0.61% 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%
XMMO Invesco S&P MidCap Momentum ETF	0.61%	0.78%	0.34%	0.80%	1.43%	0.41%	0.61%	0.60%	0.19%	0.21%	0.22%	0.64%

Frequently Asked Questions

Can I hold both MVV and XMMO in my portfolio?

MVV and XMMO have a correlation of 0.85, 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 XMMO?

MVV has higher volatility (8.69%) compared to XMMO (7.82%). In terms of maximum drawdown, MVV dropped -85.54% vs XMMO's -55.37%.

Which ETF is better, MVV or XMMO?

On 10-year performance, XMMO leads with 19.66% vs 13.68% for MVV. On fees, XMMO is cheaper at 0.35% per year. On volatility, XMMO has been the lower-risk option at 7.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MVV or XMMO?

Over the 10-year period, XMMO has performed better with a 19.66% 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 XMMO?

XMMO is cheaper with a 0.35% expense ratio, compared with 0.95% for MVV.

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

MVV has the higher dividend yield at 0.67%, compared with 0.61% for XMMO.

What is the main difference between MVV and XMMO?

MVV is categorized as Leveraged Equities, while XMMO is Momentum. MVV tracks S&P MidCap 400 Index (200%), while XMMO tracks S&P MidCap 400 Momentum Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for MVV and 0.35% for XMMO.

Which has better risk-adjusted returns?

XMMO currently has the higher Sharpe Ratio (2.01 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.