SPXL vs. UMDD

Last updated Jul 21, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and UMDD (ProShares UltraPro MidCap400) are both Leveraged Equities funds - SPXL tracks the S&P 500 while UMDD tracks the S&P MidCap 400 Index (300%). Both are passively managed. Over the past 10 years, SPXL returned 28.12%/yr vs 10.70%/yr for UMDD. Their correlation of 0.86 suggests significant overlap in exposure. SPXL charges 0.84%/yr vs 0.95%/yr for UMDD.

Performance

SPXL vs. UMDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bull 3X ETF (SPXL) and ProShares UltraPro MidCap400 (UMDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXL achieves a 20.43% return, which is significantly lower than UMDD's 34.48% return. Over the past 10 years, SPXL has outperformed UMDD with an annualized return of 28.12%, while UMDD has yielded a comparatively lower 10.70% annualized return.

SPXL

• 1D: -0.45%
• 1M: -2.78%
• 6M: 16.06%
• YTD: 20.43%
• 1Y: 47.42%
• 3Y*: 42.07%
• 5Y*: 19.87%
• 10Y*: 28.12%
• ALL TIME*: 27.27%

UMDD

• 1D: -2.43%
• 1M: -4.30%
• 6M: 13.80%
• YTD: 34.48%
• 1Y: 43.82%
• 3Y*: 16.59%
• 5Y*: 3.27%
• 10Y*: 10.70%
• ALL TIME*: 19.19%

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

SPXL vs. UMDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXL Direxion Daily S&P 500 Bull 3X ETF	20.43%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%
UMDD ProShares UltraPro MidCap400	34.48%	-2.57%	19.68%	27.21%	-49.60%	72.27%	-17.30%	78.90%	-40.29%	49.17%

Correlation

The correlation between SPXL and UMDD is 0.74, 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	0.74
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	0.83
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.86

The correlation between SPXL and UMDD shifts across timeframes, from 0.74 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

SPXL vs. UMDD - Sectors Allocation Comparison

Sectors	SPXL	UMDD
Technology	8.6%	17.2%
Financial Services	2.7%	13.9%
Communication Services	2.2%	1.5%
Consumer Cyclical	2.1%	10.5%
Healthcare	2.0%	9.0%
Industrials	1.8%	25.3%
Consumer Defensive	1.0%	3.2%
Energy	0.7%	4.6%
Utilities	0.5%	2.9%
Real Estate	0.4%	7.2%
Basic Materials	0.4%	4.8%

Return for Risk

SPXL vs. UMDD — Risk / Return Rank

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

SPXL

SPXL Risk / Return Rank: 48
SPXL Sharpe Ratio Rank: 48
SPXL Sortino Ratio Rank: 45
SPXL Omega Ratio Rank: 46
SPXL Calmar Ratio Rank: 46
SPXL Martin Ratio Rank: 55

UMDD

UMDD Risk / Return Rank: 39
UMDD Sharpe Ratio Rank: 34
UMDD Sortino Ratio Rank: 38
UMDD Omega Ratio Rank: 35
UMDD Calmar Ratio Rank: 44
UMDD Martin Ratio Rank: 46

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.

SPXL vs. UMDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X ETF (SPXL) and ProShares UltraPro MidCap400 (UMDD). 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.

	SPXL	UMDD	Difference
Sharpe ratio: Return per unit of total volatility	1.26	0.93	+0.33
Sortino ratio: Return per unit of downside risk	1.76	1.54	+0.21
Omega ratio: Gain probability vs. loss probability	1.23	1.18	+0.04
Calmar ratio: Return relative to maximum drawdown	1.78	1.69	+0.09
Martin ratio: Return relative to average drawdown	6.99	5.59	+1.40

SPXL vs. UMDD - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 1.26, which is higher than the UMDD Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of SPXL and UMDD, 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

SPXL vs. UMDD - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, smaller than the maximum UMDD drawdown of -86.24%. Use the drawdown chart below to compare losses from any high point for SPXL and UMDD.

Drawdown Indicators

	SPXL	UMDD	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-86.24%	+9.38%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-26.04%	-0.73%
Max Drawdown (3Y) Largest decline over 3 years	-48.95%	-60.33%	+11.38%
Max Drawdown (5Y) Largest decline over 5 years	-63.80%	-64.61%	+0.81%
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	-86.24%	+9.38%
Current Drawdown Current decline from peak	-7.98%	-8.63%	+0.65%
Average Drawdown Average peak-to-trough decline	-16.06%	-23.47%	+7.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.80%	7.86%	-1.06%

Volatility

SPXL vs. UMDD - Volatility Comparison

Direxion Daily S&P 500 Bull 3X ETF (SPXL) and ProShares UltraPro MidCap400 (UMDD) have volatilities of 10.42% and 10.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXL	UMDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.42%	10.26%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	30.23%	35.21%	-4.98%
Volatility (1Y) Calculated over the trailing 1-year period	37.86%	47.26%	-9.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.54%	58.70%	-8.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.41%	62.09%	-8.68%

SPXL vs. UMDD - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is lower than UMDD's 0.95% expense ratio.

Dividends

SPXL vs. UMDD - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.54%, less than UMDD's 0.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.54%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%	0.00%	0.00%
UMDD ProShares UltraPro MidCap400	0.69%	1.00%	0.76%	0.19%	0.49%	0.06%	0.08%	0.64%	0.32%	0.00%	0.03%	0.06%

Frequently Asked Questions

Can I hold both SPXL and UMDD in my portfolio?

SPXL and UMDD have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXL or UMDD?

SPXL has higher volatility (10.42%) compared to UMDD (10.26%). In terms of maximum drawdown, SPXL dropped -76.86% vs UMDD's -86.24%.

Which ETF is better, SPXL or UMDD?

On 10-year performance, SPXL leads with 28.12% vs 10.70% for UMDD. On fees, SPXL is cheaper at 0.84% per year. On volatility, UMDD has been the lower-risk option at 10.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXL or UMDD?

Over the 10-year period, SPXL has performed better with a 28.12% return vs 10.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXL or UMDD?

SPXL is cheaper with a 0.84% expense ratio, compared with 0.95% for UMDD.

Which ETF pays a higher dividend yield, SPXL or UMDD?

UMDD has the higher dividend yield at 0.69%, compared with 0.54% for SPXL.

What is the main difference between SPXL and UMDD?

SPXL tracks S&P 500, while UMDD tracks S&P MidCap 400 Index (300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.84% for SPXL and 0.95% for UMDD.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (1.26 vs 0.93), 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.