TDV vs. TMDV

Last updated Aug 2, 2026

TDV (ProShares S&P Technology Dividend Aristocrats ETF) and TMDV (ProShares Russell U.S. Dividend Growers ETF) are both exchange-traded funds - TDV is a Technology Equities fund tracking the S&P Technology Dividend Aristocrats Index, while TMDV is a Mid Cap Value Equities fund tracking the Russell 3000 Dividend Elite Index. Both are passively managed. Over the past 5 years, TDV returned 11.48%/yr vs 4.49%/yr for TMDV. Their 0.64 correlation means they have sometimes moved together and sometimes differently. TDV charges 0.45%/yr vs 0.35%/yr for TMDV.

Performance

TDV vs. TMDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P Technology Dividend Aristocrats ETF (TDV) and ProShares Russell U.S. Dividend Growers ETF (TMDV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TDV achieves a 14.99% return, which is significantly higher than TMDV's 14.01% return.

TDV

• 1D: 0.75%
• 1M: -0.57%
• 6M: 11.45%
• YTD: 14.99%
• 1Y: 22.50%
• 3Y*: 14.78%
• 5Y*: 11.48%
• 10Y*: —
• ALL TIME*: 15.69%

TMDV

• 1D: -0.06%
• 1M: 0.74%
• 6M: 7.77%
• YTD: 14.01%
• 1Y: 16.28%
• 3Y*: 6.01%
• 5Y*: 4.49%
• 10Y*: —
• ALL TIME*: 6.75%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TDV ProShares S&P Technology Dividend Aristocrats ETF	$551.98K	$539.76K	$593.04K
TMDV ProShares Russell U.S. Dividend Growers ETF	$1.26K	$6.62K	$8.23K

TDV vs. TMDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TDV ProShares S&P Technology Dividend Aristocrats ETF	14.99%	16.05%	9.72%	27.29%	-15.94%	28.29%	29.00%	2.86%
TMDV ProShares Russell U.S. Dividend Growers ETF	14.01%	2.91%	2.64%	2.25%	-5.10%	23.45%	4.82%	2.63%

Correlation

The correlation between TDV and TMDV is 0.25, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.25
Correlation (3Y) Balances recent behavior with more history.	0.49
Correlation (5Y) Shows whether the relationship held over a longer period.	0.60
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019	0.64

Over the past year, the correlation between TDV and TMDV has dropped to 0.25 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

TDV vs. TMDV - Sectors Allocation Comparison

Sectors	TDV	TMDV
Technology	90.3%	1.7%
Financial Services	5.1%	16.1%
Industrials	4.6%	15.6%
Basic Materials	-	11.8%
Communication Services	-	-
Consumer Cyclical	-	6.3%
Consumer Defensive	-	22.5%
Energy	-	3.2%
Healthcare	-	6.5%
Real Estate	-	3.1%
Utilities	-	12.9%

Return for Risk

TDV vs. TMDV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TDV

TDV Risk / Return Rank: 48
TDV Sharpe Ratio Rank: 44
TDV Sortino Ratio Rank: 41
TDV Omega Ratio Rank: 42
TDV Calmar Ratio Rank: 63
TDV Martin Ratio Rank: 50

TMDV

TMDV Risk / Return Rank: 48
TMDV Sharpe Ratio Rank: 52
TMDV Sortino Ratio Rank: 58
TMDV Omega Ratio Rank: 48
TMDV Calmar Ratio Rank: 45
TMDV Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TDV vs. TMDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Technology Dividend Aristocrats ETF (TDV) and ProShares Russell U.S. Dividend Growers ETF (TMDV). 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.

	TDV	TMDV	Difference
Sharpe ratio: Return per unit of total volatility	1.08	1.27	-0.19
Sortino ratio: Return per unit of downside risk	1.54	1.99	-0.46
Omega ratio: Gain probability vs. loss probability	1.19	1.22	-0.03
Calmar ratio: Return relative to maximum drawdown	2.19	1.61	+0.58
Martin ratio: Return relative to average drawdown	5.76	3.89	+1.87

TDV vs. TMDV - Sharpe Ratio Comparison

The current TDV Sharpe Ratio is 1.08, which is comparable to the TMDV Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of TDV and TMDV, 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

TDV vs. TMDV - Drawdown Comparison

The maximum TDV drawdown since its inception was -32.78%, roughly equal to the maximum TMDV drawdown of -33.42%. Use the drawdown chart below to compare losses from any high point for TDV and TMDV.

Drawdown Indicators

	TDV	TMDV	Difference
Max Drawdown Largest peak-to-trough decline	-32.78%	-33.42%	+0.64%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-9.82%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-22.51%	-16.02%	-6.49%
Max Drawdown (5Y) Largest decline over 5 years	-25.11%	-17.11%	-8.00%
Current Drawdown Current decline from peak	-6.97%	-1.89%	-5.08%
Average Drawdown Average peak-to-trough decline	-5.37%	-5.35%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.63%	4.06%	-0.43%

Volatility

TDV vs. TMDV - Volatility Comparison

ProShares S&P Technology Dividend Aristocrats ETF (TDV) has a higher volatility of 5.85% compared to ProShares Russell U.S. Dividend Growers ETF (TMDV) at 4.97%. This indicates that TDV's price experiences larger fluctuations and is considered to be riskier than TMDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TDV	TMDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	4.97%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	15.38%	9.42%	+5.96%
Volatility (1Y) Calculated over the trailing 1-year period	19.42%	12.51%	+6.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.83%	14.52%	+6.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.27%	18.56%	+4.71%

TDV vs. TMDV - Expense Ratio Comparison

TDV has a 0.45% expense ratio, which is higher than TMDV's 0.35% expense ratio.

Dividends

TDV vs. TMDV - Dividend Comparison

TDV's dividend yield for the trailing twelve months is around 1.06%, less than TMDV's 2.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
TDV ProShares S&P Technology Dividend Aristocrats ETF	1.06%	1.09%	1.16%	1.16%	1.67%	1.08%	1.10%	0.11%
TMDV ProShares Russell U.S. Dividend Growers ETF	2.46%	2.65%	2.70%	2.45%	2.46%	2.14%	2.28%	0.16%

Frequently Asked Questions

Can I hold both TDV and TMDV in my portfolio?

TDV and TMDV have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TDV or TMDV?

TDV has higher volatility (5.85%) compared to TMDV (4.97%). In terms of maximum drawdown, TDV dropped -32.78% vs TMDV's -33.42%.

Which ETF is better, TDV or TMDV?

On 5-year performance, TDV leads with 11.48% vs 4.49% for TMDV. On fees, TMDV is cheaper at 0.35% per year. On volatility, TMDV has been the lower-risk option at 4.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TDV or TMDV?

Over the 5-year period, TDV has performed better with a 11.48% return vs 4.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TDV or TMDV?

TMDV is cheaper with a 0.35% expense ratio, compared with 0.45% for TDV.

Which ETF pays a higher dividend yield, TDV or TMDV?

TMDV has the higher dividend yield at 2.46%, compared with 1.06% for TDV.

What is the main difference between TDV and TMDV?

TDV is categorized as Technology Equities, while TMDV is Mid Cap Value Equities. TDV tracks S&P Technology Dividend Aristocrats Index, while TMDV tracks Russell 3000 Dividend Elite Index. Their fees differ too: 0.45% for TDV and 0.35% for TMDV.

Which has better risk-adjusted returns?

TMDV currently has the higher Sharpe Ratio (1.27 vs 1.08), 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.