UDOW vs. DDM

Last updated Jun 23, 2026

UDOW (ProShares UltraPro Dow30) and DDM (ProShares Ultra Dow30) are both Leveraged Equities funds from ProShares - UDOW tracks the Dow Jones Industrial Average (300%) while DDM tracks the Dow Jones Industrial Average Index (200%). Both are passively managed. Over the past 10 years, UDOW returned 24.83%/yr vs 20.49%/yr for DDM. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.

Performance

UDOW vs. DDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Dow30 (UDOW) and ProShares Ultra Dow30 (DDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UDOW achieves a 17.97% return, which is significantly higher than DDM's 13.28% return. Over the past 10 years, UDOW has outperformed DDM with an annualized return of 24.83%, while DDM has yielded a comparatively lower 20.49% annualized return.

UDOW

• 1D: 0.87%
• 1M: 6.11%
• YTD: 17.97%
• 6M: 15.54%
• 1Y: 65.66%
• 3Y*: 35.65%
• 5Y*: 15.69%
• 10Y*: 24.83%

DDM

• 1D: 0.50%
• 1M: 4.22%
• YTD: 13.28%
• 6M: 11.77%
• 1Y: 43.91%
• 3Y*: 26.61%
• 5Y*: 13.89%
• 10Y*: 20.49%

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

UDOW vs. DDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UDOW ProShares UltraPro Dow30	17.97%	24.46%	28.47%	32.72%	-32.39%	65.67%	-17.15%	75.24%	-23.86%	99.07%
DDM ProShares Ultra Dow30	13.28%	20.59%	21.60%	24.34%	-19.48%	41.97%	2.14%	47.98%	-13.46%	59.56%

Correlation

The correlation between UDOW and DDM is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	1.00

The correlation between UDOW and DDM has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

UDOW vs. DDM - Sectors Allocation Comparison

Sectors	UDOW	DDM
Financial Services	27.3%	34.6%
Technology	19.1%	12.0%
Industrials	18.1%	13.6%
Healthcare	12.8%	9.2%
Consumer Cyclical	11.0%	7.7%
Consumer Defensive	4.1%	3.0%
Basic Materials	3.7%	2.7%
Energy	2.2%	1.5%
Communication Services	1.8%	1.3%
Real Estate	-	-
Utilities	-	-

Return for Risk

UDOW vs. DDM — Risk / Return Rank

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

UDOW

UDOW Risk / Return Rank: 50
UDOW Sharpe Ratio Rank: 54
UDOW Sortino Ratio Rank: 50
UDOW Omega Ratio Rank: 46
UDOW Calmar Ratio Rank: 49
UDOW Martin Ratio Rank: 50

DDM

DDM Risk / Return Rank: 50
DDM Sharpe Ratio Rank: 54
DDM Sortino Ratio Rank: 53
DDM Omega Ratio Rank: 48
DDM Calmar Ratio Rank: 47
DDM Martin Ratio Rank: 50

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.

UDOW vs. DDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Dow30 (UDOW) and ProShares Ultra Dow30 (DDM). 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.

	UDOW	DDM	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.77	+0.01
Sortino ratio: Return per unit of downside risk	2.39	2.47	-0.07
Omega ratio: Gain probability vs. loss probability	1.29	1.30	-0.01
Calmar ratio: Return relative to maximum drawdown	2.35	2.28	+0.07
Martin ratio: Return relative to average drawdown	8.33	8.37	-0.05

UDOW vs. DDM - Sharpe Ratio Comparison

The current UDOW Sharpe Ratio is 1.78, which is comparable to the DDM Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of UDOW and DDM, 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

UDOW vs. DDM - Drawdown Comparison

The maximum UDOW drawdown since its inception was -80.29%, roughly equal to the maximum DDM drawdown of -81.70%. Use the drawdown chart below to compare losses from any high point for UDOW and DDM.

Drawdown Indicators

	UDOW	DDM	Difference
Max Drawdown Largest peak-to-trough decline	-80.29%	-81.70%	+1.41%
Max Drawdown (1Y) Largest decline over 1 year	-28.07%	-19.31%	-8.76%
Max Drawdown (3Y) Largest decline over 3 years	-44.83%	-31.62%	-13.21%
Max Drawdown (5Y) Largest decline over 5 years	-55.79%	-40.18%	-15.61%
Max Drawdown (10Y) Largest decline over 10 years	-80.29%	-63.13%	-17.16%
Current Drawdown Current decline from peak	-1.90%	-1.34%	-0.56%
Average Drawdown Average peak-to-trough decline	-14.35%	-17.29%	+2.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.91%	5.26%	+2.65%

Volatility

UDOW vs. DDM - Volatility Comparison

ProShares UltraPro Dow30 (UDOW) has a higher volatility of 12.48% compared to ProShares Ultra Dow30 (DDM) at 8.41%. This indicates that UDOW's price experiences larger fluctuations and is considered to be riskier than DDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UDOW	DDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.48%	8.41%	+4.07%
Volatility (6M) Calculated over the trailing 6-month period	29.07%	19.59%	+9.48%
Volatility (1Y) Calculated over the trailing 1-year period	37.16%	24.95%	+12.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.33%	29.63%	+14.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.87%	34.83%	+17.04%

UDOW vs. DDM - Expense Ratio Comparison

Both UDOW and DDM have an expense ratio of 0.95%.

Dividends

UDOW vs. DDM - Dividend Comparison

UDOW's dividend yield for the trailing twelve months is around 1.15%, more than DDM's 0.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DDM ProShares Ultra Dow30	0.88%	0.94%	1.00%	0.27%	0.83%	0.18%	0.31%	0.62%	0.89%	0.68%	1.08%	1.23%
UDOW ProShares UltraPro Dow30	1.15%	1.38%	0.95%	0.95%	0.83%	0.26%	0.19%	0.61%	0.73%	0.13%	0.26%	0.21%

Frequently Asked Questions

Can I hold both UDOW and DDM in my portfolio?

With a correlation of 1.00, UDOW and DDM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UDOW or DDM?

UDOW has higher volatility (12.48%) compared to DDM (8.41%). In terms of maximum drawdown, UDOW dropped -80.29% vs DDM's -81.70%.

Which ETF is better, UDOW or DDM?

On 10-year performance, UDOW leads with 24.83% vs 20.49% for DDM. Both ETFs have the same 0.95% expense ratio. On volatility, DDM has been the lower-risk option at 8.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UDOW or DDM?

Over the 10-year period, UDOW has performed better with a 24.83% return vs 20.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UDOW or DDM?

UDOW and DDM have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, UDOW or DDM?

UDOW has the higher dividend yield at 1.15%, compared with 0.88% for DDM.

What is the main difference between UDOW and DDM?

UDOW tracks Dow Jones Industrial Average (300%), while DDM tracks Dow Jones Industrial Average Index (200%).

Which has better risk-adjusted returns?

UDOW currently has the higher Sharpe Ratio (1.78 vs 1.77), 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.