UMDD vs. EET

Last updated Jun 4, 2026

UMDD (ProShares UltraPro MidCap400) and EET (ProShares Ultra MSCI Emerging Markets) are both Leveraged Equities funds from ProShares - UMDD tracks the S&P MidCap 400 Index (300%) while EET tracks the MSCI Emerging Markets Index (200%). Both are passively managed. Over the past 10 years, UMDD returned 11.97%/yr vs 11.03%/yr for EET. A 0.66 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

UMDD vs. EET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro MidCap400 (UMDD) and ProShares Ultra MSCI Emerging Markets (EET). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UMDD achieves a 37.59% return, which is significantly lower than EET's 54.14% return. Over the past 10 years, UMDD has outperformed EET with an annualized return of 11.97%, while EET has yielded a comparatively lower 11.03% annualized return.

UMDD

• 1D: -0.02%
• 1M: 10.87%
• YTD: 37.59%
• 6M: 37.25%
• 1Y: 65.82%
• 3Y*: 25.91%
• 5Y*: 2.33%
• 10Y*: 11.97%

EET

• 1D: -2.52%
• 1M: 17.51%
• YTD: 54.14%
• 6M: 60.18%
• 1Y: 118.88%
• 3Y*: 38.53%
• 5Y*: 4.07%
• 10Y*: 11.03%

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

UMDD vs. EET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UMDD ProShares UltraPro MidCap400	37.59%	-2.57%	19.68%	27.21%	-49.60%	72.27%	-17.30%	78.90%	-40.29%	49.17%
EET ProShares Ultra MSCI Emerging Markets	54.14%	63.14%	2.88%	7.06%	-43.07%	-10.93%	18.92%	31.87%	-33.84%	82.41%

Correlation

The correlation between UMDD and EET is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	0.66

The correlation between UMDD and EET has been stable across timeframes, ranging from 0.58 to 0.66 - a consistent structural relationship.

UMDD vs. EET - Sectors Allocation Comparison

Sectors	UMDD	EET
Industrials	13.6%	-
Technology	9.1%	-
Financial Services	7.5%	51.5%
Consumer Cyclical	5.2%	-
Healthcare	4.8%	-
Real Estate	4.1%	-
Energy	2.9%	-
Basic Materials	2.6%	-
Consumer Defensive	2.2%	-
Utilities	1.6%	-
Communication Services	0.5%	-

Return for Risk

UMDD vs. EET — Risk / Return Rank

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

UMDD

UMDD Risk / Return Rank: 44
UMDD Sharpe Ratio Rank: 40
UMDD Sortino Ratio Rank: 39
UMDD Omega Ratio Rank: 37
UMDD Calmar Ratio Rank: 52
UMDD Martin Ratio Rank: 50

EET

EET Risk / Return Rank: 81
EET Sharpe Ratio Rank: 88
EET Sortino Ratio Rank: 73
EET Omega Ratio Rank: 77
EET Calmar Ratio Rank: 84
EET Martin Ratio Rank: 82

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.

UMDD vs. EET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro MidCap400 (UMDD) and ProShares Ultra MSCI Emerging Markets (EET). 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.

	UMDD	EET	Difference
Sharpe ratio Return per unit of total volatility	1.42	3.02	-1.60
Sortino ratio Return per unit of downside risk	2.04	3.33	-1.29
Omega ratio Gain probability vs. loss probability	1.25	1.46	-0.22
Calmar ratio Return relative to maximum drawdown	2.54	4.53	-1.99
Martin ratio Return relative to average drawdown	8.51	16.64	-8.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UMDD vs. EET - Sharpe Ratio Comparison

The current UMDD Sharpe Ratio is 1.42, which is lower than the EET Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of UMDD and EET, 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

	UMDD	EET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	3.02	-1.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.11	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	0.27	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.12	+0.20

Drawdowns

UMDD vs. EET - Drawdown Comparison

The maximum UMDD drawdown since its inception was -86.24%, which is greater than EET's maximum drawdown of -71.66%. Use the drawdown chart below to compare losses from any high point for UMDD and EET.

Drawdown Indicators

	UMDD	EET	Difference
Max Drawdown Largest peak-to-trough decline	-86.24%	-71.66%	-14.58%
Max Drawdown (1Y) Largest decline over 1 year	-26.04%	-26.38%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-60.33%	-34.89%	-25.44%
Max Drawdown (5Y) Largest decline over 5 years	-64.61%	-64.88%	+0.27%
Max Drawdown (10Y) Largest decline over 10 years	-86.24%	-69.07%	-17.17%
Current Drawdown Current decline from peak	-5.77%	-2.52%	-3.25%
Average Drawdown Average peak-to-trough decline	-23.61%	-37.27%	+13.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.76%	7.17%	+0.59%

Volatility

UMDD vs. EET - Volatility Comparison

The current volatility for ProShares UltraPro MidCap400 (UMDD) is 13.48%, while ProShares Ultra MSCI Emerging Markets (EET) has a volatility of 17.46%. This indicates that UMDD experiences smaller price fluctuations and is considered to be less risky than EET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMDD	EET	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.48%	17.46%	-3.98%
Volatility (6M) Calculated over the trailing 6-month period	34.23%	34.52%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	46.79%	39.66%	+7.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.91%	37.78%	+21.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.28%	40.60%	+21.68%

UMDD vs. EET - Expense Ratio Comparison

Both UMDD and EET have an expense ratio of 0.95%.

Dividends

UMDD vs. EET - Dividend Comparison

UMDD's dividend yield for the trailing twelve months is around 0.76%, less than EET's 1.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EET ProShares Ultra MSCI Emerging Markets	1.23%	1.82%	3.85%	2.14%	0.00%	0.00%	0.01%	1.40%	0.16%	0.00%	0.00%	0.00%
UMDD ProShares UltraPro MidCap400	0.76%	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 UMDD and EET in my portfolio?

UMDD and EET have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UMDD or EET?

EET has higher volatility (17.46%) compared to UMDD (13.48%). In terms of maximum drawdown, UMDD dropped -86.24% vs EET's -71.66%.

Which ETF is better, UMDD or EET?

On 10-year performance, UMDD leads with 11.97% vs 11.03% for EET. Both ETFs have the same 0.95% expense ratio. On volatility, UMDD has been the lower-risk option at 13.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UMDD or EET?

Over the 10-year period, UMDD has performed better with a 11.97% return vs 11.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMDD or EET?

UMDD and EET have the same expense ratio: 0.95% per year.

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

EET has the higher dividend yield at 1.23%, compared with 0.76% for UMDD.

What is the main difference between UMDD and EET?

UMDD tracks S&P MidCap 400 Index (300%), while EET tracks MSCI Emerging Markets Index (200%).

Which has better risk-adjusted returns?

EET currently has the higher Sharpe Ratio (3.02 vs 1.42), 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.