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UMDD vs. GSG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UMDD vs. GSG

Last updated Jun 5, 2026

UMDD (ProShares UltraPro MidCap400) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - UMDD is a Leveraged Equities fund tracking the S&P MidCap 400 Index (300%), while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, UMDD returned 11.80%/yr vs 7.42%/yr for GSG. At a 0.32 correlation, their price movements are largely independent. UMDD charges 0.95%/yr vs 0.75%/yr for GSG.

Performance

UMDD vs. GSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro MidCap400 (UMDD) and iShares S&P GSCI Commodity-Indexed Trust (GSG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with UMDD having a 38.92% return and GSG slightly higher at 40.46%. Over the past 10 years, UMDD has outperformed GSG with an annualized return of 11.80%, while GSG has yielded a comparatively lower 7.42% annualized return.

UMDD

1D
0.96%
1M
7.76%
YTD
38.92%
6M
36.59%
1Y
68.09%
3Y*
27.72%
5Y*
2.53%
10Y*
11.80%

GSG

1D
-1.49%
1M
-5.32%
YTD
40.46%
6M
38.18%
1Y
49.68%
3Y*
18.78%
5Y*
15.39%
10Y*
7.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UMDD vs. GSG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UMDD
ProShares UltraPro MidCap400		38.92%-2.57%19.68%27.21%-49.60%72.27%-17.30%78.90%-40.29%49.17%
GSG
iShares S&P GSCI Commodity-Indexed Trust		40.46%5.93%8.52%-5.51%24.08%38.77%-23.94%15.62%-13.88%3.89%

Correlation

The correlation between UMDD and GSG is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.19

Correlation (3Y)
Calculated over the trailing 3-year period

0.05

Correlation (5Y)
Calculated over the trailing 5-year period

0.18

Correlation (10Y)
Calculated over the trailing 10-year period

0.25

Correlation (All Time)
Calculated using the full available price history since Feb 12, 2010

0.32

The correlation between UMDD and GSG shifts across timeframes, from -0.19 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraPro MidCap400

iShares S&P GSCI Commodity-Indexed Trust

Often compared with UMDD:
UMDD vs. MIDUUMDD vs. SMDDUMDD vs. MVVUMDD vs. SAAUMDD vs. TQQQUMDD vs. MDYUMDD vs. UPRO
Often compared with GSG:
GSG vs. DBCGSG vs. PDBCGSG vs. COMTGSG vs. VCMDXGSG vs. GLDGSG vs. HGERGSG vs. CGL.TO

Return for Risk

UMDD vs. GSG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UMDD
UMDD Risk / Return Rank: 4646
Overall Rank
UMDD Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
UMDD Sortino Ratio Rank: 4242
Sortino Ratio Rank
UMDD Omega Ratio Rank: 3939
Omega Ratio Rank
UMDD Calmar Ratio Rank: 5454
Calmar Ratio Rank
UMDD Martin Ratio Rank: 5252
Martin Ratio Rank
GSG
GSG Risk / Return Rank: 7171
Overall Rank
GSG Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
GSG Sortino Ratio Rank: 6060
Sortino Ratio Rank
GSG Omega Ratio Rank: 6666
Omega Ratio Rank
GSG Calmar Ratio Rank: 8989
Calmar Ratio Rank
GSG Martin Ratio Rank: 7474
Martin Ratio Rank
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. GSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro MidCap400 (UMDD) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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.

UMDDGSGDifference
Sharpe ratioReturn per unit of total volatility
1.47
2.17

-0.70

Sortino ratioReturn per unit of downside risk
2.08
2.79

-0.70

Omega ratioGain probability vs. loss probability

1.25

1.39

-0.14

Calmar ratioReturn relative to maximum drawdown

2.63

5.28

-2.65

Martin ratioReturn relative to average drawdown

8.80

13.78

-4.98

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. GSG - Sharpe Ratio Comparison

The current UMDD Sharpe Ratio is 1.47, which is lower than the GSG Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of UMDD and GSG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UMDDGSGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.47

2.17

-0.70

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.04

0.68

-0.64

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.19

0.34

-0.15

Sharpe Ratio (All Time)

Calculated using the full available price history

0.33

-0.09

+0.41

Drawdowns

UMDD vs. GSG - Drawdown Comparison

The maximum UMDD drawdown since its inception was -86.24%, roughly equal to the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for UMDD and GSG.

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Drawdown Indicators

UMDDGSGDifference

Max Drawdown

Largest peak-to-trough decline

-86.24%

-89.62%

+3.38%

Max Drawdown (1Y)

Largest decline over 1 year

-26.04%

-9.46%

-16.58%

Max Drawdown (3Y)

Largest decline over 3 years

-60.33%

-14.94%

-45.39%

Max Drawdown (5Y)

Largest decline over 5 years

-64.61%

-29.12%

-35.49%

Max Drawdown (10Y)

Largest decline over 10 years

-86.24%

-57.64%

-28.60%

Current Drawdown

Current decline from peak

-4.86%

-57.59%

+52.73%

Average Drawdown

Average peak-to-trough decline

-23.61%

-63.71%

+40.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.76%

3.62%

+4.14%

Volatility

UMDD vs. GSG - Volatility Comparison

ProShares UltraPro MidCap400 (UMDD) has a higher volatility of 13.04% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 7.72%. This indicates that UMDD's price experiences larger fluctuations and is considered to be riskier than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UMDDGSGDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.04%

7.72%

+5.32%

Volatility (6M)

Calculated over the trailing 6-month period

34.22%

20.48%

+13.74%

Volatility (1Y)

Calculated over the trailing 1-year period

46.65%

23.01%

+23.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

58.91%

22.61%

+36.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

62.27%

22.03%

+40.24%

UMDD vs. GSG - Expense Ratio Comparison

UMDD has a 0.95% expense ratio, which is higher than GSG's 0.75% expense ratio.

Dividends

UMDD vs. GSG - Dividend Comparison

UMDD's dividend yield for the trailing twelve months is around 0.75%, while GSG has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
GSG
iShares S&P GSCI Commodity-Indexed Trust		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
UMDD
ProShares UltraPro MidCap400		0.75%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

UMDD and GSG have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UMDD has higher volatility (13.04%) compared to GSG (7.72%). In terms of maximum drawdown, UMDD dropped -86.24% vs GSG's -89.62%.

On 10-year performance, UMDD leads with 11.80% vs 7.42% for GSG. On fees, GSG is cheaper at 0.75% per year. On volatility, GSG has been the lower-risk option at 7.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, UMDD has performed better with a 11.80% return vs 7.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GSG is cheaper with a 0.75% expense ratio, compared with 0.95% for UMDD.

UMDD has the higher dividend yield at 0.75%, compared with 0.00% for GSG.

UMDD is categorized as Leveraged Equities, while GSG is Commodities. UMDD tracks S&P MidCap 400 Index (300%), while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for UMDD and 0.75% for GSG.

GSG currently has the higher Sharpe Ratio (2.17 vs 1.47), 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.

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