UMDD vs. IQQQ

Last updated Jun 26, 2026

UMDD (ProShares UltraPro MidCap400) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - UMDD is a Leveraged Equities fund tracking the S&P MidCap 400 Index (300%), while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, UMDD returned 70.44% vs 29.47% for IQQQ. A 0.65 correlation means they provide meaningful diversification when combined. UMDD charges 0.95%/yr vs 0.55%/yr for IQQQ.

Performance

UMDD vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro MidCap400 (UMDD) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UMDD achieves a 43.81% return, which is significantly higher than IQQQ's 13.95% return.

UMDD

• 1D: 2.53%
• 1M: 6.56%
• YTD: 43.81%
• 6M: 35.22%
• 1Y: 70.44%
• 3Y*: 26.82%
• 5Y*: 3.33%
• 10Y*: 14.56%

IQQQ

• 1D: 0.87%
• 1M: -2.10%
• YTD: 13.95%
• 6M: 12.28%
• 1Y: 29.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UMDD vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UMDD ProShares UltraPro MidCap400	43.81%	-2.57%	4.92%
IQQQ ProShares Nasdaq-100 High Income ETF	13.95%	17.11%	14.82%

Correlation

The correlation between UMDD and IQQQ is 0.62, 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	0.62
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	0.65

The correlation between UMDD and IQQQ has been stable across timeframes, ranging from 0.62 to 0.65 - a consistent structural relationship.

Return for Risk

UMDD vs. IQQQ — Risk / Return Rank

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

UMDD

UMDD Risk / Return Rank: 52
UMDD Sharpe Ratio Rank: 49
UMDD Sortino Ratio Rank: 47
UMDD Omega Ratio Rank: 44
UMDD Calmar Ratio Rank: 63
UMDD Martin Ratio Rank: 59

IQQQ

IQQQ Risk / Return Rank: 58
IQQQ Sharpe Ratio Rank: 61
IQQQ Sortino Ratio Rank: 54
IQQQ Omega Ratio Rank: 56
IQQQ Calmar Ratio Rank: 62
IQQQ Martin Ratio Rank: 59

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. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro MidCap400 (UMDD) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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.

	UMDD	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.74	-0.25
Sortino ratio: Return per unit of downside risk	2.11	2.28	-0.18
Omega ratio: Gain probability vs. loss probability	1.25	1.30	-0.05
Calmar ratio: Return relative to maximum drawdown	2.72	2.66	+0.06
Martin ratio: Return relative to average drawdown	9.09	9.05	+0.05

UMDD vs. IQQQ - Sharpe Ratio Comparison

The current UMDD Sharpe Ratio is 1.49, which is comparable to the IQQQ Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of UMDD and IQQQ, 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

UMDD vs. IQQQ - Drawdown Comparison

The maximum UMDD drawdown since its inception was -86.24%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for UMDD and IQQQ.

Drawdown Indicators

	UMDD	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-86.24%	-20.41%	-65.83%
Max Drawdown (1Y) Largest decline over 1 year	-26.04%	-11.13%	-14.91%
Max Drawdown (3Y) Largest decline over 3 years	-60.33%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-64.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-86.24%	—	—
Current Drawdown Current decline from peak	-1.51%	-4.31%	+2.80%
Average Drawdown Average peak-to-trough decline	-23.54%	-3.63%	-19.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.77%	3.27%	+4.50%

Volatility

UMDD vs. IQQQ - Volatility Comparison

ProShares UltraPro MidCap400 (UMDD) has a higher volatility of 12.93% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 8.20%. This indicates that UMDD's price experiences larger fluctuations and is considered to be riskier than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMDD	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.93%	8.20%	+4.73%
Volatility (6M) Calculated over the trailing 6-month period	35.29%	13.57%	+21.72%
Volatility (1Y) Calculated over the trailing 1-year period	47.47%	17.00%	+30.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.95%	19.06%	+39.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.21%	19.06%	+43.15%

UMDD vs. IQQQ - Expense Ratio Comparison

UMDD has a 0.95% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

UMDD vs. IQQQ - Dividend Comparison

UMDD's dividend yield for the trailing twelve months is around 0.65%, less than IQQQ's 4.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IQQQ ProShares Nasdaq-100 High Income ETF	4.61%	10.34%	7.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UMDD ProShares UltraPro MidCap400	0.65%	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 IQQQ in my portfolio?

UMDD and IQQQ have a correlation of 0.62, 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 IQQQ?

UMDD has higher volatility (12.93%) compared to IQQQ (8.20%). In terms of maximum drawdown, UMDD dropped -86.24% vs IQQQ's -20.41%.

Which ETF is better, UMDD or IQQQ?

On 1-year performance, UMDD leads with 70.44% vs 29.47% for IQQQ. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 8.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UMDD or IQQQ?

Over the 1-year period, UMDD has performed better with a 70.44% return vs 29.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMDD or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.95% for UMDD.

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

IQQQ has the higher dividend yield at 4.61%, compared with 0.65% for UMDD.

What is the main difference between UMDD and IQQQ?

UMDD is categorized as Leveraged Equities, while IQQQ is Nasdaq-100. UMDD tracks S&P MidCap 400 Index (300%), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.95% for UMDD and 0.55% for IQQQ.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (1.74 vs 1.49), 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.