UMDD vs. IWDL
UMDD (ProShares UltraPro MidCap400) and IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) are both Leveraged Equities funds - UMDD tracks the S&P MidCap 400 Index (300%) while IWDL tracks the Russell 1000 Value (200%). Both are passively managed. Over the past 5 years, UMDD returned 2.53%/yr vs 13.39%/yr for IWDL. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.
Performance
UMDD vs. IWDL - Performance Comparison
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Returns By Period
In the year-to-date period, UMDD achieves a 38.92% return, which is significantly higher than IWDL's 28.10% 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%
IWDL
- 1D
- 1.23%
- 1M
- 6.86%
- YTD
- 28.10%
- 6M
- 29.30%
- 1Y
- 56.29%
- 3Y*
- 30.80%
- 5Y*
- 13.39%
- 10Y*
- —
UMDD vs. IWDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UMDD ProShares UltraPro MidCap400 | 38.92% | -2.57% | 19.68% | 27.21% | -49.60% | 41.63% |
IWDL ETRACS 2x Leveraged US Value Factor TR ETN | 28.10% | 25.02% | 20.68% | 13.50% | -21.27% | 40.35% |
Correlation
The correlation between UMDD and IWDL is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.91 |
The correlation between UMDD and IWDL has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.
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Return for Risk
UMDD vs. IWDL — Risk / Return Rank
UMDD
IWDL
UMDD vs. IWDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro MidCap400 (UMDD) and ETRACS 2x Leveraged US Value Factor TR ETN (IWDL). 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 | IWDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.42 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 4.18 | -1.55 |
| Martin ratioReturn relative to average drawdown | 8.80 | 17.20 | -8.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UMDD | IWDL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.47 | 2.49 | -1.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.04 | 0.44 | -0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | 0.61 | -0.28 |
Drawdowns
UMDD vs. IWDL - Drawdown Comparison
The maximum UMDD drawdown since its inception was -86.24%, which is greater than IWDL's maximum drawdown of -37.95%. Use the drawdown chart below to compare losses from any high point for UMDD and IWDL.
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Drawdown Indicators
| UMDD | IWDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.24% | -37.95% | -48.29% |
Max Drawdown (1Y)Largest decline over 1 year | -26.04% | -13.53% | -12.51% |
Max Drawdown (3Y)Largest decline over 3 years | -60.33% | -31.78% | -28.55% |
Max Drawdown (5Y)Largest decline over 5 years | -64.61% | -37.95% | -26.66% |
Max Drawdown (10Y)Largest decline over 10 years | -86.24% | — | — |
Current DrawdownCurrent decline from peak | -4.86% | 0.00% | -4.86% |
Average DrawdownAverage peak-to-trough decline | -23.61% | -10.59% | -13.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.76% | 3.28% | +4.48% |
Volatility
UMDD vs. IWDL - Volatility Comparison
ProShares UltraPro MidCap400 (UMDD) has a higher volatility of 13.04% compared to ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) at 5.51%. This indicates that UMDD's price experiences larger fluctuations and is considered to be riskier than IWDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UMDD | IWDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.04% | 5.51% | +7.53% |
Volatility (6M)Calculated over the trailing 6-month period | 34.22% | 17.64% | +16.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.65% | 22.76% | +23.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.91% | 30.29% | +28.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.27% | 30.01% | +32.26% |
UMDD vs. IWDL - Expense Ratio Comparison
Both UMDD and IWDL have an expense ratio of 0.95%.
Dividends
UMDD vs. IWDL - Dividend Comparison
UMDD's dividend yield for the trailing twelve months is around 0.75%, while IWDL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWDL ETRACS 2x Leveraged US Value Factor TR ETN | 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 IWDL have a correlation of 0.88, 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 IWDL (5.51%). In terms of maximum drawdown, UMDD dropped -86.24% vs IWDL's -37.95%.
On 5-year performance, IWDL leads with 13.39% vs 2.53% for UMDD. Both ETFs have the same 0.95% expense ratio. On volatility, IWDL has been the lower-risk option at 5.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IWDL has performed better with a 13.39% return vs 2.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UMDD and IWDL have the same expense ratio: 0.95% per year.
UMDD has the higher dividend yield at 0.75%, compared with 0.00% for IWDL.
UMDD tracks S&P MidCap 400 Index (300%), while IWDL tracks Russell 1000 Value (200%). They also come from different issuers: ProShares and UBS.
IWDL currently has the higher Sharpe Ratio (2.49 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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