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UMDD vs. MDY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UMDD vs. MDY

Last updated Jun 23, 2026

UMDD (ProShares UltraPro MidCap400) and MDY (SPDR S&P MidCap 400 ETF) are both exchange-traded funds - UMDD is a Leveraged Equities fund tracking the S&P MidCap 400 Index (300%), while MDY is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, UMDD returned 13.45%/yr vs 11.52%/yr for MDY. With a 0.99 correlation, they move nearly in lockstep. UMDD charges 0.95%/yr vs 0.23%/yr for MDY.

Performance

UMDD vs. MDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro MidCap400 (UMDD) and SPDR S&P MidCap 400 ETF (MDY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UMDD achieves a 42.38% return, which is significantly higher than MDY's 15.58% return. Over the past 10 years, UMDD has outperformed MDY with an annualized return of 13.45%, while MDY has yielded a comparatively lower 11.52% annualized return.

UMDD

1D
1.32%
1M
10.37%
YTD
42.38%
6M
33.72%
1Y
73.33%
3Y*
27.16%
5Y*
4.26%
10Y*
13.45%

MDY

1D
0.41%
1M
3.71%
YTD
15.58%
6M
13.18%
1Y
27.09%
3Y*
16.19%
5Y*
8.64%
10Y*
11.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UMDD vs. MDY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UMDD
ProShares UltraPro MidCap400		42.38%-2.57%19.68%27.21%-49.60%72.27%-17.30%78.90%-40.29%49.17%
MDY
SPDR S&P MidCap 400 ETF		15.58%7.19%13.64%16.07%-13.28%24.53%13.50%25.78%-11.29%15.93%

Correlation

The correlation between UMDD and MDY 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

0.99

Correlation (All Time)
Calculated using the full available price history since Feb 11, 2010

0.99

The correlation between UMDD and MDY has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

UMDD vs. MDY - Sectors Allocation Comparison

Sectors
UMDD
MDY

Industrials

24.8%
24.8%

Technology

17.9%
17.4%

Financial Services

13.6%
13.3%

Consumer Cyclical

10.5%
10.7%

Healthcare

9.1%
9.1%

Real Estate

7.3%
7.4%

Energy

4.9%
5.0%

Basic Materials

4.8%
4.9%

Consumer Defensive

3.3%
3.4%

Utilities

2.9%
3.0%

Communication Services

1.0%
1.0%

Industrials

UMDD
24.8%
MDY
24.8%

Technology

UMDD
17.9%
MDY
17.4%

Financial Services

UMDD
13.6%
MDY
13.3%

Consumer Cyclical

UMDD
10.5%
MDY
10.7%

Healthcare

UMDD
9.1%
MDY
9.1%

Real Estate

UMDD
7.3%
MDY
7.4%

Energy

UMDD
4.9%
MDY
5.0%

Basic Materials

UMDD
4.8%
MDY
4.9%

Consumer Defensive

UMDD
3.3%
MDY
3.4%

Utilities

UMDD
2.9%
MDY
3.0%

Communication Services

UMDD
1.0%
MDY
1.0%

Compare stocks, funds, or ETFs

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ProShares UltraPro MidCap400

SPDR S&P MidCap 400 ETF

Often compared with UMDD:
UMDD vs. MIDUUMDD vs. SMDDUMDD vs. MVVUMDD vs. SAAUMDD vs. TQQQUMDD vs. UPROUMDD vs. URTY
Often compared with MDY:
MDY vs. SPYMDY vs. IJHMDY vs. IWMMDY vs. SPMDMDY vs. VOMDY vs. VOOMDY vs. XMVM

Return for Risk

UMDD vs. MDY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UMDD
UMDD Risk / Return Rank: 4949
Overall Rank
UMDD Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
UMDD Sortino Ratio Rank: 4444
Sortino Ratio Rank
UMDD Omega Ratio Rank: 4141
Omega Ratio Rank
UMDD Calmar Ratio Rank: 5959
Calmar Ratio Rank
UMDD Martin Ratio Rank: 5656
Martin Ratio Rank
MDY
MDY Risk / Return Rank: 5757
Overall Rank
MDY Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
MDY Sortino Ratio Rank: 5454
Sortino Ratio Rank
MDY Omega Ratio Rank: 4949
Omega Ratio Rank
MDY Calmar Ratio Rank: 6464
Calmar Ratio Rank
MDY Martin Ratio Rank: 6363
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. MDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro MidCap400 (UMDD) and SPDR S&P MidCap 400 ETF (MDY). 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.

UMDDMDYDifference
Sharpe ratioReturn per unit of total volatility
1.55
1.73

-0.17

Sortino ratioReturn per unit of downside risk
2.16
2.51

-0.34

Omega ratioGain probability vs. loss probability

1.26

1.30

-0.04

Calmar ratioReturn relative to maximum drawdown

2.83

3.08

-0.25

Martin ratioReturn relative to average drawdown

9.47

11.23

-1.76

UMDD vs. MDY - Sharpe Ratio Comparison

The current UMDD Sharpe Ratio is 1.55, which is comparable to the MDY Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of UMDD and MDY, 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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Drawdowns

UMDD vs. MDY - Drawdown Comparison

The maximum UMDD drawdown since its inception was -86.24%, which is greater than MDY's maximum drawdown of -55.33%. Use the drawdown chart below to compare losses from any high point for UMDD and MDY.

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Drawdown Indicators

UMDDMDYDifference

Max Drawdown

Largest peak-to-trough decline

-86.24%

-55.33%

-30.91%

Max Drawdown (1Y)

Largest decline over 1 year

-26.04%

-8.82%

-17.22%

Max Drawdown (3Y)

Largest decline over 3 years

-60.33%

-24.03%

-36.30%

Max Drawdown (5Y)

Largest decline over 5 years

-64.61%

-24.03%

-40.58%

Max Drawdown (10Y)

Largest decline over 10 years

-86.24%

-42.22%

-44.02%

Current Drawdown

Current decline from peak

-2.49%

-0.12%

-2.37%

Average Drawdown

Average peak-to-trough decline

-23.55%

-7.02%

-16.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.77%

2.42%

+5.35%

Volatility

UMDD vs. MDY - Volatility Comparison

ProShares UltraPro MidCap400 (UMDD) has a higher volatility of 13.05% compared to SPDR S&P MidCap 400 ETF (MDY) at 4.53%. This indicates that UMDD's price experiences larger fluctuations and is considered to be riskier than MDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UMDDMDYDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.05%

4.53%

+8.52%

Volatility (6M)

Calculated over the trailing 6-month period

35.18%

11.65%

+23.53%

Volatility (1Y)

Calculated over the trailing 1-year period

47.50%

15.80%

+31.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

58.95%

19.78%

+39.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

62.35%

21.22%

+41.13%

UMDD vs. MDY - Expense Ratio Comparison

UMDD has a 0.95% expense ratio, which is higher than MDY's 0.23% expense ratio.

Dividends

UMDD vs. MDY - Dividend Comparison

UMDD's dividend yield for the trailing twelve months is around 0.74%, less than MDY's 1.01% yield.

PositionTTM20252024202320222021202020192018201720162015
MDY
SPDR S&P MidCap 400 ETF		1.01%1.15%1.18%1.21%1.37%0.96%1.12%1.34%1.39%1.18%1.31%1.35%
UMDD
ProShares UltraPro MidCap400		0.74%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

With a correlation of 1.00, UMDD and MDY 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.

UMDD has higher volatility (13.05%) compared to MDY (4.53%). In terms of maximum drawdown, UMDD dropped -86.24% vs MDY's -55.33%.

On 10-year performance, UMDD leads with 13.45% vs 11.52% for MDY. On fees, MDY is cheaper at 0.23% per year. On volatility, MDY has been the lower-risk option at 4.53%. 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 13.45% return vs 11.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MDY is cheaper with a 0.23% expense ratio, compared with 0.95% for UMDD.

MDY has the higher dividend yield at 1.01%, compared with 0.74% for UMDD.

UMDD is categorized as Leveraged Equities, while MDY is Mid Cap Blend Equities. UMDD tracks S&P MidCap 400 Index (300%), while MDY tracks S&P MidCap 400 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for UMDD and 0.23% for MDY.

MDY currently has the higher Sharpe Ratio (1.73 vs 1.55), 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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