UMDD vs. MUU

Last updated Jun 4, 2026

UMDD (ProShares UltraPro MidCap400) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. UMDD is passively managed, while MUU is actively managed. Over the past year, UMDD returned 65.82% vs 6522.95% for MUU. At a 0.46 correlation, their price movements are largely independent. UMDD charges 0.95%/yr vs 1.06%/yr for MUU.

Performance

UMDD vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro MidCap400 (UMDD) and Direxion Daily MU Bull 2X Shares (MUU). 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 MUU's 961.23% 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%

MUU

• 1D: 3.08%
• 1M: 218.90%
• YTD: 961.23%
• 6M: 1,422.01%
• 1Y: 6,522.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UMDD vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UMDD ProShares UltraPro MidCap400	37.59%	-2.57%	-2.09%
MUU Direxion Daily MU Bull 2X Shares	961.23%	599.03%	-43.09%

Correlation

The correlation between UMDD and MUU is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024	0.46

The correlation between UMDD and MUU shifts across timeframes, from 0.34 (1 year) to 0.46 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UMDD vs. MUU — 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

MUU

MUU Risk / Return Rank: 99
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 98
MUU Omega Ratio Rank: 97
MUU Calmar Ratio Rank: 100
MUU Martin Ratio Rank: 100

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. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro MidCap400 (UMDD) and Direxion Daily MU Bull 2X Shares (MUU). 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	MUU	Difference
Sharpe ratio Return per unit of total volatility	1.42	50.40	-48.99
Sortino ratio Return per unit of downside risk	2.04	7.17	-5.14
Omega ratio Gain probability vs. loss probability	1.25	1.91	-0.66
Calmar ratio Return relative to maximum drawdown	2.54	125.85	-123.31
Martin ratio Return relative to average drawdown	8.51	426.84	-418.33
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. MUU - Sharpe Ratio Comparison

The current UMDD Sharpe Ratio is 1.42, which is lower than the MUU Sharpe Ratio of 50.40. The chart below compares the historical Sharpe Ratios of UMDD and MUU, 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	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	50.40	-48.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	6.68	-6.36

Drawdowns

UMDD vs. MUU - Drawdown Comparison

The maximum UMDD drawdown since its inception was -86.24%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for UMDD and MUU.

Drawdown Indicators

	UMDD	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-86.24%	-75.07%	-11.17%
Max Drawdown (1Y) Largest decline over 1 year	-26.04%	-52.72%	+26.68%
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	-5.77%	0.00%	-5.77%
Average Drawdown Average peak-to-trough decline	-23.61%	-23.44%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.76%	15.51%	-7.75%

Volatility

UMDD vs. MUU - Volatility Comparison

The current volatility for ProShares UltraPro MidCap400 (UMDD) is 13.48%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 54.78%. This indicates that UMDD experiences smaller price fluctuations and is considered to be less risky than MUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMDD	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.48%	54.78%	-41.30%
Volatility (6M) Calculated over the trailing 6-month period	34.23%	105.07%	-70.84%
Volatility (1Y) Calculated over the trailing 1-year period	46.79%	131.77%	-84.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.91%	133.67%	-74.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.28%	133.67%	-71.39%

UMDD vs. MUU - Expense Ratio Comparison

UMDD has a 0.95% expense ratio, which is lower than MUU's 1.06% expense ratio.

Dividends

UMDD vs. MUU - Dividend Comparison

UMDD's dividend yield for the trailing twelve months is around 0.76%, more than MUU's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUU Direxion Daily MU Bull 2X Shares	0.46%	4.27%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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 MUU in my portfolio?

UMDD and MUU have a correlation of 0.34, 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 MUU?

MUU has higher volatility (54.78%) compared to UMDD (13.48%). In terms of maximum drawdown, UMDD dropped -86.24% vs MUU's -75.07%.

Which ETF is better, UMDD or MUU?

On 1-year performance, MUU leads with 6522.95% vs 65.82% for UMDD. On fees, UMDD is cheaper at 0.95% per year. 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 MUU?

Over the 1-year period, MUU has performed better with a 6522.95% return vs 65.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMDD or MUU?

UMDD is cheaper with a 0.95% expense ratio, compared with 1.06% for MUU.

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

UMDD has the higher dividend yield at 0.76%, compared with 0.46% for MUU.

What is the main difference between UMDD and MUU?

They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UMDD and 1.06% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (50.40 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.