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UMDD vs. MVV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UMDD vs. MVV

Last updated Jun 24, 2026

UMDD (ProShares UltraPro MidCap400) and MVV (ProShares Ultra Midcap 400) are both Leveraged Equities funds from ProShares - UMDD tracks the S&P MidCap 400 Index (300%) while MVV tracks the S&P MidCap 400 Index (200%). Both are passively managed. Over the past 10 years, UMDD returned 13.11%/yr vs 14.42%/yr for MVV. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.

Performance

UMDD vs. MVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro MidCap400 (UMDD) and ProShares Ultra Midcap 400 (MVV). 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 38.16% return, which is significantly higher than MVV's 26.73% return. Over the past 10 years, UMDD has underperformed MVV with an annualized return of 13.11%, while MVV has yielded a comparatively higher 14.42% annualized return.

UMDD

1D
-2.96%
1M
7.10%
YTD
38.16%
6M
30.23%
1Y
64.17%
3Y*
25.89%
5Y*
3.07%
10Y*
13.11%

MVV

1D
-1.88%
1M
5.08%
YTD
26.73%
6M
22.00%
1Y
44.27%
3Y*
22.25%
5Y*
7.15%
10Y*
14.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UMDD vs. MVV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UMDD
ProShares UltraPro MidCap400		38.16%-2.57%19.68%27.21%-49.60%72.27%-17.30%78.90%-40.29%49.17%
MVV
ProShares Ultra Midcap 400		26.73%3.48%17.75%22.51%-31.96%48.57%6.20%49.50%-25.44%30.81%

Correlation

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

UMDD vs. MVV - Sectors Allocation Comparison

Sectors
UMDD
MVV

Industrials

24.8%
24.8%

Technology

17.9%
17.8%

Financial Services

13.6%
13.7%

Consumer Cyclical

10.5%
10.5%

Healthcare

9.1%
9.1%

Real Estate

7.3%
7.3%

Energy

4.9%
4.9%

Basic Materials

4.8%
4.8%

Consumer Defensive

3.3%
3.3%

Utilities

2.9%
2.9%

Communication Services

1.0%
1.0%

Industrials

UMDD
24.8%
MVV
24.8%

Technology

UMDD
17.9%
MVV
17.8%

Financial Services

UMDD
13.6%
MVV
13.7%

Consumer Cyclical

UMDD
10.5%
MVV
10.5%

Healthcare

UMDD
9.1%
MVV
9.1%

Real Estate

UMDD
7.3%
MVV
7.3%

Energy

UMDD
4.9%
MVV
4.9%

Basic Materials

UMDD
4.8%
MVV
4.8%

Consumer Defensive

UMDD
3.3%
MVV
3.3%

Utilities

UMDD
2.9%
MVV
2.9%

Communication Services

UMDD
1.0%
MVV
1.0%

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ProShares UltraPro MidCap400

ProShares Ultra Midcap 400

Often compared with UMDD:
UMDD vs. MIDUUMDD vs. SMDDUMDD vs. SAAUMDD vs. TQQQUMDD vs. MDYUMDD vs. UPROUMDD vs. URTY
Often compared with MVV:
MVV vs. SAAMVV vs. MIDUMVV vs. MDYMVV vs. QQQMVV vs. AMAGXMVV vs. VOOMVV vs. TMF

Return for Risk

UMDD vs. MVV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UMDD
UMDD Risk / Return Rank: 4545
Overall Rank
UMDD Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
UMDD Sortino Ratio Rank: 4141
Sortino Ratio Rank
UMDD Omega Ratio Rank: 3838
Omega Ratio Rank
UMDD Calmar Ratio Rank: 5454
Calmar Ratio Rank
UMDD Martin Ratio Rank: 5151
Martin Ratio Rank
MVV
MVV Risk / Return Rank: 4646
Overall Rank
MVV Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
MVV Sortino Ratio Rank: 4242
Sortino Ratio Rank
MVV Omega Ratio Rank: 3939
Omega Ratio Rank
MVV Calmar Ratio Rank: 5454
Calmar Ratio Rank
MVV Martin Ratio Rank: 5353
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. MVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro MidCap400 (UMDD) and ProShares Ultra Midcap 400 (MVV). 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.

UMDDMVVDifference
Sharpe ratioReturn per unit of total volatility
1.36
1.40

-0.04

Sortino ratioReturn per unit of downside risk
1.98
2.03

-0.05

Omega ratioGain probability vs. loss probability

1.24

1.24

0.00

Calmar ratioReturn relative to maximum drawdown

2.48

2.52

-0.04

Martin ratioReturn relative to average drawdown

8.28

8.62

-0.34

UMDD vs. MVV - Sharpe Ratio Comparison

The current UMDD Sharpe Ratio is 1.36, which is comparable to the MVV Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of UMDD and MVV, 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. MVV - Drawdown Comparison

The maximum UMDD drawdown since its inception was -86.24%, roughly equal to the maximum MVV drawdown of -85.54%. Use the drawdown chart below to compare losses from any high point for UMDD and MVV.

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Drawdown Indicators

UMDDMVVDifference

Max Drawdown

Largest peak-to-trough decline

-86.24%

-85.54%

-0.70%

Max Drawdown (1Y)

Largest decline over 1 year

-26.04%

-17.68%

-8.36%

Max Drawdown (3Y)

Largest decline over 3 years

-60.33%

-44.80%

-15.53%

Max Drawdown (5Y)

Largest decline over 5 years

-64.61%

-45.53%

-19.08%

Max Drawdown (10Y)

Largest decline over 10 years

-86.24%

-69.19%

-17.05%

Current Drawdown

Current decline from peak

-5.38%

-2.08%

-3.30%

Average Drawdown

Average peak-to-trough decline

-23.55%

-20.50%

-3.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.77%

5.15%

+2.62%

Volatility

UMDD vs. MVV - Volatility Comparison

ProShares UltraPro MidCap400 (UMDD) has a higher volatility of 13.54% compared to ProShares Ultra Midcap 400 (MVV) at 9.48%. This indicates that UMDD's price experiences larger fluctuations and is considered to be riskier than MVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UMDDMVVDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.54%

9.48%

+4.06%

Volatility (6M)

Calculated over the trailing 6-month period

35.31%

23.52%

+11.79%

Volatility (1Y)

Calculated over the trailing 1-year period

47.51%

31.88%

+15.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

58.96%

39.67%

+19.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

62.23%

42.34%

+19.89%

UMDD vs. MVV - Expense Ratio Comparison

Both UMDD and MVV have an expense ratio of 0.95%.

Dividends

UMDD vs. MVV - Dividend Comparison

UMDD's dividend yield for the trailing twelve months is around 0.76%, more than MVV's 0.67% yield.

PositionTTM20252024202320222021202020192018201720162015
MVV
ProShares Ultra Midcap 400		0.67%0.77%0.39%0.77%0.93%0.16%0.29%0.62%0.62%0.21%0.43%0.17%
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

With a correlation of 1.00, UMDD and MVV 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 (13.54%) compared to MVV (9.48%). In terms of maximum drawdown, UMDD dropped -86.24% vs MVV's -85.54%.

On 10-year performance, MVV leads with 14.42% vs 13.11% for UMDD. Both ETFs have the same 0.95% expense ratio. On volatility, MVV has been the lower-risk option at 9.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, MVV has performed better with a 14.42% return vs 13.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

UMDD and MVV have the same expense ratio: 0.95% per year.

UMDD has the higher dividend yield at 0.76%, compared with 0.67% for MVV.

UMDD tracks S&P MidCap 400 Index (300%), while MVV tracks S&P MidCap 400 Index (200%).

MVV currently has the higher Sharpe Ratio (1.40 vs 1.36), 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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