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UMDD vs. SMDD
Performance
Return for Risk
Dividends
Drawdowns
Volatility

UMDD vs. SMDD

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares UltraPro MidCap400 (UMDD) and ProShares UltraPro Short MidCap400 (SMDD).

UMDD and SMDD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UMDD is a passively managed fund by ProShares that tracks the performance of the S&P MidCap 400 Index (300%). It was launched on Feb 9, 2010. SMDD is a passively managed fund by ProShares that tracks the performance of the S&P MidCap 400 Index (-300%). It was launched on Feb 11, 2010. Both UMDD and SMDD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

UMDD vs. SMDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro MidCap400 (UMDD) and ProShares UltraPro Short MidCap400 (SMDD). The values are adjusted to include any dividend payments, if applicable.

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UMDD vs. SMDD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UMDD
ProShares UltraPro MidCap400		5.14%-2.57%19.68%27.21%-49.60%72.27%-17.30%78.90%-40.29%49.17%
SMDD
ProShares UltraPro Short MidCap400		-10.57%-27.46%-31.02%-38.37%7.69%-58.01%-74.71%-53.34%33.50%-39.87%

Returns By Period

In the year-to-date period, UMDD achieves a 5.14% return, which is significantly higher than SMDD's -10.57% return. Over the past 10 years, UMDD has outperformed SMDD with an annualized return of 10.04%, while SMDD has yielded a comparatively lower -39.17% annualized return.

UMDD

1D
2.82%
1M
-17.06%
YTD
5.14%
6M
4.81%
1Y
28.13%
3Y*
13.87%
5Y*
-1.48%
10Y*
10.04%

SMDD

1D
-2.72%
1M
16.07%
YTD
-10.57%
6M
-13.86%
1Y
-45.30%
3Y*
-31.84%
5Y*
-27.12%
10Y*
-39.17%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraPro MidCap400

ProShares UltraPro Short MidCap400

Often compared with UMDD:
UMDD vs. MIDUUMDD vs. MVVUMDD vs. SAAUMDD vs. TQQQUMDD vs. UPROUMDD vs. MDYUMDD vs. URTY
Often compared with SMDD:
SMDD vs. XMMOSMDD vs. TZASMDD vs. OOQBSMDD vs. IFEDSMDD vs. TSYXSMDD vs. XTJLSMDD vs. KORU

UMDD vs. SMDD - Expense Ratio Comparison

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

UMDD
ProShares UltraPro MidCap400
SMDD
ProShares UltraPro Short MidCap400

Return for Risk

UMDD vs. SMDD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UMDD
UMDD Risk / Return Rank: 3030
Overall Rank
UMDD Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
UMDD Sortino Ratio Rank: 3434
Sortino Ratio Rank
UMDD Omega Ratio Rank: 3333
Omega Ratio Rank
UMDD Calmar Ratio Rank: 3030
Calmar Ratio Rank
UMDD Martin Ratio Rank: 3131
Martin Ratio Rank
SMDD
SMDD Risk / Return Rank: 33
Overall Rank
SMDD Sharpe Ratio Rank: 22
Sharpe Ratio Rank
SMDD Sortino Ratio Rank: 22
Sortino Ratio Rank
SMDD Omega Ratio Rank: 22
Omega Ratio Rank
SMDD Calmar Ratio Rank: 22
Calmar Ratio Rank
SMDD Martin Ratio Rank: 55
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. SMDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro MidCap400 (UMDD) and ProShares UltraPro Short MidCap400 (SMDD). 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.

UMDDSMDDDifference

Sharpe ratio

Return per unit of total volatility

0.45

-0.72

+1.17

Sortino ratio

Return per unit of downside risk

1.05

-0.86

+1.91

Omega ratio

Gain probability vs. loss probability

1.14

0.89

+0.26

Calmar ratio

Return relative to maximum drawdown

0.79

-0.69

+1.48

Martin ratio

Return relative to average drawdown

2.84

-0.86

+3.70

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. SMDD - Sharpe Ratio Comparison

The current UMDD Sharpe Ratio is 0.45, which is higher than the SMDD Sharpe Ratio of -0.72. The chart below compares the historical Sharpe Ratios of UMDD and SMDD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

UMDDSMDDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.45

-0.72

+1.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.03

-0.46

+0.44

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.16

-0.62

+0.78

Sharpe Ratio (All Time)

Calculated using the full available price history

0.29

-0.69

+0.99

Correlation

The correlation between UMDD and SMDD is -0.98. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

UMDD vs. SMDD - Dividend Comparison

UMDD's dividend yield for the trailing twelve months is around 1.00%, less than SMDD's 5.21% yield.

TTM20252024202320222021202020192018201720162015
UMDD
ProShares UltraPro MidCap400		1.00%1.00%0.76%0.19%0.49%0.06%0.08%0.64%0.32%0.00%0.03%0.06%
SMDD
ProShares UltraPro Short MidCap400		5.21%4.96%4.09%3.86%0.14%0.00%0.13%1.51%0.09%0.00%0.00%0.00%

Drawdowns

UMDD vs. SMDD - Drawdown Comparison

The maximum UMDD drawdown since its inception was -86.24%, smaller than the maximum SMDD drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for UMDD and SMDD.

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Drawdown Indicators

UMDDSMDDDifference

Max Drawdown

Largest peak-to-trough decline

-86.24%

-99.99%

+13.75%

Max Drawdown (1Y)

Largest decline over 1 year

-38.30%

-67.39%

+29.09%

Max Drawdown (5Y)

Largest decline over 5 years

-64.61%

-85.18%

+20.57%

Max Drawdown (10Y)

Largest decline over 10 years

-86.24%

-99.45%

+13.21%

Current Drawdown

Current decline from peak

-27.99%

-99.98%

+71.99%

Average Drawdown

Average peak-to-trough decline

-23.71%

-92.89%

+69.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.66%

53.54%

-42.88%

Volatility

UMDD vs. SMDD - Volatility Comparison

ProShares UltraPro MidCap400 (UMDD) and ProShares UltraPro Short MidCap400 (SMDD) have volatilities of 19.56% and 19.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UMDDSMDDDifference

Volatility (1M)

Calculated over the trailing 1-month period

19.56%

19.19%

+0.37%

Volatility (6M)

Calculated over the trailing 6-month period

36.08%

35.81%

+0.27%

Volatility (1Y)

Calculated over the trailing 1-year period

63.30%

63.00%

+0.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

58.88%

58.82%

+0.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

62.19%

63.27%

-1.08%