UMDD vs. SMDD
UMDD (ProShares UltraPro MidCap400) and SMDD (ProShares UltraPro Short MidCap400) are both Leveraged Equities funds from ProShares - UMDD tracks the S&P MidCap 400 Index (300%) while SMDD tracks the S&P MidCap 400 Index (-300%). Both are passively managed. Over the past 10 years, UMDD returned 11.12%/yr vs -39.58%/yr for SMDD. Their -0.98 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
UMDD vs. SMDD - Performance Comparison
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Returns By Period
In the year-to-date period, UMDD achieves a 35.46% return, which is significantly higher than SMDD's -34.07% return. Over the past 10 years, UMDD has outperformed SMDD with an annualized return of 11.12%, while SMDD has yielded a comparatively lower -39.58% annualized return.
UMDD
- 1D
- -0.37%
- 1M
- -3.98%
- 6M
- 22.23%
- YTD
- 35.46%
- 1Y
- 55.22%
- 3Y*
- 16.21%
- 5Y*
- 2.85%
- 10Y*
- 11.12%
- ALL TIME*
- 19.20%
SMDD
- 1D
- 0.12%
- 1M
- 3.72%
- 6M
- -26.03%
- YTD
- -34.07%
- 1Y
- -46.01%
- 3Y*
- -33.04%
- 5Y*
- -29.66%
- 10Y*
- -39.58%
- ALL TIME*
- -42.41%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $53.27K | $77.83K | $71.85K | |
| $334.25K | $273.81K | $251.01K |
UMDD vs. SMDD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UMDD ProShares UltraPro MidCap400 | 35.46% | -2.57% | 19.68% | 27.21% | -49.60% | 72.27% | -17.30% | 78.90% | -40.29% | 49.17% |
SMDD ProShares UltraPro Short MidCap400 | -34.07% | -27.46% | -31.02% | -38.37% | 7.69% | -58.01% | -74.71% | -53.34% | 33.50% | -39.87% |
Correlation
The correlation between UMDD and SMDD is -0.99, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.99 |
Correlation (3Y) Balances recent behavior with more history. | -0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.97 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.98 |
The correlation between UMDD and SMDD has been stable across timeframes, ranging from -1.00 to -0.97 - a consistent structural relationship.
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Return for Risk
UMDD vs. SMDD — Risk / Return Rank
UMDD
SMDD
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.
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.
| UMDD | SMDD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.97 | ||
| Sortino ratioReturn per unit of downside risk | +2.95 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.85 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | -0.87 | +2.75 |
| Martin ratioReturn relative to average drawdown | 6.25 | -1.44 | +7.69 |
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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
| UMDD | SMDD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.24% | -99.99% | +13.75% |
Max Drawdown (1Y)Largest decline over 1 year | -26.04% | -50.01% | +23.97% |
Max Drawdown (3Y)Largest decline over 3 years | -60.33% | -82.62% | +22.29% |
Max Drawdown (5Y)Largest decline over 5 years | -64.61% | -88.24% | +23.63% |
Max Drawdown (10Y)Largest decline over 10 years | -86.24% | -99.45% | +13.21% |
Current DrawdownCurrent decline from peak | -7.97% | -99.99% | +92.02% |
Average DrawdownAverage peak-to-trough decline | -23.43% | -93.01% | +69.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.82% | 30.36% | -22.54% |
Volatility
UMDD vs. SMDD - Volatility Comparison
ProShares UltraPro MidCap400 (UMDD) has a higher volatility of 10.68% compared to ProShares UltraPro Short MidCap400 (SMDD) at 9.96%. This indicates that UMDD's price experiences larger fluctuations and is considered to be riskier than SMDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UMDD | SMDD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.68% | 9.96% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 35.11% | 35.01% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.30% | 47.21% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.69% | 58.59% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.10% | 63.23% | -1.13% |
UMDD vs. SMDD - Expense Ratio Comparison
Both UMDD and SMDD have an expense ratio of 0.95%.
Dividends
UMDD vs. SMDD - Dividend Comparison
UMDD's dividend yield for the trailing twelve months is around 0.69%, less than SMDD's 5.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | 5.67% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% | 0.00% | 0.00% | 0.00% |
UMDD ProShares UltraPro MidCap400 | 0.69% | 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 SMDD have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UMDD has higher volatility (10.68%) compared to SMDD (9.96%). In terms of maximum drawdown, UMDD dropped -86.24% vs SMDD's -99.99%.
On 10-year performance, UMDD leads with 11.12% vs -39.58% for SMDD. Both ETFs have the same 0.95% expense ratio. On volatility, SMDD has been the lower-risk option at 9.96%. 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 11.12% return vs -39.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UMDD and SMDD have the same expense ratio: 0.95% per year.
SMDD has the higher dividend yield at 5.67%, compared with 0.69% for UMDD.
UMDD tracks S&P MidCap 400 Index (300%), while SMDD tracks S&P MidCap 400 Index (-300%).
UMDD currently has the higher Sharpe Ratio (1.04 vs -0.93), 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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