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 13.11%/yr vs -40.73%/yr for SMDD. At a correlation of -0.98, they often move in opposite directions. 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 38.16% return, which is significantly higher than SMDD's -34.66% return. Over the past 10 years, UMDD has outperformed SMDD with an annualized return of 13.11%, while SMDD has yielded a comparatively lower -40.73% 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%
SMDD
- 1D
- 3.06%
- 1M
- -8.08%
- YTD
- -34.66%
- 6M
- -30.86%
- 1Y
- -49.12%
- 3Y*
- -38.28%
- 5Y*
- -30.11%
- 10Y*
- -40.73%
UMDD vs. SMDD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UMDD ProShares UltraPro MidCap400 | 38.16% | -2.57% | 19.68% | 27.21% | -49.60% | 72.27% | -17.30% | 78.90% | -40.29% | 49.17% |
SMDD ProShares UltraPro Short MidCap400 | -34.66% | -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 tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 | +2.39 | ||
| Sortino ratioReturn per unit of downside risk | +3.53 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.82 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | -0.97 | +3.45 |
| Martin ratioReturn relative to average drawdown | 8.28 | -1.69 | +9.97 |
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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% | -50.54% | +24.50% |
Max Drawdown (3Y)Largest decline over 3 years | -60.33% | -81.99% | +21.66% |
Max Drawdown (5Y)Largest decline over 5 years | -64.61% | -87.81% | +23.20% |
Max Drawdown (10Y)Largest decline over 10 years | -86.24% | -99.52% | +13.28% |
Current DrawdownCurrent decline from peak | -5.38% | -99.99% | +94.61% |
Average DrawdownAverage peak-to-trough decline | -23.55% | -92.96% | +69.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.77% | 29.29% | -21.52% |
Volatility
UMDD vs. SMDD - Volatility Comparison
ProShares UltraPro MidCap400 (UMDD) and ProShares UltraPro Short MidCap400 (SMDD) have volatilities of 13.54% and 13.96%, 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
| UMDD | SMDD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.54% | 13.96% | -0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 35.31% | 35.56% | -0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.51% | 47.65% | -0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.96% | 58.88% | +0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.23% | 63.35% | -1.12% |
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 0.76%, less than SMDD's 7.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | 7.14% | 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 | 0.76% | 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
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.
SMDD has higher volatility (13.96%) compared to UMDD (13.54%). In terms of maximum drawdown, UMDD dropped -86.24% vs SMDD's -99.99%.
On 10-year performance, UMDD leads with 13.11% vs -40.73% for SMDD. Both ETFs have the same 0.95% expense ratio. On volatility, UMDD has been the lower-risk option at 13.54%. 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 13.11% return vs -40.73%. 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 7.14%, compared with 0.76% 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 (1.36 vs -1.03), 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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