UMDD vs. SPUU

Last updated Aug 4, 2026

UMDD (ProShares UltraPro MidCap400) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - UMDD tracks the S&P MidCap 400 Index (300%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, UMDD returned 10.96%/yr vs 23.85%/yr for SPUU. Their correlation of 0.83 means they have usually moved in the same direction. UMDD charges 0.95%/yr vs 0.60%/yr for SPUU.

Performance

UMDD vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro MidCap400 (UMDD) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UMDD achieves a 39.73% return, which is significantly higher than SPUU's 20.19% return. Over the past 10 years, UMDD has underperformed SPUU with an annualized return of 10.96%, while SPUU has yielded a comparatively higher 23.85% annualized return.

UMDD

• 1D: 3.16%
• 1M: -0.95%
• 6M: 22.93%
• YTD: 39.73%
• 1Y: 60.12%
• 3Y*: 19.36%
• 5Y*: 3.98%
• 10Y*: 10.96%
• ALL TIME*: 19.42%

SPUU

• 1D: 2.97%
• 1M: 3.22%
• 6M: 15.98%
• YTD: 20.19%
• 1Y: 42.24%
• 3Y*: 34.65%
• 5Y*: 18.35%
• 10Y*: 23.85%
• ALL TIME*: 21.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPUU Direxion Daily S&P 500 Bull 2X ETF	$4.50M	$4.98M	$4.51M
UMDD ProShares UltraPro MidCap400	$270.14K	$258.68K	$250.88K

UMDD vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UMDD ProShares UltraPro MidCap400	39.73%	-2.57%	19.68%	27.21%	-49.60%	72.27%	-17.30%	78.90%	-40.29%	49.17%
SPUU Direxion Daily S&P 500 Bull 2X ETF	20.19%	26.55%	44.25%	47.28%	-38.72%	61.27%	21.85%	66.84%	-14.59%	44.33%

Correlation

The correlation between UMDD and SPUU is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (10Y) Provides a long-term view across more market conditions.	0.81
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014	0.83

The correlation between UMDD and SPUU has been stable across timeframes, ranging from 0.74 to 0.84 - a consistent structural relationship.

UMDD vs. SPUU - Sectors Allocation Comparison

Sectors	UMDD	SPUU
Industrials	25.3%	3.5%
Technology	17.2%	17.0%
Financial Services	13.9%	5.5%
Consumer Cyclical	10.5%	3.9%
Healthcare	9.0%	4.1%
Real Estate	7.2%	0.9%
Basic Materials	4.8%	0.8%
Energy	4.6%	1.5%
Consumer Defensive	3.2%	2.1%
Utilities	2.9%	1.2%
Communication Services	1.5%	4.2%

Return for Risk

UMDD vs. SPUU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UMDD

UMDD Risk / Return Rank: 55
UMDD Sharpe Ratio Rank: 50
UMDD Sortino Ratio Rank: 52
UMDD Omega Ratio Rank: 49
UMDD Calmar Ratio Rank: 63
UMDD Martin Ratio Rank: 62

SPUU

SPUU Risk / Return Rank: 68
SPUU Sharpe Ratio Rank: 70
SPUU Sortino Ratio Rank: 65
SPUU Omega Ratio Rank: 65
SPUU Calmar Ratio Rank: 65
SPUU Martin Ratio Rank: 74

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UMDD vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro MidCap400 (UMDD) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). 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	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.65	-0.36
Sortino ratio: Return per unit of downside risk	1.91	2.19	-0.29
Omega ratio: Gain probability vs. loss probability	1.23	1.28	-0.05
Calmar ratio: Return relative to maximum drawdown	2.32	2.33	-0.01
Martin ratio: Return relative to average drawdown	7.72	9.41	-1.69

UMDD vs. SPUU - Sharpe Ratio Comparison

The current UMDD Sharpe Ratio is 1.28, which is comparable to the SPUU Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of UMDD and SPUU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UMDD vs. SPUU - Drawdown Comparison

The maximum UMDD drawdown since its inception was -86.24%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for UMDD and SPUU.

Drawdown Indicators

	UMDD	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-86.24%	-59.35%	-26.89%
Max Drawdown (1Y) Largest decline over 1 year	-26.04%	-18.19%	-7.85%
Max Drawdown (3Y) Largest decline over 3 years	-60.33%	-35.18%	-25.15%
Max Drawdown (5Y) Largest decline over 5 years	-64.61%	-46.59%	-18.02%
Max Drawdown (10Y) Largest decline over 10 years	-86.24%	-59.35%	-26.89%
Current Drawdown Current decline from peak	-5.06%	-0.97%	-4.09%
Average Drawdown Average peak-to-trough decline	-23.43%	-9.43%	-14.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.81%	4.50%	+3.31%

Volatility

UMDD vs. SPUU - Volatility Comparison

ProShares UltraPro MidCap400 (UMDD) has a higher volatility of 11.11% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 7.66%. This indicates that UMDD's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMDD	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.11%	7.66%	+3.45%
Volatility (6M) Calculated over the trailing 6-month period	35.07%	20.55%	+14.52%
Volatility (1Y) Calculated over the trailing 1-year period	47.12%	25.83%	+21.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.72%	33.73%	+24.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.12%	35.81%	+26.31%

UMDD vs. SPUU - Expense Ratio Comparison

UMDD has a 0.95% expense ratio, which is higher than SPUU's 0.60% expense ratio.

Dividends

UMDD vs. SPUU - Dividend Comparison

UMDD's dividend yield for the trailing twelve months is around 0.67%, less than SPUU's 1.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPUU Direxion Daily S&P 500 Bull 2X ETF	1.31%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%
UMDD ProShares UltraPro MidCap400	0.67%	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 SPUU in my portfolio?

UMDD and SPUU have a correlation of 0.74, 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 SPUU?

UMDD has higher volatility (11.11%) compared to SPUU (7.66%). In terms of maximum drawdown, UMDD dropped -86.24% vs SPUU's -59.35%.

Which ETF is better, UMDD or SPUU?

On 10-year performance, SPUU leads with 23.85% vs 10.96% for UMDD. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 7.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UMDD or SPUU?

Over the 10-year period, SPUU has performed better with a 23.85% return vs 10.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMDD or SPUU?

SPUU is cheaper with a 0.60% expense ratio, compared with 0.95% for UMDD.

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

SPUU has the higher dividend yield at 1.31%, compared with 0.67% for UMDD.

What is the main difference between UMDD and SPUU?

UMDD tracks S&P MidCap 400 Index (300%), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UMDD and 0.60% for SPUU.

Which has better risk-adjusted returns?

SPUU currently has the higher Sharpe Ratio (1.65 vs 1.28), 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.