UMDD vs. SPXL

Last updated Jun 9, 2026

UMDD (ProShares UltraPro MidCap400) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds - UMDD tracks the S&P MidCap 400 Index (300%) while SPXL tracks the S&P 500. Both are passively managed. Over the past 10 years, UMDD returned 11.46%/yr vs 29.42%/yr for SPXL. Their correlation of 0.87 suggests significant overlap in exposure. UMDD charges 0.95%/yr vs 0.84%/yr for SPXL.

Performance

UMDD vs. SPXL - 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 3X ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UMDD achieves a 31.54% return, which is significantly higher than SPXL's 20.19% return. Over the past 10 years, UMDD has underperformed SPXL with an annualized return of 11.46%, while SPXL has yielded a comparatively higher 29.42% annualized return.

UMDD

• 1D: 0.43%
• 1M: -0.66%
• YTD: 31.54%
• 6M: 30.82%
• 1Y: 55.88%
• 3Y*: 22.44%
• 5Y*: 1.30%
• 10Y*: 11.46%

SPXL

• 1D: 0.75%
• 1M: -0.39%
• YTD: 20.19%
• 6M: 19.28%
• 1Y: 68.17%
• 3Y*: 49.02%
• 5Y*: 22.10%
• 10Y*: 29.42%

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

UMDD vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UMDD ProShares UltraPro MidCap400	31.54%	-2.57%	19.68%	27.21%	-49.60%	72.27%	-17.30%	78.90%	-40.29%	49.17%
SPXL Direxion Daily S&P 500 Bull 3X ETF	20.19%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%

Correlation

The correlation between UMDD and SPXL is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	0.87

The correlation between UMDD and SPXL shifts across timeframes, from 0.75 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

UMDD vs. SPXL - Sectors Allocation Comparison

Sectors	UMDD	SPXL
Industrials	13.4%	1.7%
Technology	9.0%	8.4%
Financial Services	7.1%	2.4%
Consumer Cyclical	5.1%	2.2%
Healthcare	4.8%	1.8%
Real Estate	3.9%	0.4%
Energy	2.7%	0.7%
Basic Materials	2.6%	0.4%
Consumer Defensive	2.2%	1.0%
Utilities	1.6%	0.6%
Communication Services	0.5%	2.3%

Return for Risk

UMDD vs. SPXL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UMDD

UMDD Risk / Return Rank: 42
UMDD Sharpe Ratio Rank: 37
UMDD Sortino Ratio Rank: 39
UMDD Omega Ratio Rank: 37
UMDD Calmar Ratio Rank: 48
UMDD Martin Ratio Rank: 48

SPXL

SPXL Risk / Return Rank: 59
SPXL Sharpe Ratio Rank: 63
SPXL Sortino Ratio Rank: 53
SPXL Omega Ratio Rank: 56
SPXL Calmar Ratio Rank: 57
SPXL Martin Ratio Rank: 65

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. SPXL - 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 3X ETF (SPXL). 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.

	UMDD	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	1.20	1.89	-0.70
Sortino ratio: Return per unit of downside risk	1.80	2.34	-0.54
Omega ratio: Gain probability vs. loss probability	1.22	1.31	-0.10
Calmar ratio: Return relative to maximum drawdown	2.16	2.56	-0.40
Martin ratio: Return relative to average drawdown	7.21	10.74	-3.53
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. SPXL - Sharpe Ratio Comparison

The current UMDD Sharpe Ratio is 1.20, which is lower than the SPXL Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of UMDD and SPXL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UMDD	SPXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	1.89	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	0.44	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	0.55	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.52	-0.20

Drawdowns

UMDD vs. SPXL - Drawdown Comparison

The maximum UMDD drawdown since its inception was -86.24%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for UMDD and SPXL.

Drawdown Indicators

	UMDD	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-86.24%	-76.86%	-9.38%
Max Drawdown (1Y) Largest decline over 1 year	-26.04%	-26.77%	+0.73%
Max Drawdown (3Y) Largest decline over 3 years	-60.33%	-48.95%	-11.38%
Max Drawdown (5Y) Largest decline over 5 years	-64.61%	-63.80%	-0.81%
Max Drawdown (10Y) Largest decline over 10 years	-86.24%	-76.86%	-9.38%
Current Drawdown Current decline from peak	-9.91%	-8.16%	-1.75%
Average Drawdown Average peak-to-trough decline	-23.60%	-15.72%	-7.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.78%	6.37%	+1.41%

Volatility

UMDD vs. SPXL - Volatility Comparison

ProShares UltraPro MidCap400 (UMDD) has a higher volatility of 12.43% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 11.41%. This indicates that UMDD's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMDD	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.43%	11.41%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	34.70%	27.97%	+6.73%
Volatility (1Y) Calculated over the trailing 1-year period	47.01%	36.23%	+10.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.96%	50.36%	+8.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.31%	53.49%	+8.82%

UMDD vs. SPXL - Expense Ratio Comparison

UMDD has a 0.95% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

UMDD vs. SPXL - Dividend Comparison

UMDD's dividend yield for the trailing twelve months is around 0.80%, more than SPXL's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.56%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%	0.00%	0.00%
UMDD ProShares UltraPro MidCap400	0.80%	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 SPXL in my portfolio?

UMDD and SPXL have a correlation of 0.75, 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 SPXL?

UMDD has higher volatility (12.43%) compared to SPXL (11.41%). In terms of maximum drawdown, UMDD dropped -86.24% vs SPXL's -76.86%.

Which ETF is better, UMDD or SPXL?

On 10-year performance, SPXL leads with 29.42% vs 11.46% for UMDD. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 11.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UMDD or SPXL?

Over the 10-year period, SPXL has performed better with a 29.42% return vs 11.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMDD or SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 0.95% for UMDD.

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

UMDD has the higher dividend yield at 0.80%, compared with 0.56% for SPXL.

What is the main difference between UMDD and SPXL?

UMDD tracks S&P MidCap 400 Index (300%), while SPXL tracks S&P 500. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UMDD and 0.84% for SPXL.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (1.89 vs 1.20), 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.