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UMDD vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UMDD vs. SQQQ

Last updated Jun 24, 2026

UMDD (ProShares UltraPro MidCap400) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - UMDD tracks the S&P MidCap 400 Index (300%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, UMDD returned 13.11%/yr vs -56.24%/yr for SQQQ. At a correlation of -0.73, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

UMDD vs. SQQQ - Performance Comparison

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

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Returns By Period

In the year-to-date period, UMDD achieves a 38.16% return, which is significantly higher than SQQQ's -40.31% return. Over the past 10 years, UMDD has outperformed SQQQ with an annualized return of 13.11%, while SQQQ has yielded a comparatively lower -56.24% 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%

SQQQ

1D
9.83%
1M
-2.27%
YTD
-40.31%
6M
-37.80%
1Y
-61.11%
3Y*
-53.86%
5Y*
-46.89%
10Y*
-56.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UMDD vs. SQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UMDD
ProShares UltraPro MidCap400		38.16%-2.57%19.68%27.21%-49.60%72.27%-17.30%78.90%-40.29%49.17%
SQQQ
ProShares UltraPro Short QQQ		-40.31%-53.05%-49.79%-73.61%82.40%-60.87%-86.40%-65.92%-20.83%-58.67%

Correlation

The correlation between UMDD and SQQQ is -0.63, 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

-0.63

Correlation (3Y)
Calculated over the trailing 3-year period

-0.65

Correlation (5Y)
Calculated over the trailing 5-year period

-0.72

Correlation (10Y)
Calculated over the trailing 10-year period

-0.67

Correlation (All Time)
Calculated using the full available price history since Feb 11, 2010

-0.73

The correlation between UMDD and SQQQ shifts across timeframes, from -0.73 (all time) to -0.63 (1 year), reflecting how their relationship changes across market environments.

UMDD vs. SQQQ - Sectors Allocation Comparison

Sectors
UMDD
SQQQ

Industrials

24.8%

-

Technology

17.9%

-

Financial Services

13.6%
122.0%

Consumer Cyclical

10.5%

-

Healthcare

9.1%

-

Real Estate

7.3%

-

Energy

4.9%

-

Basic Materials

4.8%

-

Consumer Defensive

3.3%

-

Utilities

2.9%

-

Communication Services

1.0%

-

Industrials

UMDD
24.8%
SQQQ

-

Technology

UMDD
17.9%
SQQQ

-

Financial Services

UMDD
13.6%
SQQQ
122.0%

Consumer Cyclical

UMDD
10.5%
SQQQ

-

Healthcare

UMDD
9.1%
SQQQ

-

Real Estate

UMDD
7.3%
SQQQ

-

Energy

UMDD
4.9%
SQQQ

-

Basic Materials

UMDD
4.8%
SQQQ

-

Consumer Defensive

UMDD
3.3%
SQQQ

-

Utilities

UMDD
2.9%
SQQQ

-

Communication Services

UMDD
1.0%
SQQQ

-

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ProShares UltraPro MidCap400

ProShares UltraPro Short QQQ

Often compared with UMDD:
UMDD vs. MIDUUMDD vs. SMDDUMDD vs. MVVUMDD vs. SAAUMDD vs. TQQQUMDD vs. MDYUMDD vs. UPRO
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. SPXUSQQQ vs. QIDSQQQ vs. UVXY

Return for Risk

UMDD vs. SQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UMDD
UMDD Risk / Return Rank: 4545
Overall Rank
UMDD Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
UMDD Sortino Ratio Rank: 4141
Sortino Ratio Rank
UMDD Omega Ratio Rank: 3838
Omega Ratio Rank
UMDD Calmar Ratio Rank: 5454
Calmar Ratio Rank
UMDD Martin Ratio Rank: 5151
Martin Ratio Rank
SQQQ
SQQQ Risk / Return Rank: 11
Overall Rank
SQQQ Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 00
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 11
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 11
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
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. SQQQ - Risk-Adjusted Trends Comparison

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

UMDDSQQQDifference
Sharpe ratioReturn per unit of total volatility
1.36
-1.14

+2.50

Sortino ratioReturn per unit of downside risk
1.98
-2.07

+4.05

Omega ratioGain probability vs. loss probability

1.24

0.78

+0.46

Calmar ratioReturn relative to maximum drawdown

2.48

-0.96

+3.44

Martin ratioReturn relative to average drawdown

8.28

-1.81

+10.09

UMDD vs. SQQQ - Sharpe Ratio Comparison

The current UMDD Sharpe Ratio is 1.36, which is higher than the SQQQ Sharpe Ratio of -1.14. The chart below compares the historical Sharpe Ratios of UMDD and SQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

UMDD vs. SQQQ - Drawdown Comparison

The maximum UMDD drawdown since its inception was -86.24%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UMDD and SQQQ.

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Drawdown Indicators

UMDDSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-86.24%

-100.00%

+13.76%

Max Drawdown (1Y)

Largest decline over 1 year

-26.04%

-63.52%

+37.48%

Max Drawdown (3Y)

Largest decline over 3 years

-60.33%

-92.51%

+32.18%

Max Drawdown (5Y)

Largest decline over 5 years

-64.61%

-97.27%

+32.66%

Max Drawdown (10Y)

Largest decline over 10 years

-86.24%

-99.98%

+13.74%

Current Drawdown

Current decline from peak

-5.38%

-100.00%

+94.62%

Average Drawdown

Average peak-to-trough decline

-23.55%

-92.73%

+69.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.77%

36.37%

-28.60%

Volatility

UMDD vs. SQQQ - Volatility Comparison

The current volatility for ProShares UltraPro MidCap400 (UMDD) is 13.54%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.69%. This indicates that UMDD experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UMDDSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.54%

26.69%

-13.15%

Volatility (6M)

Calculated over the trailing 6-month period

35.31%

43.33%

-8.02%

Volatility (1Y)

Calculated over the trailing 1-year period

47.51%

53.65%

-6.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

58.96%

67.53%

-8.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

62.23%

66.47%

-4.24%

UMDD vs. SQQQ - Expense Ratio Comparison

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

Dividends

UMDD vs. SQQQ - Dividend Comparison

UMDD's dividend yield for the trailing twelve months is around 0.76%, less than SQQQ's 11.44% yield.

PositionTTM20252024202320222021202020192018201720162015
SQQQ
ProShares UltraPro Short QQQ		11.44%9.36%10.23%8.01%0.28%0.00%2.15%2.92%1.47%0.14%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 SQQQ have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SQQQ has higher volatility (26.69%) compared to UMDD (13.54%). In terms of maximum drawdown, UMDD dropped -86.24% vs SQQQ's -100.00%.

On 10-year performance, UMDD leads with 13.11% vs -56.24% for SQQQ. 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 -56.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

UMDD and SQQQ have the same expense ratio: 0.95% per year.

SQQQ has the higher dividend yield at 11.44%, compared with 0.76% for UMDD.

UMDD tracks S&P MidCap 400 Index (300%), while SQQQ tracks NASDAQ-100 Index (-300%).

UMDD currently has the higher Sharpe Ratio (1.36 vs -1.14), 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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