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UMDD vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UMDD vs. SQQQ

Last updated Aug 4, 2026
Documentation

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 10.96%/yr vs -54.51%/yr for SQQQ. Their -0.73 correlation means they have often moved in opposite directions in the past. 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 39.73% return, which is significantly higher than SQQQ's -38.05% return. Over the past 10 years, UMDD has outperformed SQQQ with an annualized return of 10.96%, while SQQQ has yielded a comparatively lower -54.51% 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%

SQQQ

1D
-5.26%
1M
3.70%
6M
-34.63%
YTD
-38.05%
1Y
-54.82%
3Y*
-52.10%
5Y*
-44.80%
10Y*
-54.51%
ALL TIME*
-52.82%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

SQQQ

ProShares UltraPro Short QQQ
$2.77B$2.43B$2.72B

UMDD

ProShares UltraPro MidCap400
$270.14K$258.68K$250.88K

UMDD vs. SQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UMDD
ProShares UltraPro MidCap400		39.73%-2.57%19.68%27.21%-49.60%72.27%-17.30%78.90%-40.29%49.17%
SQQQ
ProShares UltraPro Short QQQ		-38.05%-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 -0.65, 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.

-0.65

Correlation (3Y)
Balances recent behavior with more history.

-0.65

Correlation (5Y)
Shows whether the relationship held over a longer period.

-0.72

Correlation (10Y)
Provides a long-term view across more market conditions.

-0.67

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

-0.73

The correlation between UMDD and SQQQ has been stable across timeframes, ranging from -0.73 to -0.65 - a consistent structural relationship.

UMDD vs. SQQQ - Sectors Allocation Comparison

Sectors
UMDD
SQQQ

Industrials

25.3%

-

Technology

17.2%

-

Financial Services

13.9%
89.7%

Consumer Cyclical

10.5%

-

Healthcare

9.0%

-

Real Estate

7.2%

-

Basic Materials

4.8%

-

Energy

4.6%

-

Consumer Defensive

3.2%

-

Utilities

2.9%

-

Communication Services

1.5%

-

Industrials

UMDD
25.3%
SQQQ

-

Technology

UMDD
17.2%
SQQQ

-

Financial Services

UMDD
13.9%
SQQQ
89.7%

Consumer Cyclical

UMDD
10.5%
SQQQ

-

Healthcare

UMDD
9.0%
SQQQ

-

Real Estate

UMDD
7.2%
SQQQ

-

Basic Materials

UMDD
4.8%
SQQQ

-

Energy

UMDD
4.6%
SQQQ

-

Consumer Defensive

UMDD
3.2%
SQQQ

-

Utilities

UMDD
2.9%
SQQQ

-

Communication Services

UMDD
1.5%
SQQQ

-

Compare stocks, funds, or ETFs

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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. URTY
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 historical risk-adjusted metric ranks over the past 12 months.
UMDD
UMDD Risk / Return Rank: 5555
Overall Rank
UMDD Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
UMDD Sortino Ratio Rank: 5252
Sortino Ratio Rank
UMDD Omega Ratio Rank: 4949
Omega Ratio Rank
UMDD Calmar Ratio Rank: 6363
Calmar Ratio Rank
UMDD Martin Ratio Rank: 6262
Martin Ratio Rank
SQQQ
SQQQ Risk / Return Rank: 11
Overall Rank
SQQQ Sharpe Ratio Rank: 22
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 22
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 22
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 11
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
Martin Ratio Rank
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. 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
1.28
-0.95

+2.24

Sortino ratioReturn per unit of downside risk
1.91
-1.51

+3.42

Omega ratioGain probability vs. loss probability

1.23

0.84

+0.39

Calmar ratioReturn relative to maximum drawdown

2.32

-0.92

+3.24

Martin ratioReturn relative to average drawdown

7.72

-1.65

+9.36

UMDD vs. SQQQ - Sharpe Ratio Comparison

The current UMDD Sharpe Ratio is 1.28, which is higher than the SQQQ Sharpe Ratio of -0.95. 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%

-59.62%

+33.58%

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%

-99.97%

+13.73%

Current Drawdown

Current decline from peak

-5.06%

-100.00%

+94.94%

Average Drawdown

Average peak-to-trough decline

-23.43%

-92.78%

+69.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.81%

35.25%

-27.44%

Volatility

UMDD vs. SQQQ - Volatility Comparison

The current volatility for ProShares UltraPro MidCap400 (UMDD) is 11.11%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 21.07%. 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

11.11%

21.07%

-9.96%

Volatility (6M)

Calculated over the trailing 6-month period

35.07%

48.20%

-13.13%

Volatility (1Y)

Calculated over the trailing 1-year period

47.12%

57.95%

-10.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

58.72%

68.24%

-9.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

62.12%

66.78%

-4.66%

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 0.67%, less than SQQQ's 9.64% yield.

PositionTTM20252024202320222021202020192018201720162015
SQQQ
ProShares UltraPro Short QQQ		9.64%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		0.67%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

UMDD and SQQQ have a correlation of -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SQQQ has higher volatility (21.07%) compared to UMDD (11.11%). In terms of maximum drawdown, UMDD dropped -86.24% vs SQQQ's -100.00%.

On 10-year performance, UMDD leads with 10.96% vs -54.51% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, UMDD has been the lower-risk option at 11.11%. 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 10.96% return vs -54.51%. 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 9.64%, compared with 0.67% for UMDD.

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

UMDD currently has the higher Sharpe Ratio (1.28 vs -0.95), 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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