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UMDD vs. SSO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UMDD vs. SSO

Last updated Aug 4, 2026
Documentation

UMDD (ProShares UltraPro MidCap400) and SSO (ProShares Ultra S&P500) are both Leveraged Equities funds from ProShares - UMDD tracks the S&P MidCap 400 Index (300%) while SSO tracks the S&P 500. Both are passively managed. Over the past 10 years, UMDD returned 10.96%/yr vs 23.26%/yr for SSO. Their correlation of 0.86 means they have usually moved in the same direction. UMDD charges 0.95%/yr vs 0.87%/yr for SSO.

Performance

UMDD vs. SSO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro MidCap400 (UMDD) and ProShares Ultra S&P500 (SSO). 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 SSO's 19.52% return. Over the past 10 years, UMDD has underperformed SSO with an annualized return of 10.96%, while SSO has yielded a comparatively higher 23.26% 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%

SSO

1D
2.91%
1M
2.90%
6M
15.55%
YTD
19.52%
1Y
41.35%
3Y*
33.95%
5Y*
17.79%
10Y*
23.26%
ALL TIME*
15.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

SSO

ProShares Ultra S&P500
$185.74M$192.80M$223.12M

UMDD

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

UMDD vs. SSO - 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%
SSO
ProShares Ultra S&P500		19.52%26.19%43.48%46.65%-38.98%60.57%21.54%63.45%-14.60%44.35%

Correlation

The correlation between UMDD and SSO is 0.75, 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.

0.75

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

0.79

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

0.84

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

0.83

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

0.86

The correlation between UMDD and SSO shifts across timeframes, from 0.75 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

UMDD vs. SSO - Sectors Allocation Comparison

Sectors
UMDD
SSO

Industrials

25.3%
5.4%

Technology

17.2%
26.3%

Financial Services

13.9%
25.4%

Consumer Cyclical

10.5%
6.1%

Healthcare

9.0%
6.3%

Real Estate

7.2%
1.3%

Basic Materials

4.8%
1.3%

Energy

4.6%
2.3%

Consumer Defensive

3.2%
3.2%

Utilities

2.9%
1.9%

Communication Services

1.5%
6.4%

Industrials

UMDD
25.3%
SSO
5.4%

Technology

UMDD
17.2%
SSO
26.3%

Financial Services

UMDD
13.9%
SSO
25.4%

Consumer Cyclical

UMDD
10.5%
SSO
6.1%

Healthcare

UMDD
9.0%
SSO
6.3%

Real Estate

UMDD
7.2%
SSO
1.3%

Basic Materials

UMDD
4.8%
SSO
1.3%

Energy

UMDD
4.6%
SSO
2.3%

Consumer Defensive

UMDD
3.2%
SSO
3.2%

Utilities

UMDD
2.9%
SSO
1.9%

Communication Services

UMDD
1.5%
SSO
6.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraPro MidCap400

ProShares Ultra S&P500

Often compared with UMDD:
UMDD vs. MIDUUMDD vs. SMDDUMDD vs. MVVUMDD vs. SAAUMDD vs. TQQQUMDD vs. MDYUMDD vs. URTY
Often compared with SSO:
SSO vs. QLDSSO vs. SPYSSO vs. UPROSSO vs. VOOSSO vs. SPUUSSO vs. SPXLSSO vs. QQQ

Return for Risk

UMDD vs. SSO — 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
SSO
SSO Risk / Return Rank: 6767
Overall Rank
SSO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
SSO Sortino Ratio Rank: 6565
Sortino Ratio Rank
SSO Omega Ratio Rank: 6565
Omega Ratio Rank
SSO Calmar Ratio Rank: 6464
Calmar Ratio Rank
SSO Martin Ratio Rank: 7373
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. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro MidCap400 (UMDD) and ProShares Ultra S&P500 (SSO). 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.

UMDDSSODifference
Sharpe ratioReturn per unit of total volatility
1.28
1.63

-0.34

Sortino ratioReturn per unit of downside risk
1.91
2.18

-0.27

Omega ratioGain probability vs. loss probability

1.23

1.28

-0.05

Calmar ratioReturn relative to maximum drawdown

2.32

2.29

+0.03

Martin ratioReturn relative to average drawdown

7.72

9.14

-1.43

UMDD vs. SSO - Sharpe Ratio Comparison

The current UMDD Sharpe Ratio is 1.28, which is comparable to the SSO Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of UMDD and SSO, 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. SSO - Drawdown Comparison

The maximum UMDD drawdown since its inception was -86.24%, roughly equal to the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for UMDD and SSO.

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Drawdown Indicators

UMDDSSODifference

Max Drawdown

Largest peak-to-trough decline

-86.24%

-84.67%

-1.57%

Max Drawdown (1Y)

Largest decline over 1 year

-26.04%

-18.17%

-7.87%

Max Drawdown (3Y)

Largest decline over 3 years

-60.33%

-35.21%

-25.12%

Max Drawdown (5Y)

Largest decline over 5 years

-64.61%

-46.73%

-17.88%

Max Drawdown (10Y)

Largest decline over 10 years

-86.24%

-59.34%

-26.90%

Current Drawdown

Current decline from peak

-5.06%

-1.28%

-3.78%

Average Drawdown

Average peak-to-trough decline

-23.43%

-19.44%

-3.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.81%

4.53%

+3.28%

Volatility

UMDD vs. SSO - Volatility Comparison

ProShares UltraPro MidCap400 (UMDD) has a higher volatility of 11.11% compared to ProShares Ultra S&P500 (SSO) at 7.63%. This indicates that UMDD's price experiences larger fluctuations and is considered to be riskier than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UMDDSSODifference

Volatility (1M)

Calculated over the trailing 1-month period

11.11%

7.63%

+3.48%

Volatility (6M)

Calculated over the trailing 6-month period

35.07%

20.31%

+14.76%

Volatility (1Y)

Calculated over the trailing 1-year period

47.12%

25.58%

+21.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

58.72%

33.91%

+24.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

62.12%

35.93%

+26.19%

UMDD vs. SSO - Expense Ratio Comparison

UMDD has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.

Dividends

UMDD vs. SSO - Dividend Comparison

UMDD's dividend yield for the trailing twelve months is around 0.67%, more than SSO's 0.66% yield.

PositionTTM20252024202320222021202020192018201720162015
SSO
ProShares Ultra S&P500		0.66%0.68%0.85%0.18%0.50%0.18%0.20%0.50%0.75%0.39%0.51%0.63%
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 SSO 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.

UMDD has higher volatility (11.11%) compared to SSO (7.63%). In terms of maximum drawdown, UMDD dropped -86.24% vs SSO's -84.67%.

On 10-year performance, SSO leads with 23.26% vs 10.96% for UMDD. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 7.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SSO has performed better with a 23.26% return vs 10.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for UMDD.

UMDD has the higher dividend yield at 0.67%, compared with 0.66% for SSO.

UMDD tracks S&P MidCap 400 Index (300%), while SSO tracks S&P 500. Their fees differ too: 0.95% for UMDD and 0.87% for SSO.

SSO currently has the higher Sharpe Ratio (1.63 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.

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