UMDD vs. TMF
UMDD (ProShares UltraPro MidCap400) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - UMDD is a Leveraged Equities fund tracking the S&P MidCap 400 Index (300%), while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 10 years, UMDD returned 11.03%/yr vs -18.08%/yr for TMF. At a correlation of -0.23, they often move in opposite directions. UMDD charges 0.95%/yr vs 1.01%/yr for TMF.
Performance
UMDD vs. TMF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UMDD achieves a 38.51% return, which is significantly higher than TMF's -11.93% return. Over the past 10 years, UMDD has outperformed TMF with an annualized return of 11.03%, while TMF has yielded a comparatively lower -18.08% annualized return.
UMDD
- 1D
- 3.00%
- 1M
- -1.43%
- 6M
- 22.31%
- YTD
- 38.51%
- 1Y
- 50.43%
- 3Y*
- 17.74%
- 5Y*
- 4.51%
- 10Y*
- 11.03%
- ALL TIME*
- 19.40%
TMF
- 1D
- -1.01%
- 1M
- -10.16%
- 6M
- -9.78%
- YTD
- -11.93%
- 1Y
- -7.67%
- 3Y*
- -21.85%
- 5Y*
- -34.00%
- 10Y*
- -18.08%
- ALL TIME*
- -6.40%
UMDD vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UMDD ProShares UltraPro MidCap400 | 38.51% | -2.57% | 19.68% | 27.21% | -49.60% | 72.27% | -17.30% | 78.90% | -40.29% | 49.17% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -11.93% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between UMDD and TMF is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.23 |
The correlation between UMDD and TMF shifts across timeframes, from -0.23 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UMDD vs. TMF — Risk / Return Rank
UMDD
TMF
UMDD vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro MidCap400 (UMDD) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). 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 | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.35 | ||
| Sortino ratioReturn per unit of downside risk | +1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.98 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | -0.29 | +2.24 |
| Martin ratioReturn relative to average drawdown | 6.43 | -0.58 | +7.01 |
Loading charts...
Drawdowns
UMDD vs. TMF - Drawdown Comparison
The maximum UMDD drawdown since its inception was -86.24%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for UMDD and TMF.
Loading charts...
Drawdown Indicators
| UMDD | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.24% | -92.89% | +6.65% |
Max Drawdown (1Y)Largest decline over 1 year | -26.04% | -26.51% | +0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -60.33% | -53.47% | -6.86% |
Max Drawdown (5Y)Largest decline over 5 years | -64.61% | -88.81% | +24.20% |
Max Drawdown (10Y)Largest decline over 10 years | -86.24% | -92.89% | +6.65% |
Current DrawdownCurrent decline from peak | -5.90% | -92.71% | +86.81% |
Average DrawdownAverage peak-to-trough decline | -23.46% | -43.98% | +20.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.87% | 13.32% | -5.45% |
Volatility
UMDD vs. TMF - Volatility Comparison
ProShares UltraPro MidCap400 (UMDD) has a higher volatility of 10.22% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.32%. This indicates that UMDD's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UMDD | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.22% | 7.32% | +2.90% |
Volatility (6M)Calculated over the trailing 6-month period | 35.30% | 19.81% | +15.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.25% | 27.58% | +19.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.69% | 46.37% | +12.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.10% | 43.72% | +18.38% |
UMDD vs. TMF - Expense Ratio Comparison
UMDD has a 0.95% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
UMDD vs. TMF - Dividend Comparison
UMDD's dividend yield for the trailing twelve months is around 0.67%, less than TMF's 4.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.48% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% | 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 TMF have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UMDD has higher volatility (10.22%) compared to TMF (7.32%). In terms of maximum drawdown, UMDD dropped -86.24% vs TMF's -92.89%.
On 10-year performance, UMDD leads with 11.03% vs -18.08% for TMF. On fees, UMDD is cheaper at 0.95% per year. On volatility, TMF has been the lower-risk option at 7.32%. 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 11.03% return vs -18.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UMDD is cheaper with a 0.95% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.48%, compared with 0.67% for UMDD.
UMDD is categorized as Leveraged Equities, while TMF is Leveraged Bonds. UMDD tracks S&P MidCap 400 Index (300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UMDD and 1.01% for TMF.
UMDD currently has the higher Sharpe Ratio (1.07 vs -0.28), 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.
Find the right allocation for UMDD and TMF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer