UMDD vs. TQQQ

Last updated Aug 2, 2026

UMDD (ProShares UltraPro MidCap400) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - UMDD tracks the S&P MidCap 400 Index (300%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, UMDD returned 11.12%/yr vs 39.46%/yr for TQQQ. Their 0.73 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.

Performance

UMDD vs. TQQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, UMDD achieves a 35.46% return, which is significantly higher than TQQQ's 23.06% return. Over the past 10 years, UMDD has underperformed TQQQ with an annualized return of 11.12%, while TQQQ has yielded a comparatively higher 39.46% annualized return.

UMDD

• 1D: -0.37%
• 1M: -3.98%
• 6M: 22.23%
• YTD: 35.46%
• 1Y: 55.22%
• 3Y*: 16.21%
• 5Y*: 2.85%
• 10Y*: 11.12%
• ALL TIME*: 19.20%

TQQQ

• 1D: 2.09%
• 1M: -11.90%
• 6M: 20.14%
• YTD: 23.06%
• 1Y: 56.87%
• 3Y*: 43.81%
• 5Y*: 15.36%
• 10Y*: 39.46%
• ALL TIME*: 42.33%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TQQQ ProShares UltraPro QQQ	$4.37B	$4.57B	$5.33B
UMDD ProShares UltraPro MidCap400	$334.25K	$273.81K	$251.01K

UMDD vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UMDD ProShares UltraPro MidCap400	35.46%	-2.57%	19.68%	27.21%	-49.60%	72.27%	-17.30%	78.90%	-40.29%	49.17%
TQQQ ProShares UltraPro QQQ	23.06%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

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

UMDD vs. TQQQ - Sectors Allocation Comparison

Sectors	UMDD	TQQQ
Industrials	25.3%	2.8%
Technology	17.2%	53.8%
Financial Services	13.9%	0.2%
Consumer Cyclical	10.5%	12.3%
Healthcare	9.0%	4.2%
Real Estate	7.2%	0.1%
Basic Materials	4.8%	1.1%
Energy	4.6%	0.6%
Consumer Defensive	3.2%	7.7%
Utilities	2.9%	1.4%
Communication Services	1.5%	15.8%

Return for Risk

UMDD vs. TQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UMDD

UMDD Risk / Return Rank: 47
UMDD Sharpe Ratio Rank: 42
UMDD Sortino Ratio Rank: 45
UMDD Omega Ratio Rank: 42
UMDD Calmar Ratio Rank: 53
UMDD Martin Ratio Rank: 53

TQQQ

TQQQ Risk / Return Rank: 36
TQQQ Sharpe Ratio Rank: 34
TQQQ Sortino Ratio Rank: 37
TQQQ Omega Ratio Rank: 36
TQQQ Calmar Ratio Rank: 37
TQQQ Martin Ratio Rank: 36

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. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro MidCap400 (UMDD) and ProShares UltraPro QQQ (TQQQ). 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	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.04	0.83	+0.21
Sortino ratio: Return per unit of downside risk	1.65	1.38	+0.27
Omega ratio: Gain probability vs. loss probability	1.20	1.17	+0.03
Calmar ratio: Return relative to maximum drawdown	1.88	1.29	+0.59
Martin ratio: Return relative to average drawdown	6.25	3.60	+2.65

UMDD vs. TQQQ - Sharpe Ratio Comparison

The current UMDD Sharpe Ratio is 1.04, which is comparable to the TQQQ Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of UMDD and TQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UMDD vs. TQQQ - Drawdown Comparison

The maximum UMDD drawdown since its inception was -86.24%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for UMDD and TQQQ.

Drawdown Indicators

	UMDD	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-86.24%	-81.66%	-4.58%
Max Drawdown (1Y) Largest decline over 1 year	-26.04%	-36.97%	+10.93%
Max Drawdown (3Y) Largest decline over 3 years	-60.33%	-58.04%	-2.29%
Max Drawdown (5Y) Largest decline over 5 years	-64.61%	-81.66%	+17.05%
Max Drawdown (10Y) Largest decline over 10 years	-86.24%	-81.66%	-4.58%
Current Drawdown Current decline from peak	-7.97%	-25.74%	+17.77%
Average Drawdown Average peak-to-trough decline	-23.43%	-18.49%	-4.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.82%	13.24%	-5.42%

Volatility

UMDD vs. TQQQ - Volatility Comparison

The current volatility for ProShares UltraPro MidCap400 (UMDD) is 10.68%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.41%. This indicates that UMDD experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMDD	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.68%	20.41%	-9.73%
Volatility (6M) Calculated over the trailing 6-month period	35.11%	47.79%	-12.68%
Volatility (1Y) Calculated over the trailing 1-year period	47.30%	57.62%	-10.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.69%	68.04%	-9.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.10%	66.57%	-4.47%

UMDD vs. TQQQ - Expense Ratio Comparison

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

Dividends

UMDD vs. TQQQ - Dividend Comparison

UMDD's dividend yield for the trailing twelve months is around 0.69%, more than TQQQ's 0.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQQQ ProShares UltraPro QQQ	0.58%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%
UMDD ProShares UltraPro MidCap400	0.69%	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 TQQQ in my portfolio?

UMDD and TQQQ 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.

Which is riskier, UMDD or TQQQ?

TQQQ has higher volatility (20.41%) compared to UMDD (10.68%). In terms of maximum drawdown, UMDD dropped -86.24% vs TQQQ's -81.66%.

Which ETF is better, UMDD or TQQQ?

On 10-year performance, TQQQ leads with 39.46% vs 11.12% for UMDD. Both ETFs have the same 0.95% expense ratio. On volatility, UMDD has been the lower-risk option at 10.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UMDD or TQQQ?

Over the 10-year period, TQQQ has performed better with a 39.46% return vs 11.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMDD or TQQQ?

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

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

UMDD has the higher dividend yield at 0.69%, compared with 0.58% for TQQQ.

What is the main difference between UMDD and TQQQ?

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

Which has better risk-adjusted returns?

UMDD currently has the higher Sharpe Ratio (1.04 vs 0.83), 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.