UMDD vs. UVXY
UMDD (ProShares UltraPro MidCap400) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - UMDD is a Leveraged Equities fund tracking the S&P MidCap 400 Index (300%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, UMDD returned 11.02%/yr vs -72.05%/yr for UVXY. At a correlation of -0.69, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UMDD vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, UMDD achieves a 36.23% return, which is significantly higher than UVXY's -32.31% return. Over the past 10 years, UMDD has outperformed UVXY with an annualized return of 11.02%, while UVXY has yielded a comparatively lower -72.05% annualized return.
UMDD
- 1D
- -1.79%
- 1M
- -3.67%
- 6M
- 18.94%
- YTD
- 36.23%
- 1Y
- 44.87%
- 3Y*
- 18.33%
- 5Y*
- 3.86%
- 10Y*
- 11.02%
UVXY
- 1D
- 4.92%
- 1M
- -15.35%
- 6M
- -29.18%
- YTD
- -32.31%
- 1Y
- -71.44%
- 3Y*
- -61.73%
- 5Y*
- -67.56%
- 10Y*
- -72.05%
UMDD vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UMDD ProShares UltraPro MidCap400 | 36.23% | -2.57% | 19.68% | 27.21% | -49.60% | 72.27% | -17.30% | 78.90% | -40.29% | 49.17% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -32.31% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between UMDD and UVXY is -0.62, 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 | -0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.66 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.69 |
The correlation between UMDD and UVXY has been stable across timeframes, ranging from -0.69 to -0.62 - a consistent structural relationship.
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Return for Risk
UMDD vs. UVXY — Risk / Return Rank
UMDD
UVXY
UMDD vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro MidCap400 (UMDD) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.79 | ||
| Sortino ratioReturn per unit of downside risk | +3.05 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.83 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | -0.98 | +2.71 |
| Martin ratioReturn relative to average drawdown | 5.76 | -1.46 | +7.22 |
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Drawdowns
UMDD vs. UVXY - Drawdown Comparison
The maximum UMDD drawdown since its inception was -86.24%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UMDD and UVXY.
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Drawdown Indicators
| UMDD | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.24% | -100.00% | +13.76% |
Max Drawdown (1Y)Largest decline over 1 year | -26.04% | -73.42% | +47.38% |
Max Drawdown (3Y)Largest decline over 3 years | -60.33% | -95.32% | +34.99% |
Max Drawdown (5Y)Largest decline over 5 years | -64.61% | -99.74% | +35.13% |
Max Drawdown (10Y)Largest decline over 10 years | -86.24% | -100.00% | +13.76% |
Current DrawdownCurrent decline from peak | -7.44% | -100.00% | +92.56% |
Average DrawdownAverage peak-to-trough decline | -23.49% | -98.75% | +75.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.82% | 48.91% | -41.09% |
Volatility
UMDD vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraPro MidCap400 (UMDD) is 12.69%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 21.23%. This indicates that UMDD experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UMDD | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.69% | 21.23% | -8.54% |
Volatility (6M)Calculated over the trailing 6-month period | 35.24% | 66.69% | -31.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.53% | 85.49% | -37.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.88% | 103.84% | -44.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.09% | 112.03% | -49.94% |
UMDD vs. UVXY - Expense Ratio Comparison
Both UMDD and UVXY have an expense ratio of 0.95%.
Dividends
UMDD vs. UVXY - Dividend Comparison
UMDD's dividend yield for the trailing twelve months is around 0.68%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UMDD ProShares UltraPro MidCap400 | 0.68% | 1.00% | 0.76% | 0.19% | 0.49% | 0.06% | 0.08% | 0.64% | 0.32% | 0.00% | 0.03% | 0.06% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UMDD and UVXY have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.23%) compared to UMDD (12.69%). In terms of maximum drawdown, UMDD dropped -86.24% vs UVXY's -100.00%.
On 10-year performance, UMDD leads with 11.02% vs -72.05% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UMDD has been the lower-risk option at 12.69%. 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 11.02% return vs -72.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UMDD and UVXY have the same expense ratio: 0.95% per year.
UMDD has the higher dividend yield at 0.68%, compared with 0.00% for UVXY.
UMDD is categorized as Leveraged Equities, while UVXY is Volatility. UMDD tracks S&P MidCap 400 Index (300%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UMDD currently has the higher Sharpe Ratio (0.95 vs -0.84), 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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