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UMDD vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UMDD vs. UVXY

Last updated Jun 4, 2026

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 11.97%/yr vs -72.67%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro MidCap400 (UMDD) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 37.59% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, UMDD has outperformed UVXY with an annualized return of 11.97%, while UVXY has yielded a comparatively lower -72.67% annualized return.

UMDD

1D
-0.02%
1M
10.87%
YTD
37.59%
6M
37.25%
1Y
65.82%
3Y*
25.91%
5Y*
2.33%
10Y*
11.97%

UVXY

1D
-0.24%
1M
-22.10%
YTD
-19.06%
6M
-37.37%
1Y
-72.91%
3Y*
-64.55%
5Y*
-67.90%
10Y*
-72.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UMDD vs. UVXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UMDD
ProShares UltraPro MidCap400		37.59%-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		-19.06%-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 -0.61, 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

-0.61

Correlation (3Y)
Calculated over the trailing 3-year period

-0.62

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 5, 2011

-0.69

The correlation between UMDD and UVXY has been stable across timeframes, ranging from -0.69 to -0.61 - a consistent structural relationship.

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 VIX Short-Term Futures ETF

Often compared with UMDD:
UMDD vs. MIDUUMDD vs. SMDDUMDD vs. MVVUMDD vs. SAAUMDD vs. TQQQUMDD vs. MDYUMDD vs. UPRO
Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS

Return for Risk

UMDD vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UMDD
UMDD Risk / Return Rank: 4444
Overall Rank
UMDD Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
UMDD Sortino Ratio Rank: 3939
Sortino Ratio Rank
UMDD Omega Ratio Rank: 3737
Omega Ratio Rank
UMDD Calmar Ratio Rank: 5252
Calmar Ratio Rank
UMDD Martin Ratio Rank: 5050
Martin Ratio Rank
UVXY
UVXY Risk / Return Rank: 11
Overall Rank
UVXY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
UVXY Sortino Ratio Rank: 11
Sortino Ratio Rank
UVXY Omega Ratio Rank: 11
Omega Ratio Rank
UVXY Calmar Ratio Rank: 11
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

UMDDUVXYDifference

Sharpe ratio

Return per unit of total volatility

1.42

-0.87

+2.28

Sortino ratio

Return per unit of downside risk

2.04

-1.60

+3.64

Omega ratio

Gain probability vs. loss probability

1.25

0.82

+0.43

Calmar ratio

Return relative to maximum drawdown

2.54

-0.97

+3.51

Martin ratio

Return relative to average drawdown

8.51

-1.31

+9.82

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UMDD vs. UVXY - Sharpe Ratio Comparison

The current UMDD Sharpe Ratio is 1.42, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of UMDD and UVXY, 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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Sharpe Ratios by Period

UMDDUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.42

-0.87

+2.28

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.04

-0.66

+0.70

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.19

-0.64

+0.83

Sharpe Ratio (All Time)

Calculated using the full available price history

0.32

-0.68

+1.00

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

UMDDUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-86.24%

-100.00%

+13.76%

Max Drawdown (1Y)

Largest decline over 1 year

-26.04%

-75.22%

+49.18%

Max Drawdown (3Y)

Largest decline over 3 years

-60.33%

-95.45%

+35.12%

Max Drawdown (5Y)

Largest decline over 5 years

-64.61%

-99.68%

+35.07%

Max Drawdown (10Y)

Largest decline over 10 years

-86.24%

-100.00%

+13.76%

Current Drawdown

Current decline from peak

-5.77%

-100.00%

+94.23%

Average Drawdown

Average peak-to-trough decline

-23.61%

-98.55%

+74.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.76%

55.63%

-47.87%

Volatility

UMDD vs. UVXY - Volatility Comparison

ProShares UltraPro MidCap400 (UMDD) has a higher volatility of 13.48% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 11.77%. This indicates that UMDD's price experiences larger fluctuations and is considered to be riskier 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

UMDDUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.48%

11.77%

+1.71%

Volatility (6M)

Calculated over the trailing 6-month period

34.23%

62.64%

-28.41%

Volatility (1Y)

Calculated over the trailing 1-year period

46.79%

84.42%

-37.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

58.91%

103.85%

-44.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

62.28%

113.82%

-51.54%

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 0.76%, while UVXY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
UMDD
ProShares UltraPro MidCap400		0.76%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 -0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UMDD has higher volatility (13.48%) compared to UVXY (11.77%). In terms of maximum drawdown, UMDD dropped -86.24% vs UVXY's -100.00%.

On 10-year performance, UMDD leads with 11.97% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 11.77%. 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 11.97% return vs -72.67%. 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 0.76%, 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 (1.42 vs -0.87), 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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