MVV vs UMDD: which held to its multiple?
Over three months against its own daily promise, MVV finished 1.2 points short and UMDD 1.6 points short. ProShares Ultra MidCap400 and ProShares UltraPro MidCap400.
MVV returned −12.3% while 2 times MDY's move would have been −11.1%
UMDD returned −18.2% while 3 times MDY's move would have been −16.7%
A percentile among the 470 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | MVV | UMDD | MVV | UMDD | MVV | UMDD |
| 1 month | −8.8% | −12.9% | −8.4% | −12.6% | −0.4 pts | −0.3 pts |
| 3 months | −12.3% | −18.2% | −11.1% | −16.7% | −1.2 pts | −1.5 pts |
| 6 months | +8.9% | +11.4% | +12.3% | +18.4% | −3.4 pts | −7.0 pts |
| 1 year | +15.4% | +17.9% | +22.8% | +34.2% | −7.4 pts | −16.3 pts |
| 3 years | +68.6% | +79.0% | +98.0% | +146.9% | −29.4 pts | −68.0 pts |
| Since launch MVV Jan 2010 · UMDD Feb 2010 | +1071.1% | +1401.8% | not meaningful | not meaningful | not meaningful | not meaningful |
MVV and UMDD over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
MVV and UMDD on the same fields, as of Sep 30, 2026. Source: ETFIQ.
MVV in plain words
Three months to Sep 30, 2026: MVV returned −12.3% where its own daily promise gave −11.1%, 1.2 points short. Read the multiple against the whole window instead and 2 times MDY's −5.6% implies −11.1%, which makes MVV look 1.2 points short. 0.0 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. MVV aims to return +2 times MDY's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. MDY moved at 12% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
UMDD in plain words
Three months to Sep 30, 2026: UMDD returned −18.2% where its own daily promise gave −16.6%, 1.6 points short. Read the multiple against the whole window instead and 3 times MDY's −5.6% implies −16.7%, which makes UMDD look 1.5 points short. 0.1 of that is daily compounding, which happens to any 3 times fund over the same path, and the rest is the fund. UMDD aims to return +3 times MDY's move each day, then resets. Over longer, the daily results compound, so the total is not +3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, MVV or UMDD?
- Over the window to Sep 30, 2026, MVV finished 1.2 points from what its multiple implies and UMDD finished 1.5 points from its own, so MVV came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are MVV and UMDD levered on the same thing?
- Yes. Both are levered on the S&P MidCap 400, MVV at +2 times and UMDD at +3 times the daily move.
- Which one decays faster, MVV or UMDD?
- Decay follows how much the underlying moves about. Over this window MVV’s moved at 12% annualized and UMDD’s at 12%, so MVV has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold MVV or UMDD for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, MVV against UMDD, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/mvv-vs-umdd
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, MVV against UMDD, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/mvv-vs-umdd Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, MVV against UMDD, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/mvv-vs-umdd
- APA
- ETFIQ. (Sep 30, 2026). MVV against UMDD. Retrieved from https://etfiq.com/compare/leverage/mvv-vs-umdd
- Markdown
- [MVV against UMDD (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/mvv-vs-umdd)