AMDD vs. USD

Last updated Jun 24, 2026

AMDD (Direxion Daily AMD Bear 1X Shares) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - AMDD is a Inverse Equities fund actively managed by Direxion, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). AMDD is actively managed, while USD is passively managed. Over the past year, AMDD returned -83.39% vs 206.76% for USD. At a correlation of -0.70, they often move in opposite directions. AMDD charges 0.97%/yr vs 0.95%/yr for USD.

Performance

AMDD vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AMD Bear 1X Shares (AMDD) and ProShares Ultra Semiconductors (USD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMDD achieves a -67.76% return, which is significantly lower than USD's 84.65% return.

AMDD

• 1D: 5.47%
• 1M: -14.63%
• YTD: -67.76%
• 6M: -67.57%
• 1Y: -83.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USD

• 1D: -12.35%
• 1M: 1.73%
• YTD: 84.65%
• 6M: 79.76%
• 1Y: 206.76%
• 3Y*: 114.28%
• 5Y*: 63.13%
• 10Y*: 61.02%

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

AMDD vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025
AMDD Direxion Daily AMD Bear 1X Shares	-67.76%	-61.12%
USD ProShares Ultra Semiconductors	84.65%	68.44%

Correlation

The correlation between AMDD and USD is -0.68, 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	-0.68
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025	-0.70

The correlation between AMDD and USD has been stable across timeframes, ranging from -0.70 to -0.68 - a consistent structural relationship.

Return for Risk

AMDD vs. USD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AMDD

AMDD Risk / Return Rank: 0
AMDD Sharpe Ratio Rank: 0
AMDD Sortino Ratio Rank: 0
AMDD Omega Ratio Rank: 0
AMDD Calmar Ratio Rank: 0
AMDD Martin Ratio Rank: 0

USD

USD Risk / Return Rank: 82
USD Sharpe Ratio Rank: 92
USD Sortino Ratio Rank: 67
USD Omega Ratio Rank: 71
USD Calmar Ratio Rank: 94
USD Martin Ratio Rank: 87

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.

AMDD vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AMD Bear 1X Shares (AMDD) and ProShares Ultra Semiconductors (USD). 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.

	AMDD	USD	Difference
Sharpe ratio: Return per unit of total volatility	-1.24	3.06	-4.30
Sortino ratio: Return per unit of downside risk	-2.77	2.94	-5.71
Omega ratio: Gain probability vs. loss probability	0.65	1.40	-0.75
Calmar ratio: Return relative to maximum drawdown	-1.00	6.54	-7.54
Martin ratio: Return relative to average drawdown	-1.69	18.16	-19.85

AMDD vs. USD - Sharpe Ratio Comparison

The current AMDD Sharpe Ratio is -1.24, which is lower than the USD Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of AMDD and USD, 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

AMDD vs. USD - Drawdown Comparison

The maximum AMDD drawdown since its inception was -91.33%, roughly equal to the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for AMDD and USD.

Drawdown Indicators

	AMDD	USD	Difference
Max Drawdown Largest peak-to-trough decline	-91.33%	-88.63%	-2.70%
Max Drawdown (1Y) Largest decline over 1 year	-83.49%	-31.80%	-51.69%
Max Drawdown (3Y) Largest decline over 3 years	—	-64.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-77.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-77.85%	—
Current Drawdown Current decline from peak	-90.86%	-14.69%	-76.17%
Average Drawdown Average peak-to-trough decline	-57.41%	-32.29%	-25.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.15%	11.44%	+39.71%

Volatility

AMDD vs. USD - Volatility Comparison

The current volatility for Direxion Daily AMD Bear 1X Shares (AMDD) is 24.12%, while ProShares Ultra Semiconductors (USD) has a volatility of 34.07%. This indicates that AMDD experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMDD	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.12%	34.07%	-9.95%
Volatility (6M) Calculated over the trailing 6-month period	52.50%	54.13%	-1.63%
Volatility (1Y) Calculated over the trailing 1-year period	67.47%	67.96%	-0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.86%	77.73%	-10.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.86%	69.83%	-2.97%

AMDD vs. USD - Expense Ratio Comparison

AMDD has a 0.97% expense ratio, which is higher than USD's 0.95% expense ratio.

Dividends

AMDD vs. USD - Dividend Comparison

AMDD's dividend yield for the trailing twelve months is around 19.20%, more than USD's 0.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMDD Direxion Daily AMD Bear 1X Shares	19.20%	5.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.25%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both AMDD and USD in my portfolio?

AMDD and USD have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMDD or USD?

USD has higher volatility (34.07%) compared to AMDD (24.12%). In terms of maximum drawdown, AMDD dropped -91.33% vs USD's -88.63%.

Which ETF is better, AMDD or USD?

On 1-year performance, USD leads with 206.76% vs -83.39% for AMDD. On fees, USD is cheaper at 0.95% per year. On volatility, AMDD has been the lower-risk option at 24.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMDD or USD?

Over the 1-year period, USD has performed better with a 206.76% return vs -83.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMDD or USD?

USD is cheaper with a 0.95% expense ratio, compared with 0.97% for AMDD.

Which ETF pays a higher dividend yield, AMDD or USD?

AMDD has the higher dividend yield at 19.20%, compared with 0.25% for USD.

What is the main difference between AMDD and USD?

AMDD is categorized as Inverse Equities, while USD is Leveraged Equities. They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.97% for AMDD and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (3.06 vs -1.24), 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.