BULZ vs. USD

Last updated Jun 4, 2026

BULZ (MicroSectors Solactive FANG & Innovation 3X Leveraged ETN) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds - BULZ tracks the Solactive FANG Innovation while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 3 years, BULZ returned 102.20%/yr vs 127.67%/yr for USD. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

BULZ vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Solactive FANG & Innovation 3X Leveraged ETN (BULZ) 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, BULZ achieves a 100.89% return, which is significantly lower than USD's 114.00% return.

BULZ

• 1D: -3.69%
• 1M: 48.46%
• YTD: 100.89%
• 6M: 88.97%
• 1Y: 258.75%
• 3Y*: 102.20%
• 5Y*: —
• 10Y*: —

USD

• 1D: -1.14%
• 1M: 44.53%
• YTD: 114.00%
• 6M: 111.06%
• 1Y: 274.62%
• 3Y*: 127.67%
• 5Y*: 69.52%
• 10Y*: 62.16%

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

BULZ vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BULZ MicroSectors Solactive FANG & Innovation 3X Leveraged ETN	100.89%	60.09%	54.09%	394.22%	-92.26%	12.62%
USD ProShares Ultra Semiconductors	114.00%	62.08%	139.64%	228.79%	-68.57%	61.48%

Correlation

The correlation between BULZ and USD is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Aug 19, 2021	0.87

The correlation between BULZ and USD has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.

BULZ vs. USD - Sectors Allocation Comparison

Sectors	BULZ	USD
Technology	62.3%	27.4%
Communication Services	25.0%	-
Consumer Cyclical	12.8%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Financial Services	-	27.8%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

BULZ vs. USD — Risk / Return Rank

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

BULZ

BULZ Risk / Return Rank: 76
BULZ Sharpe Ratio Rank: 93
BULZ Sortino Ratio Rank: 67
BULZ Omega Ratio Rank: 68
BULZ Calmar Ratio Rank: 85
BULZ Martin Ratio Rank: 69

USD

USD Risk / Return Rank: 90
USD Sharpe Ratio Rank: 97
USD Sortino Ratio Rank: 83
USD Omega Ratio Rank: 83
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 93

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.

BULZ vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Solactive FANG & Innovation 3X Leveraged ETN (BULZ) 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.

	BULZ	USD	Difference
Sharpe ratio: Return per unit of total volatility	3.51	4.53	-1.03
Sortino ratio: Return per unit of downside risk	3.13	3.81	-0.68
Omega ratio: Gain probability vs. loss probability	1.42	1.51	-0.10
Calmar ratio: Return relative to maximum drawdown	4.81	8.70	-3.89
Martin ratio: Return relative to average drawdown	12.88	25.16	-12.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BULZ vs. USD - Sharpe Ratio Comparison

The current BULZ Sharpe Ratio is 3.51, which is comparable to the USD Sharpe Ratio of 4.53. The chart below compares the historical Sharpe Ratios of BULZ 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.

Sharpe Ratios by Period

	BULZ	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.51	4.53	-1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.91	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.49	-0.30

Drawdowns

BULZ vs. USD - Drawdown Comparison

The maximum BULZ drawdown since its inception was -94.44%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for BULZ and USD.

Drawdown Indicators

	BULZ	USD	Difference
Max Drawdown Largest peak-to-trough decline	-94.44%	-88.63%	-5.81%
Max Drawdown (1Y) Largest decline over 1 year	-54.22%	-31.80%	-22.42%
Max Drawdown (3Y) Largest decline over 3 years	-67.96%	-64.46%	-3.50%
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	-5.35%	-1.14%	-4.21%
Average Drawdown Average peak-to-trough decline	-58.42%	-32.35%	-26.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.19%	10.97%	+9.22%

Volatility

BULZ vs. USD - Volatility Comparison

MicroSectors Solactive FANG & Innovation 3X Leveraged ETN (BULZ) has a higher volatility of 22.49% compared to ProShares Ultra Semiconductors (USD) at 20.36%. This indicates that BULZ's price experiences larger fluctuations and is considered to be riskier than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BULZ	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.49%	20.36%	+2.13%
Volatility (6M) Calculated over the trailing 6-month period	56.86%	46.39%	+10.47%
Volatility (1Y) Calculated over the trailing 1-year period	74.35%	61.22%	+13.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	91.23%	76.55%	+14.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.23%	69.23%	+22.00%

BULZ vs. USD - Expense Ratio Comparison

Both BULZ and USD have an expense ratio of 0.95%.

Dividends

BULZ vs. USD - Dividend Comparison

BULZ has not paid dividends to shareholders, while USD's dividend yield for the trailing twelve months is around 0.21%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BULZ MicroSectors Solactive FANG & Innovation 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.21%	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 BULZ and USD in my portfolio?

BULZ and USD have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BULZ or USD?

BULZ has higher volatility (22.49%) compared to USD (20.36%). In terms of maximum drawdown, BULZ dropped -94.44% vs USD's -88.63%.

Which ETF is better, BULZ or USD?

On 3-year performance, USD leads with 127.67% vs 102.20% for BULZ. Both ETFs have the same 0.95% expense ratio. On volatility, USD has been the lower-risk option at 20.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BULZ or USD?

Over the 3-year period, USD has performed better with a 127.67% return vs 102.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BULZ or USD?

BULZ and USD have the same expense ratio: 0.95% per year.

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

USD has the higher dividend yield at 0.21%, compared with 0.00% for BULZ.

What is the main difference between BULZ and USD?

BULZ tracks Solactive FANG Innovation, while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: BMO and ProShares.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.53 vs 3.51), 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.