CDC vs. USD

Last updated Aug 4, 2026

CDC (VictoryShares US EQ Income Enhanced Volatility Wtd ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - CDC is a Low Volatility fund tracking the Nasdaq Victory U.S. Large Cap High Dividend 100 Long/Cash Volatility Weighted Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, CDC returned 10.31%/yr vs 53.94%/yr for USD. Their 0.38 correlation means their historical movements had little consistent relationship. CDC charges 0.37%/yr vs 0.95%/yr for USD.

Performance

CDC vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US EQ Income Enhanced Volatility Wtd ETF (CDC) 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, CDC achieves a 17.86% return, which is significantly lower than USD's 55.27% return. Over the past 10 years, CDC has underperformed USD with an annualized return of 10.31%, while USD has yielded a comparatively higher 53.94% annualized return.

CDC

• 1D: 0.32%
• 1M: 0.75%
• 6M: 10.89%
• YTD: 17.86%
• 1Y: 22.83%
• 3Y*: 14.17%
• 5Y*: 6.93%
• 10Y*: 10.31%
• ALL TIME*: 10.03%

USD

• 1D: 3.34%
• 1M: -7.07%
• 6M: 41.04%
• YTD: 55.27%
• 1Y: 98.72%
• 3Y*: 95.45%
• 5Y*: 54.39%
• 10Y*: 53.94%
• ALL TIME*: 28.27%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CDC VictoryShares US EQ Income Enhanced Volatility Wtd ETF	$1.02M	$962.07K	$1.21M
USD ProShares Ultra Semiconductors	$71.31M	$70.59M	$96.20M

CDC vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CDC VictoryShares US EQ Income Enhanced Volatility Wtd ETF	17.86%	8.96%	14.48%	-4.99%	-7.86%	33.05%	12.88%	19.64%	-5.97%	15.77%
USD ProShares Ultra Semiconductors	55.27%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between CDC and USD is -0.19, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.19
Correlation (3Y) Balances recent behavior with more history.	-0.02
Correlation (5Y) Shows whether the relationship held over a longer period.	0.21
Correlation (10Y) Provides a long-term view across more market conditions.	0.33
Correlation (All Time) Calculated using the full available price history since Jul 2, 2014	0.38

The correlation between CDC and USD shifts across timeframes, from -0.19 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

CDC vs. USD - Sectors Allocation Comparison

Sectors	CDC	USD
Utilities	24.3%	-
Financial Services	24.1%	32.1%
Consumer Defensive	15.7%	-
Energy	8.6%	0.0%
Healthcare	7.2%	-
Consumer Cyclical	7.0%	-
Technology	6.9%	32.6%
Communication Services	3.9%	-
Industrials	2.3%	-
Basic Materials	0.6%	-
Real Estate	0.0%	-

Return for Risk

CDC vs. USD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CDC

CDC Risk / Return Rank: 89
CDC Sharpe Ratio Rank: 88
CDC Sortino Ratio Rank: 90
CDC Omega Ratio Rank: 84
CDC Calmar Ratio Rank: 90
CDC Martin Ratio Rank: 89

USD

USD Risk / Return Rank: 58
USD Sharpe Ratio Rank: 55
USD Sortino Ratio Rank: 52
USD Omega Ratio Rank: 53
USD Calmar Ratio Rank: 71
USD Martin Ratio Rank: 59

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CDC vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US EQ Income Enhanced Volatility Wtd ETF (CDC) 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.

	CDC	USD	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.35	+0.88
Sortino ratio: Return per unit of downside risk	3.29	1.88	+1.41
Omega ratio: Gain probability vs. loss probability	1.38	1.24	+0.14
Calmar ratio: Return relative to maximum drawdown	4.05	2.52	+1.52
Martin ratio: Return relative to average drawdown	14.28	7.21	+7.06

CDC vs. USD - Sharpe Ratio Comparison

The current CDC Sharpe Ratio is 2.23, which is higher than the USD Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of CDC 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

CDC vs. USD - Drawdown Comparison

The maximum CDC drawdown since its inception was -21.37%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for CDC and USD.

Drawdown Indicators

	CDC	USD	Difference
Max Drawdown Largest peak-to-trough decline	-21.37%	-88.63%	+67.26%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-39.33%	+33.66%
Max Drawdown (3Y) Largest decline over 3 years	-12.70%	-64.46%	+51.76%
Max Drawdown (5Y) Largest decline over 5 years	-21.37%	-77.85%	+56.48%
Max Drawdown (10Y) Largest decline over 10 years	-21.37%	-77.85%	+56.48%
Current Drawdown Current decline from peak	-1.91%	-28.27%	+26.36%
Average Drawdown Average peak-to-trough decline	-5.05%	-32.23%	+27.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	13.74%	-12.14%

Volatility

CDC vs. USD - Volatility Comparison

The current volatility for VictoryShares US EQ Income Enhanced Volatility Wtd ETF (CDC) is 3.84%, while ProShares Ultra Semiconductors (USD) has a volatility of 27.45%. This indicates that CDC 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

	CDC	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.84%	27.45%	-23.61%
Volatility (6M) Calculated over the trailing 6-month period	7.78%	61.08%	-53.30%
Volatility (1Y) Calculated over the trailing 1-year period	10.32%	73.76%	-63.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.56%	78.77%	-66.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.22%	70.41%	-57.19%

CDC vs. USD - Expense Ratio Comparison

CDC has a 0.37% expense ratio, which is lower than USD's 0.95% expense ratio.

Dividends

CDC vs. USD - Dividend Comparison

CDC's dividend yield for the trailing twelve months is around 3.05%, more than USD's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDC VictoryShares US EQ Income Enhanced Volatility Wtd ETF	3.05%	3.36%	3.32%	4.24%	3.48%	2.65%	2.48%	3.04%	3.37%	2.81%	2.99%	3.17%
USD ProShares Ultra Semiconductors	0.37%	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 CDC and USD in my portfolio?

CDC and USD have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CDC or USD?

USD has higher volatility (27.45%) compared to CDC (3.84%). In terms of maximum drawdown, CDC dropped -21.37% vs USD's -88.63%.

Which ETF is better, CDC or USD?

On 10-year performance, USD leads with 53.94% vs 10.31% for CDC. On fees, CDC is cheaper at 0.37% per year. On volatility, CDC has been the lower-risk option at 3.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDC or USD?

Over the 10-year period, USD has performed better with a 53.94% return vs 10.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDC or USD?

CDC is cheaper with a 0.37% expense ratio, compared with 0.95% for USD.

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

CDC has the higher dividend yield at 3.05%, compared with 0.37% for USD.

What is the main difference between CDC and USD?

CDC is categorized as Low Volatility, while USD is Leveraged Equities. CDC tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Long/Cash Volatility Weighted Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: Crestview and ProShares. Their fees differ too: 0.37% for CDC and 0.95% for USD.

Which has better risk-adjusted returns?

CDC currently has the higher Sharpe Ratio (2.23 vs 1.35), 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.