CLOU vs. SKYU

Last updated Jun 24, 2026

CLOU (Global X Cloud Computing ETF) and SKYU (ProShares Ultra Nasdaq Cloud Computing ETF) are both exchange-traded funds - CLOU is a Technology Equities fund tracking the Indxx Global Cloud Computing Index, while SKYU is a Leveraged Equities fund tracking the ISE Cloud Computing Index (200%). Both are passively managed. Over the past 5 years, CLOU returned -5.18%/yr vs -5.66%/yr for SKYU. Their correlation of 0.89 suggests significant overlap in exposure. CLOU charges 0.68%/yr vs 0.95%/yr for SKYU.

Performance

CLOU vs. SKYU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Cloud Computing ETF (CLOU) and ProShares Ultra Nasdaq Cloud Computing ETF (SKYU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CLOU achieves a -4.95% return, which is significantly higher than SKYU's -8.36% return.

CLOU

• 1D: 0.42%
• 1M: -5.99%
• YTD: -4.95%
• 6M: -5.99%
• 1Y: -5.37%
• 3Y*: 3.57%
• 5Y*: -5.18%
• 10Y*: —

SKYU

• 1D: 0.07%
• 1M: -7.05%
• YTD: -8.36%
• 6M: -11.54%
• 1Y: 8.73%
• 3Y*: 27.80%
• 5Y*: -5.66%
• 10Y*: —

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

CLOU vs. SKYU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CLOU Global X Cloud Computing ETF	-4.95%	-5.59%	5.74%	41.36%	-39.56%	-5.38%
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	-8.36%	2.76%	65.79%	105.76%	-75.95%	6.83%

Correlation

The correlation between CLOU and SKYU is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 21, 2021	0.89

The correlation between CLOU and SKYU has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

CLOU vs. SKYU - Sectors Allocation Comparison

Sectors	CLOU	SKYU
Technology	90.7%	57.6%
Communication Services	4.0%	4.7%
Real Estate	3.2%	-
Consumer Cyclical	2.0%	2.4%
Healthcare	0.6%	0.3%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Industrials	-	2.3%
Utilities	-	-

Return for Risk

CLOU vs. SKYU — Risk / Return Rank

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

CLOU

CLOU Risk / Return Rank: 7
CLOU Sharpe Ratio Rank: 7
CLOU Sortino Ratio Rank: 7
CLOU Omega Ratio Rank: 7
CLOU Calmar Ratio Rank: 7
CLOU Martin Ratio Rank: 7

SKYU

SKYU Risk / Return Rank: 12
SKYU Sharpe Ratio Rank: 11
SKYU Sortino Ratio Rank: 13
SKYU Omega Ratio Rank: 13
SKYU Calmar Ratio Rank: 10
SKYU Martin Ratio Rank: 10

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.

CLOU vs. SKYU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Cloud Computing ETF (CLOU) and ProShares Ultra Nasdaq Cloud Computing ETF (SKYU). 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.

	CLOU	SKYU	Difference
Sharpe ratio: Return per unit of total volatility	-0.18	0.15	-0.33
Sortino ratio: Return per unit of downside risk	-0.05	0.63	-0.68
Omega ratio: Gain probability vs. loss probability	0.99	1.08	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.20	0.17	-0.37
Martin ratio: Return relative to average drawdown	-0.47	0.36	-0.83

CLOU vs. SKYU - Sharpe Ratio Comparison

The current CLOU Sharpe Ratio is -0.18, which is lower than the SKYU Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of CLOU and SKYU, 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

CLOU vs. SKYU - Drawdown Comparison

The maximum CLOU drawdown since its inception was -53.74%, smaller than the maximum SKYU drawdown of -83.01%. Use the drawdown chart below to compare losses from any high point for CLOU and SKYU.

Drawdown Indicators

	CLOU	SKYU	Difference
Max Drawdown Largest peak-to-trough decline	-53.74%	-83.01%	+29.27%
Max Drawdown (1Y) Largest decline over 1 year	-27.24%	-50.23%	+22.99%
Max Drawdown (3Y) Largest decline over 3 years	-33.18%	-55.71%	+22.53%
Max Drawdown (5Y) Largest decline over 5 years	-53.74%	-83.01%	+29.27%
Current Drawdown Current decline from peak	-31.93%	-40.99%	+9.06%
Average Drawdown Average peak-to-trough decline	-24.43%	-49.01%	+24.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.46%	24.53%	-13.07%

Volatility

CLOU vs. SKYU - Volatility Comparison

The current volatility for Global X Cloud Computing ETF (CLOU) is 13.72%, while ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) has a volatility of 26.71%. This indicates that CLOU experiences smaller price fluctuations and is considered to be less risky than SKYU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLOU	SKYU	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.72%	26.71%	-12.99%
Volatility (6M) Calculated over the trailing 6-month period	25.33%	48.24%	-22.91%
Volatility (1Y) Calculated over the trailing 1-year period	29.89%	57.41%	-27.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.65%	62.17%	-31.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.76%	61.14%	-30.38%

CLOU vs. SKYU - Expense Ratio Comparison

CLOU has a 0.68% expense ratio, which is lower than SKYU's 0.95% expense ratio.

Dividends

CLOU vs. SKYU - Dividend Comparison

CLOU has not paid dividends to shareholders, while SKYU's dividend yield for the trailing twelve months is around 0.76%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CLOU Global X Cloud Computing ETF	0.00%	0.00%	0.00%	0.00%	0.00%	1.76%	0.00%	0.05%
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	0.76%	0.56%	0.21%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CLOU and SKYU in my portfolio?

CLOU and SKYU have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CLOU or SKYU?

SKYU has higher volatility (26.71%) compared to CLOU (13.72%). In terms of maximum drawdown, CLOU dropped -53.74% vs SKYU's -83.01%.

Which ETF is better, CLOU or SKYU?

On 5-year performance, CLOU leads with -5.18% vs -5.66% for SKYU. On fees, CLOU is cheaper at 0.68% per year. On volatility, CLOU has been the lower-risk option at 13.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLOU or SKYU?

Over the 5-year period, CLOU has performed better with a -5.18% return vs -5.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOU or SKYU?

CLOU is cheaper with a 0.68% expense ratio, compared with 0.95% for SKYU.

Which ETF pays a higher dividend yield, CLOU or SKYU?

SKYU has the higher dividend yield at 0.76%, compared with 0.00% for CLOU.

What is the main difference between CLOU and SKYU?

CLOU is categorized as Technology Equities, while SKYU is Leveraged Equities. CLOU tracks Indxx Global Cloud Computing Index, while SKYU tracks ISE Cloud Computing Index (200%). They also come from different issuers: Global X and ProShares. Their fees differ too: 0.68% for CLOU and 0.95% for SKYU.

Which has better risk-adjusted returns?

SKYU currently has the higher Sharpe Ratio (0.15 vs -0.18), 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.