CPH.TO vs. USD

Last updated Jun 9, 2026

CPH.TO (Cipher Pharmaceuticals Inc.) is a stock, while USD (ProShares Ultra Semiconductors) is Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Over the past 10 years, CPH.TO returned 8.89%/yr vs 61.09%/yr for USD. At a 0.11 correlation, their price movements are largely independent.

Performance

CPH.TO vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Cipher Pharmaceuticals Inc. (CPH.TO) and ProShares Ultra Semiconductors (USD). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CPH.TO is traded in CAD, while USD is traded in USD. To make them comparable, the USD values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CPH.TO achieves a 12.08% return, which is significantly lower than USD's 84.91% return. Over the past 10 years, CPH.TO has underperformed USD with an annualized return of 8.89%, while USD has yielded a comparatively higher 61.09% annualized return.

CPH.TO

• 1D: 0.24%
• 1M: -14.49%
• YTD: 12.08%
• 6M: 15.14%
• 1Y: 27.40%
• 3Y*: 64.67%
• 5Y*: 61.01%
• 10Y*: 8.89%

USD

• 1D: 7.71%
• 1M: 2.02%
• YTD: 84.91%
• 6M: 70.46%
• 1Y: 224.65%
• 3Y*: 119.06%
• 5Y*: 69.92%
• 10Y*: 61.09%

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

CPH.TO vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CPH.TO Cipher Pharmaceuticals Inc.	12.08%	5.17%	158.48%	44.27%	116.95%	90.32%	-38.00%	-12.28%	-65.10%	0.00%
USD ProShares Ultra Semiconductors	84.91%	54.68%	159.93%	220.96%	-66.57%	104.17%	64.17%	101.70%	-20.74%	69.42%

Correlation

The correlation between CPH.TO and USD is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.11

Return for Risk

CPH.TO vs. USD — Risk / Return Rank

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

CPH.TO

CPH.TO Risk / Return Rank: 64
CPH.TO Sharpe Ratio Rank: 64
CPH.TO Sortino Ratio Rank: 65
CPH.TO Omega Ratio Rank: 61
CPH.TO Calmar Ratio Rank: 66
CPH.TO Martin Ratio Rank: 65

USD

USD Risk / Return Rank: 88
USD Sharpe Ratio Rank: 95
USD Sortino Ratio Rank: 79
USD Omega Ratio Rank: 81
USD Calmar Ratio Rank: 94
USD Martin Ratio Rank: 91

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.

CPH.TO vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cipher Pharmaceuticals Inc. (CPH.TO) 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.

	CPH.TO	USD	Difference
Sharpe ratio: Return per unit of total volatility	0.66	3.54	-2.89
Sortino ratio: Return per unit of downside risk	1.41	3.21	-1.81
Omega ratio: Gain probability vs. loss probability	1.16	1.44	-0.28
Calmar ratio: Return relative to maximum drawdown	1.21	7.07	-5.86
Martin ratio: Return relative to average drawdown	2.53	19.58	-17.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPH.TO vs. USD - Sharpe Ratio Comparison

The current CPH.TO Sharpe Ratio is 0.66, which is lower than the USD Sharpe Ratio of 3.54. The chart below compares the historical Sharpe Ratios of CPH.TO 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

	CPH.TO	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.66	3.54	-2.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.23	0.91	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.15	0.88	-0.73
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.50	-0.41

Drawdowns

CPH.TO vs. USD - Drawdown Comparison

The maximum CPH.TO drawdown since its inception was -97.90%, which is greater than USD's maximum drawdown of -86.16%. Use the drawdown chart below to compare losses from any high point for CPH.TO and USD.

Drawdown Indicators

	CPH.TO	USD	Difference
Max Drawdown Largest peak-to-trough decline	-97.90%	-86.16%	-11.74%
Max Drawdown (1Y) Largest decline over 1 year	-22.83%	-32.00%	+9.17%
Max Drawdown (3Y) Largest decline over 3 years	-42.50%	-63.50%	+21.00%
Max Drawdown (5Y) Largest decline over 5 years	-42.50%	-76.18%	+33.68%
Max Drawdown (10Y) Largest decline over 10 years	-94.63%	-76.18%	-18.45%
Current Drawdown Current decline from peak	-14.49%	-15.46%	+0.97%
Average Drawdown Average peak-to-trough decline	-64.03%	-31.90%	-32.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.84%	11.53%	-0.69%

Volatility

CPH.TO vs. USD - Volatility Comparison

The current volatility for Cipher Pharmaceuticals Inc. (CPH.TO) is 13.91%, while ProShares Ultra Semiconductors (USD) has a volatility of 28.56%. This indicates that CPH.TO 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

	CPH.TO	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.91%	28.56%	-14.65%
Volatility (6M) Calculated over the trailing 6-month period	28.45%	50.75%	-22.30%
Volatility (1Y) Calculated over the trailing 1-year period	41.97%	63.93%	-21.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.95%	77.22%	-27.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.78%	69.93%	-9.15%

Dividends

CPH.TO vs. USD - Dividend Comparison

CPH.TO has not paid dividends to shareholders, while USD's dividend yield for the trailing twelve months is around 0.25%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPH.TO Cipher Pharmaceuticals Inc.	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	0.25%	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 CPH.TO and USD in my portfolio?

CPH.TO and USD have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.