CSM vs. USD

Last updated Jun 3, 2026

CSM (Proshares Large Cap Core Plus) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - CSM is a Long-Short fund tracking the Credit Suisse 130/30 Large-Cap 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, CSM returned 14.46%/yr vs 62.35%/yr for USD. A 0.73 correlation means they provide meaningful diversification when combined. CSM charges 0.45%/yr vs 0.95%/yr for USD.

Performance

CSM vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Large Cap Core Plus (CSM) 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, CSM achieves a 9.53% return, which is significantly lower than USD's 116.46% return. Over the past 10 years, CSM has underperformed USD with an annualized return of 14.46%, while USD has yielded a comparatively higher 62.35% annualized return.

CSM

• 1D: -0.34%
• 1M: 5.19%
• YTD: 9.53%
• 6M: 11.44%
• 1Y: 30.50%
• 3Y*: 22.38%
• 5Y*: 13.79%
• 10Y*: 14.46%

USD

• 1D: 4.76%
• 1M: 45.27%
• YTD: 116.46%
• 6M: 113.25%
• 1Y: 300.04%
• 3Y*: 128.54%
• 5Y*: 71.52%
• 10Y*: 62.35%

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

CSM vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSM Proshares Large Cap Core Plus	9.53%	21.84%	22.09%	23.50%	-18.27%	33.13%	10.94%	29.26%	-7.88%	22.52%
USD ProShares Ultra Semiconductors	116.46%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between CSM and USD is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jul 15, 2009	0.74

The correlation between CSM and USD shifts across timeframes, from 0.64 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.

CSM vs. USD - Sectors Allocation Comparison

Sectors	CSM	USD
Technology	28.7%	27.4%
Financial Services	16.3%	27.8%
Industrials	9.0%	-
Consumer Cyclical	8.7%	-
Healthcare	8.5%	-
Communication Services	7.7%	-
Consumer Defensive	4.9%	-
Utilities	3.8%	-
Real Estate	3.1%	-
Energy	3.1%	0.0%
Basic Materials	1.9%	-

Return for Risk

CSM vs. USD — Risk / Return Rank

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

CSM

CSM Risk / Return Rank: 74
CSM Sharpe Ratio Rank: 78
CSM Sortino Ratio Rank: 78
CSM Omega Ratio Rank: 75
CSM Calmar Ratio Rank: 64
CSM Martin Ratio Rank: 74

USD

USD Risk / Return Rank: 92
USD Sharpe Ratio Rank: 97
USD Sortino Ratio Rank: 87
USD Omega Ratio Rank: 86
USD Calmar Ratio Rank: 96
USD Martin Ratio Rank: 95

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.

CSM vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Large Cap Core Plus (CSM) 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.

	CSM	USD	Difference
Sharpe ratio Return per unit of total volatility	2.57	4.94	-2.37
Sortino ratio Return per unit of downside risk	3.52	3.98	-0.45
Omega ratio Gain probability vs. loss probability	1.45	1.54	-0.09
Calmar ratio Return relative to maximum drawdown	3.26	9.93	-6.67
Martin ratio Return relative to average drawdown	14.22	28.78	-14.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSM vs. USD - Sharpe Ratio Comparison

The current CSM Sharpe Ratio is 2.57, which is lower than the USD Sharpe Ratio of 4.94. The chart below compares the historical Sharpe Ratios of CSM 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

	CSM	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	4.94	-2.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.94	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.90	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.49	+0.37

Drawdowns

CSM vs. USD - Drawdown Comparison

The maximum CSM drawdown since its inception was -36.11%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for CSM and USD.

Drawdown Indicators

	CSM	USD	Difference
Max Drawdown Largest peak-to-trough decline	-36.11%	-88.63%	+52.52%
Max Drawdown (1Y) Largest decline over 1 year	-9.40%	-31.80%	+22.40%
Max Drawdown (3Y) Largest decline over 3 years	-18.30%	-64.46%	+46.16%
Max Drawdown (5Y) Largest decline over 5 years	-23.82%	-77.85%	+54.03%
Max Drawdown (10Y) Largest decline over 10 years	-36.11%	-77.85%	+41.74%
Current Drawdown Current decline from peak	-0.34%	0.00%	-0.34%
Average Drawdown Average peak-to-trough decline	-4.04%	-32.36%	+28.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	10.97%	-8.82%

Volatility

CSM vs. USD - Volatility Comparison

The current volatility for Proshares Large Cap Core Plus (CSM) is 2.74%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.29%. This indicates that CSM 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

	CSM	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	20.29%	-17.55%
Volatility (6M) Calculated over the trailing 6-month period	8.78%	46.37%	-37.59%
Volatility (1Y) Calculated over the trailing 1-year period	11.91%	61.29%	-49.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.11%	76.56%	-59.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.38%	69.24%	-50.86%

CSM vs. USD - Expense Ratio Comparison

CSM has a 0.45% expense ratio, which is lower than USD's 0.95% expense ratio.

Dividends

CSM vs. USD - Dividend Comparison

CSM's dividend yield for the trailing twelve months is around 1.00%, more than USD's 0.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSM Proshares Large Cap Core Plus	1.00%	1.04%	1.06%	1.17%	1.37%	0.78%	1.21%	1.41%	1.54%	1.28%	1.49%	1.67%
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 CSM and USD in my portfolio?

CSM and USD have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSM or USD?

USD has higher volatility (20.29%) compared to CSM (2.74%). In terms of maximum drawdown, CSM dropped -36.11% vs USD's -88.63%.

Which ETF is better, CSM or USD?

On 10-year performance, USD leads with 62.35% vs 14.46% for CSM. On fees, CSM is cheaper at 0.45% per year. On volatility, CSM has been the lower-risk option at 2.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSM or USD?

Over the 10-year period, USD has performed better with a 62.35% return vs 14.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSM or USD?

CSM is cheaper with a 0.45% expense ratio, compared with 0.95% for USD.

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

CSM has the higher dividend yield at 1.00%, compared with 0.21% for USD.

What is the main difference between CSM and USD?

CSM is categorized as Long-Short, while USD is Leveraged Equities. CSM tracks Credit Suisse 130/30 Large-Cap Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). Their fees differ too: 0.45% for CSM and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.94 vs 2.57), 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.