CTEX vs. USD

Last updated Aug 2, 2026

CTEX (ProShares S&P Kensho Cleantech ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - CTEX is a Alternative Energy Equities fund tracking the S&P Kensho Cleantech Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 3 years, CTEX returned 1.78%/yr vs 87.71%/yr for USD. Their 0.54 correlation means they have sometimes moved together and sometimes differently. CTEX charges 0.58%/yr vs 0.95%/yr for USD.

Performance

CTEX vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P Kensho Cleantech ETF (CTEX) 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, CTEX achieves a -4.20% return, which is significantly lower than USD's 50.25% return.

CTEX

• 1D: 0.05%
• 1M: -16.09%
• 6M: -14.26%
• YTD: -4.20%
• 1Y: 45.57%
• 3Y*: 1.78%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -3.23%

USD

• 1D: 1.44%
• 1M: -10.08%
• 6M: 34.80%
• YTD: 50.25%
• 1Y: 92.29%
• 3Y*: 87.71%
• 5Y*: 55.02%
• 10Y*: 54.19%
• ALL TIME*: 28.07%

*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)
CTEX ProShares S&P Kensho Cleantech ETF	$35.29K	$31.66K	$63.75K
USD ProShares Ultra Semiconductors	$68.86M	$72.62M	$95.81M

CTEX vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CTEX ProShares S&P Kensho Cleantech ETF	-4.20%	67.74%	-20.38%	-10.25%	-20.38%	-6.68%
USD ProShares Ultra Semiconductors	50.25%	62.08%	139.64%	228.79%	-68.57%	54.63%

Correlation

The correlation between CTEX and USD is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.63
Correlation (3Y) Balances recent behavior with more history.	0.47
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.54

The correlation between CTEX and USD shifts across timeframes, from 0.47 (3 years) to 0.63 (1 year), reflecting how their relationship changes across market environments.

CTEX vs. USD - Sectors Allocation Comparison

Sectors	CTEX	USD
Industrials	45.1%	-
Technology	38.1%	32.6%
Utilities	11.9%	-
Consumer Cyclical	2.6%	-
Energy	2.3%	0.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Financial Services	-	32.1%
Healthcare	-	-
Real Estate	-	-

Return for Risk

CTEX vs. USD — Risk / Return Rank

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

CTEX

CTEX Risk / Return Rank: 36
CTEX Sharpe Ratio Rank: 37
CTEX Sortino Ratio Rank: 39
CTEX Omega Ratio Rank: 36
CTEX Calmar Ratio Rank: 32
CTEX Martin Ratio Rank: 34

USD

USD Risk / Return Rank: 52
USD Sharpe Ratio Rank: 47
USD Sortino Ratio Rank: 49
USD Omega Ratio Rank: 49
USD Calmar Ratio Rank: 62
USD Martin Ratio Rank: 53

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.

CTEX vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Kensho Cleantech ETF (CTEX) 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.

	CTEX	USD	Difference
Sharpe ratio: Return per unit of total volatility	0.91	1.15	-0.24
Sortino ratio: Return per unit of downside risk	1.44	1.73	-0.29
Omega ratio: Gain probability vs. loss probability	1.17	1.22	-0.05
Calmar ratio: Return relative to maximum drawdown	1.09	2.16	-1.07
Martin ratio: Return relative to average drawdown	3.44	6.21	-2.77

CTEX vs. USD - Sharpe Ratio Comparison

The current CTEX Sharpe Ratio is 0.91, which is comparable to the USD Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of CTEX 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

CTEX vs. USD - Drawdown Comparison

The maximum CTEX drawdown since its inception was -70.31%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for CTEX and USD.

Drawdown Indicators

	CTEX	USD	Difference
Max Drawdown Largest peak-to-trough decline	-70.31%	-88.63%	+18.32%
Max Drawdown (1Y) Largest decline over 1 year	-39.09%	-39.33%	+0.24%
Max Drawdown (3Y) Largest decline over 3 years	-50.47%	-64.46%	+13.99%
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	-34.34%	-30.59%	-3.75%
Average Drawdown Average peak-to-trough decline	-41.28%	-32.23%	-9.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.38%	13.62%	-1.24%

Volatility

CTEX vs. USD - Volatility Comparison

The current volatility for ProShares S&P Kensho Cleantech ETF (CTEX) is 15.81%, while ProShares Ultra Semiconductors (USD) has a volatility of 28.19%. This indicates that CTEX 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

	CTEX	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.81%	28.19%	-12.38%
Volatility (6M) Calculated over the trailing 6-month period	35.40%	61.13%	-25.73%
Volatility (1Y) Calculated over the trailing 1-year period	46.84%	73.80%	-26.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.86%	78.73%	-34.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.86%	70.38%	-26.52%

CTEX vs. USD - Expense Ratio Comparison

CTEX has a 0.58% expense ratio, which is lower than USD's 0.95% expense ratio.

Dividends

CTEX vs. USD - Dividend Comparison

CTEX's dividend yield for the trailing twelve months is around 2.18%, more than USD's 0.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CTEX ProShares S&P Kensho Cleantech ETF	2.18%	2.17%	0.57%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.39%	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 CTEX and USD in my portfolio?

CTEX and USD have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CTEX or USD?

USD has higher volatility (28.19%) compared to CTEX (15.81%). In terms of maximum drawdown, CTEX dropped -70.31% vs USD's -88.63%.

Which ETF is better, CTEX or USD?

On 3-year performance, USD leads with 87.71% vs 1.78% for CTEX. On fees, CTEX is cheaper at 0.58% per year. On volatility, CTEX has been the lower-risk option at 15.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CTEX or USD?

Over the 3-year period, USD has performed better with a 87.71% return vs 1.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CTEX or USD?

CTEX is cheaper with a 0.58% expense ratio, compared with 0.95% for USD.

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

CTEX has the higher dividend yield at 2.18%, compared with 0.39% for USD.

What is the main difference between CTEX and USD?

CTEX is categorized as Alternative Energy Equities, while USD is Leveraged Equities. CTEX tracks S&P Kensho Cleantech Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). Their fees differ too: 0.58% for CTEX and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (1.15 vs 0.91), 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.