DIPS vs. USD

Last updated Jul 17, 2026

DIPS (YieldMax Short NVDA Option Income Strategy ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - DIPS is a Derivative Income fund actively managed by YieldMax, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). DIPS is actively managed, while USD is passively managed. Over the past year, DIPS returned -10.97% vs 108.17% for USD. At a correlation of -0.86, they often move in opposite directions. DIPS charges 0.99%/yr vs 0.95%/yr for USD.

Performance

DIPS vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Short NVDA Option Income Strategy ETF (DIPS) 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, DIPS achieves a -6.21% return, which is significantly lower than USD's 63.25% return.

DIPS

• 1D: 2.53%
• 1M: 0.13%
• 6M: -7.82%
• YTD: -6.21%
• 1Y: -10.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USD

• 1D: -7.37%
• 1M: -12.52%
• 6M: 51.62%
• YTD: 63.25%
• 1Y: 108.17%
• 3Y*: 94.08%
• 5Y*: 61.69%
• 10Y*: 56.23%

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

DIPS vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DIPS YieldMax Short NVDA Option Income Strategy ETF	-6.21%	-31.46%	-22.13%
USD ProShares Ultra Semiconductors	63.25%	62.08%	-3.02%

Correlation

The correlation between DIPS and USD is -0.82, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.82
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024	-0.86

The correlation between DIPS and USD has been stable across timeframes, ranging from -0.86 to -0.82 - a consistent structural relationship.

Return for Risk

DIPS vs. USD — Risk / Return Rank

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

DIPS

DIPS Risk / Return Rank: 6
DIPS Sharpe Ratio Rank: 6
DIPS Sortino Ratio Rank: 6
DIPS Omega Ratio Rank: 6
DIPS Calmar Ratio Rank: 6
DIPS Martin Ratio Rank: 4

USD

USD Risk / Return Rank: 60
USD Sharpe Ratio Rank: 56
USD Sortino Ratio Rank: 49
USD Omega Ratio Rank: 50
USD Calmar Ratio Rank: 81
USD Martin Ratio Rank: 62

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.

DIPS vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short NVDA Option Income Strategy ETF (DIPS) 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.

	DIPS	USD	Difference
Sharpe ratio: Return per unit of total volatility	-0.38	1.53	-1.91
Sortino ratio: Return per unit of downside risk	-0.35	1.99	-2.34
Omega ratio: Gain probability vs. loss probability	0.96	1.26	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.42	3.42	-3.84
Martin ratio: Return relative to average drawdown	-1.07	8.81	-9.88

DIPS vs. USD - Sharpe Ratio Comparison

The current DIPS Sharpe Ratio is -0.38, which is lower than the USD Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of DIPS 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

DIPS vs. USD - Drawdown Comparison

The maximum DIPS drawdown since its inception was -59.93%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for DIPS and USD.

Drawdown Indicators

	DIPS	USD	Difference
Max Drawdown Largest peak-to-trough decline	-59.93%	-88.63%	+28.70%
Max Drawdown (1Y) Largest decline over 1 year	-26.20%	-31.80%	+5.60%
Max Drawdown (3Y) Largest decline over 3 years	—	-64.46%	—
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	-54.63%	-24.58%	-30.05%
Average Drawdown Average peak-to-trough decline	-39.07%	-32.25%	-6.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.28%	12.32%	-2.04%

Volatility

DIPS vs. USD - Volatility Comparison

The current volatility for YieldMax Short NVDA Option Income Strategy ETF (DIPS) is 9.18%, while ProShares Ultra Semiconductors (USD) has a volatility of 30.75%. This indicates that DIPS 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

	DIPS	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.18%	30.75%	-21.57%
Volatility (6M) Calculated over the trailing 6-month period	22.50%	58.47%	-35.97%
Volatility (1Y) Calculated over the trailing 1-year period	28.86%	71.05%	-42.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.71%	78.28%	-40.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.71%	70.10%	-32.39%

DIPS vs. USD - Expense Ratio Comparison

DIPS has a 0.99% expense ratio, which is higher than USD's 0.95% expense ratio.

Dividends

DIPS vs. USD - Dividend Comparison

DIPS's dividend yield for the trailing twelve months is around 67.74%, more than USD's 0.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIPS YieldMax Short NVDA Option Income Strategy ETF	67.74%	96.20%	24.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.35%	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 DIPS and USD in my portfolio?

DIPS and USD have a correlation of -0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIPS or USD?

USD has higher volatility (30.75%) compared to DIPS (9.18%). In terms of maximum drawdown, DIPS dropped -59.93% vs USD's -88.63%.

Which ETF is better, DIPS or USD?

On 1-year performance, USD leads with 108.17% vs -10.97% for DIPS. On fees, USD is cheaper at 0.95% per year. On volatility, DIPS has been the lower-risk option at 9.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIPS or USD?

Over the 1-year period, USD has performed better with a 108.17% return vs -10.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIPS or USD?

USD is cheaper with a 0.95% expense ratio, compared with 0.99% for DIPS.

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

DIPS has the higher dividend yield at 67.74%, compared with 0.35% for USD.

What is the main difference between DIPS and USD?

DIPS is categorized as Derivative Income, while USD is Leveraged Equities. They also come from different issuers: YieldMax and ProShares. Their fees differ too: 0.99% for DIPS and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (1.53 vs -0.38), 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.