DIPS vs. USD
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 -21.95% vs 206.76% for USD. At a correlation of -0.87, they often move in opposite directions. DIPS charges 0.99%/yr vs 0.95%/yr for USD.
Performance
DIPS vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, DIPS achieves a -3.73% return, which is significantly lower than USD's 84.65% return.
DIPS
- 1D
- 2.65%
- 1M
- 6.84%
- YTD
- -3.73%
- 6M
- -2.35%
- 1Y
- -21.95%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USD
- 1D
- -12.35%
- 1M
- 1.73%
- YTD
- 84.65%
- 6M
- 79.76%
- 1Y
- 206.76%
- 3Y*
- 114.28%
- 5Y*
- 63.13%
- 10Y*
- 61.02%
DIPS vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DIPS YieldMax Short NVDA Option Income Strategy ETF | -3.73% | -31.46% | -22.13% |
USD ProShares Ultra Semiconductors | 84.65% | 62.08% | -3.02% |
Correlation
The correlation between DIPS and USD is -0.83, 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 | -0.83 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024 | -0.87 |
The correlation between DIPS and USD has been stable across timeframes, ranging from -0.87 to -0.83 - a consistent structural relationship.
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Return for Risk
DIPS vs. USD — Risk / Return Rank
DIPS
USD
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 ratioReturn per unit of total volatility | -3.83 | ||
| Sortino ratioReturn per unit of downside risk | -3.90 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.40 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | 6.54 | -7.25 |
| Martin ratioReturn relative to average drawdown | -1.27 | 18.16 | -19.43 |
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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.
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Drawdown Indicators
| DIPS | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.93% | -88.63% | +28.70% |
Max Drawdown (1Y)Largest decline over 1 year | -31.32% | -31.80% | +0.48% |
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 DrawdownCurrent decline from peak | -53.43% | -14.69% | -38.74% |
Average DrawdownAverage peak-to-trough decline | -38.58% | -32.29% | -6.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.00% | 11.44% | +7.56% |
Volatility
DIPS vs. USD - Volatility Comparison
The current volatility for YieldMax Short NVDA Option Income Strategy ETF (DIPS) is 9.86%, while ProShares Ultra Semiconductors (USD) has a volatility of 34.07%. 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.
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Volatility by Period
| DIPS | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.86% | 34.07% | -24.21% |
Volatility (6M)Calculated over the trailing 6-month period | 21.87% | 54.13% | -32.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.79% | 67.96% | -39.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.95% | 77.73% | -39.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.95% | 69.83% | -31.88% |
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 60.51%, more than USD's 0.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIPS YieldMax Short NVDA Option Income Strategy ETF | 60.51% | 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 | 0.25% | 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
DIPS and USD have a correlation of -0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (34.07%) compared to DIPS (9.86%). In terms of maximum drawdown, DIPS dropped -59.93% vs USD's -88.63%.
On 1-year performance, USD leads with 206.76% vs -21.95% for DIPS. On fees, USD is cheaper at 0.95% per year. On volatility, DIPS has been the lower-risk option at 9.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USD has performed better with a 206.76% return vs -21.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USD is cheaper with a 0.95% expense ratio, compared with 0.99% for DIPS.
DIPS has the higher dividend yield at 60.51%, compared with 0.25% for 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.
USD currently has the higher Sharpe Ratio (3.06 vs -0.76), 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.
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