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 -26.57% vs 274.62% 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 -8.73% return, which is significantly lower than USD's 114.00% return.
DIPS
- 1D
- 2.87%
- 1M
- -6.32%
- YTD
- -8.73%
- 6M
- -11.40%
- 1Y
- -26.57%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USD
- 1D
- -1.14%
- 1M
- 44.53%
- YTD
- 114.00%
- 6M
- 111.06%
- 1Y
- 274.62%
- 3Y*
- 127.67%
- 5Y*
- 69.52%
- 10Y*
- 62.16%
DIPS vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DIPS YieldMax Short NVDA Option Income Strategy ETF | -8.73% | -31.46% | -23.19% |
USD ProShares Ultra Semiconductors | 114.00% | 62.08% | 10.54% |
Correlation
The correlation between DIPS and USD is -0.84, 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 | -0.84 |
Correlation (All Time) Calculated using the full available price history since Jul 25, 2024 | -0.87 |
The correlation between DIPS and USD has been stable across timeframes, ranging from -0.87 to -0.84 - 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.
| DIPS | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.49 | ||
| Sortino ratioReturn per unit of downside risk | -5.09 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.51 | -0.66 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 8.70 | -9.48 |
| Martin ratioReturn relative to average drawdown | -1.36 | 25.16 | -26.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DIPS | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.96 | 4.53 | -5.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.91 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.90 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.86 | 0.49 | -1.35 |
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 | -33.97% | -31.80% | -2.17% |
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 | -55.85% | -1.14% | -54.71% |
Average DrawdownAverage peak-to-trough decline | -38.22% | -32.35% | -5.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.49% | 10.97% | +8.52% |
Volatility
DIPS vs. USD - Volatility Comparison
The current volatility for YieldMax Short NVDA Option Income Strategy ETF (DIPS) is 10.68%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.36%. 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 | 10.68% | 20.36% | -9.68% |
Volatility (6M)Calculated over the trailing 6-month period | 20.77% | 46.39% | -25.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.88% | 61.22% | -33.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.03% | 76.55% | -38.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.03% | 69.23% | -31.20% |
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 66.49%, more than USD's 0.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIPS YieldMax Short NVDA Option Income Strategy ETF | 66.49% | 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 | 0.21% | 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
DIPS and USD have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (20.36%) compared to DIPS (10.68%). In terms of maximum drawdown, DIPS dropped -59.93% vs USD's -88.63%.
On 1-year performance, USD leads with 274.62% vs -26.57% for DIPS. On fees, USD is cheaper at 0.95% per year. On volatility, DIPS has been the lower-risk option at 10.68%. 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 274.62% return vs -26.57%. 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 66.49%, compared with 0.21% 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 (4.53 vs -0.96), 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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