ETHT vs. USD

Last updated Jun 24, 2026

ETHT (ProShares Ultra Ether ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - ETHT is a Cryptocurrency fund tracking the Bloomberg Ethereum Index (200%), while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past year, ETHT returned -74.55% vs 206.76% for USD. At a 0.44 correlation, their price movements are largely independent. ETHT charges 0.94%/yr vs 0.95%/yr for USD.

Performance

ETHT vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Ether ETF (ETHT) 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, ETHT achieves a -77.62% return, which is significantly lower than USD's 84.65% return.

ETHT

• 1D: -8.32%
• 1M: -38.95%
• YTD: -77.62%
• 6M: -77.71%
• 1Y: -74.55%
• 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%

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

ETHT vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHT ProShares Ultra Ether ETF	-77.62%	-64.86%	-45.44%
USD ProShares Ultra Semiconductors	84.65%	62.08%	-1.86%

Correlation

The correlation between ETHT and USD is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024	0.44

Return for Risk

ETHT vs. USD — Risk / Return Rank

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

ETHT

ETHT Risk / Return Rank: 4
ETHT Sharpe Ratio Rank: 5
ETHT Sortino Ratio Rank: 5
ETHT Omega Ratio Rank: 5
ETHT Calmar Ratio Rank: 2
ETHT Martin Ratio Rank: 3

USD

USD Risk / Return Rank: 82
USD Sharpe Ratio Rank: 92
USD Sortino Ratio Rank: 67
USD Omega Ratio Rank: 71
USD Calmar Ratio Rank: 94
USD Martin Ratio Rank: 87

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.

ETHT vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Ether ETF (ETHT) 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.

	ETHT	USD	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	3.06	-3.61
Sortino ratio: Return per unit of downside risk	-0.43	2.94	-3.37
Omega ratio: Gain probability vs. loss probability	0.95	1.40	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.80	6.54	-7.34
Martin ratio: Return relative to average drawdown	-1.14	18.16	-19.29

ETHT vs. USD - Sharpe Ratio Comparison

The current ETHT Sharpe Ratio is -0.54, which is lower than the USD Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of ETHT 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

ETHT vs. USD - Drawdown Comparison

The maximum ETHT drawdown since its inception was -96.02%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for ETHT and USD.

Drawdown Indicators

	ETHT	USD	Difference
Max Drawdown Largest peak-to-trough decline	-96.02%	-88.63%	-7.39%
Max Drawdown (1Y) Largest decline over 1 year	-93.92%	-31.80%	-62.12%
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	-95.71%	-14.69%	-81.02%
Average Drawdown Average peak-to-trough decline	-67.69%	-32.29%	-35.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.67%	11.44%	+54.23%

Volatility

ETHT vs. USD - Volatility Comparison

ProShares Ultra Ether ETF (ETHT) has a higher volatility of 39.94% compared to ProShares Ultra Semiconductors (USD) at 34.07%. This indicates that ETHT's price experiences larger fluctuations and is considered to be riskier than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHT	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.94%	34.07%	+5.87%
Volatility (6M) Calculated over the trailing 6-month period	94.89%	54.13%	+40.76%
Volatility (1Y) Calculated over the trailing 1-year period	137.89%	67.96%	+69.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.20%	77.73%	+65.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.20%	69.83%	+73.37%

ETHT vs. USD - Expense Ratio Comparison

ETHT has a 0.94% expense ratio, which is lower than USD's 0.95% expense ratio.

Dividends

ETHT vs. USD - Dividend Comparison

ETHT's dividend yield for the trailing twelve months is around 21.23%, more than USD's 0.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETHT ProShares Ultra Ether ETF	21.23%	4.57%	0.02%	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

Can I hold both ETHT and USD in my portfolio?

ETHT and USD have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHT or USD?

ETHT has higher volatility (39.94%) compared to USD (34.07%). In terms of maximum drawdown, ETHT dropped -96.02% vs USD's -88.63%.

Which ETF is better, ETHT or USD?

On 1-year performance, USD leads with 206.76% vs -74.55% for ETHT. On fees, ETHT is cheaper at 0.94% per year. On volatility, USD has been the lower-risk option at 34.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHT or USD?

Over the 1-year period, USD has performed better with a 206.76% return vs -74.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHT or USD?

ETHT is cheaper with a 0.94% expense ratio, compared with 0.95% for USD.

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

ETHT has the higher dividend yield at 21.23%, compared with 0.25% for USD.

What is the main difference between ETHT and USD?

ETHT is categorized as Cryptocurrency, while USD is Leveraged Equities. ETHT tracks Bloomberg Ethereum Index (200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%). Their fees differ too: 0.94% for ETHT and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (3.06 vs -0.54), 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.