FTXL vs. USD

Last updated Jun 5, 2026

FTXL (First Trust Nasdaq Semiconductor ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - FTXL is a Semiconductors fund tracking the Nasdaq U.S. Smart Semiconductor Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 5 years, FTXL returned 34.02%/yr vs 67.80%/yr for USD. Their correlation of 0.90 suggests significant overlap in exposure. FTXL charges 0.60%/yr vs 0.95%/yr for USD.

Performance

FTXL vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Nasdaq Semiconductor ETF (FTXL) 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, FTXL achieves a 110.86% return, which is significantly higher than USD's 103.32% return.

FTXL

• 1D: -2.24%
• 1M: 21.46%
• YTD: 110.86%
• 6M: 111.07%
• 1Y: 214.18%
• 3Y*: 61.46%
• 5Y*: 34.02%
• 10Y*: —

USD

• 1D: -4.99%
• 1M: 31.62%
• YTD: 103.32%
• 6M: 97.79%
• 1Y: 250.81%
• 3Y*: 125.78%
• 5Y*: 67.80%
• 10Y*: 61.24%

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

FTXL vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTXL First Trust Nasdaq Semiconductor ETF	110.86%	48.94%	7.59%	54.41%	-33.88%	36.04%	46.08%	61.77%	-14.47%	32.19%
USD ProShares Ultra Semiconductors	103.32%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between FTXL and USD is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 22, 2016	0.90

The correlation between FTXL and USD shifts across timeframes, from 0.79 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

FTXL vs. USD - Sectors Allocation Comparison

Sectors	FTXL	USD
Technology	99.5%	27.4%
Industrials	0.5%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Financial Services	-	27.8%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FTXL vs. USD — Risk / Return Rank

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

FTXL

FTXL Risk / Return Rank: 97
FTXL Sharpe Ratio Rank: 98
FTXL Sortino Ratio Rank: 96
FTXL Omega Ratio Rank: 95
FTXL Calmar Ratio Rank: 98
FTXL Martin Ratio Rank: 98

USD

USD Risk / Return Rank: 89
USD Sharpe Ratio Rank: 96
USD Sortino Ratio Rank: 82
USD Omega Ratio Rank: 81
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 92

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.

FTXL vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Nasdaq Semiconductor ETF (FTXL) 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.

	FTXL	USD	Difference
Sharpe ratio: Return per unit of total volatility	6.00	4.12	+1.88
Sortino ratio: Return per unit of downside risk	5.56	3.62	+1.94
Omega ratio: Gain probability vs. loss probability	1.75	1.48	+0.27
Calmar ratio: Return relative to maximum drawdown	14.86	7.94	+6.92
Martin ratio: Return relative to average drawdown	55.40	22.96	+32.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTXL vs. USD - Sharpe Ratio Comparison

The current FTXL Sharpe Ratio is 6.00, which is higher than the USD Sharpe Ratio of 4.12. The chart below compares the historical Sharpe Ratios of FTXL 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.

Sharpe Ratios by Period

	FTXL	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.00	4.12	+1.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.95	0.89	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	0.49	+0.44

Drawdowns

FTXL vs. USD - Drawdown Comparison

The maximum FTXL drawdown since its inception was -43.87%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for FTXL and USD.

Drawdown Indicators

	FTXL	USD	Difference
Max Drawdown Largest peak-to-trough decline	-43.87%	-88.63%	+44.76%
Max Drawdown (1Y) Largest decline over 1 year	-14.51%	-31.80%	+17.29%
Max Drawdown (3Y) Largest decline over 3 years	-41.57%	-64.46%	+22.89%
Max Drawdown (5Y) Largest decline over 5 years	-43.87%	-77.85%	+33.98%
Max Drawdown (10Y) Largest decline over 10 years	—	-77.85%	—
Current Drawdown Current decline from peak	-2.24%	-6.07%	+3.83%
Average Drawdown Average peak-to-trough decline	-10.55%	-32.35%	+21.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	10.98%	-7.10%

Volatility

FTXL vs. USD - Volatility Comparison

The current volatility for First Trust Nasdaq Semiconductor ETF (FTXL) is 14.14%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. This indicates that FTXL 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

	FTXL	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.14%	21.29%	-7.15%
Volatility (6M) Calculated over the trailing 6-month period	29.04%	46.74%	-17.70%
Volatility (1Y) Calculated over the trailing 1-year period	35.94%	61.28%	-25.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.03%	76.56%	-40.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.25%	69.24%	-34.99%

FTXL vs. USD - Expense Ratio Comparison

FTXL has a 0.60% expense ratio, which is lower than USD's 0.95% expense ratio.

Dividends

FTXL vs. USD - Dividend Comparison

FTXL's dividend yield for the trailing twelve months is around 0.13%, less than USD's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTXL First Trust Nasdaq Semiconductor ETF	0.13%	0.28%	0.54%	0.60%	0.89%	0.25%	0.48%	0.92%	0.71%	0.47%	0.12%	0.00%
USD ProShares Ultra Semiconductors	0.23%	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 FTXL and USD in my portfolio?

FTXL and USD have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTXL or USD?

USD has higher volatility (21.29%) compared to FTXL (14.14%). In terms of maximum drawdown, FTXL dropped -43.87% vs USD's -88.63%.

Which ETF is better, FTXL or USD?

On 5-year performance, USD leads with 67.80% vs 34.02% for FTXL. On fees, FTXL is cheaper at 0.60% per year. On volatility, FTXL has been the lower-risk option at 14.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTXL or USD?

Over the 5-year period, USD has performed better with a 67.80% return vs 34.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTXL or USD?

FTXL is cheaper with a 0.60% expense ratio, compared with 0.95% for USD.

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

USD has the higher dividend yield at 0.23%, compared with 0.13% for FTXL.

What is the main difference between FTXL and USD?

FTXL is categorized as Semiconductors, while USD is Leveraged Equities. FTXL tracks Nasdaq U.S. Smart Semiconductor Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.60% for FTXL and 0.95% for USD.

Which has better risk-adjusted returns?

FTXL currently has the higher Sharpe Ratio (6.00 vs 4.12), 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.