FVD vs. USD

Last updated Jun 24, 2026

FVD (First Trust Value Line Dividend Index Fund) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - FVD is a Mid Cap Value Equities fund tracking the Value Line Dividend Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, FVD returned 8.66%/yr vs 61.02%/yr for USD. A 0.53 correlation means they provide meaningful diversification when combined. FVD charges 0.61%/yr vs 0.95%/yr for USD.

Performance

FVD vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Value Line Dividend Index Fund (FVD) 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, FVD achieves a 4.43% return, which is significantly lower than USD's 84.65% return. Over the past 10 years, FVD has underperformed USD with an annualized return of 8.66%, while USD has yielded a comparatively higher 61.02% annualized return.

FVD

• 1D: 1.10%
• 1M: -0.08%
• YTD: 4.43%
• 6M: 4.03%
• 1Y: 9.78%
• 3Y*: 9.12%
• 5Y*: 6.11%
• 10Y*: 8.66%

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)

FVD vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FVD First Trust Value Line Dividend Index Fund	4.43%	8.16%	10.04%	4.11%	-5.18%	25.08%	-0.02%	26.58%	-3.49%	12.51%
USD ProShares Ultra Semiconductors	84.65%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between FVD and USD is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.53

The correlation between FVD and USD shifts across timeframes, from -0.09 (1 year) to 0.53 (all time), reflecting how their relationship changes across market environments.

FVD vs. USD - Sectors Allocation Comparison

Sectors	FVD	USD
Financial Services	19.0%	26.0%
Utilities	17.4%	-
Industrials	14.3%	-
Consumer Defensive	11.1%	-
Healthcare	8.2%	-
Real Estate	7.7%	-
Technology	7.3%	26.3%
Consumer Cyclical	5.7%	-
Energy	3.6%	0.0%
Communication Services	2.9%	-
Basic Materials	2.9%	-

Return for Risk

FVD vs. USD — Risk / Return Rank

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

FVD

FVD Risk / Return Rank: 28
FVD Sharpe Ratio Rank: 29
FVD Sortino Ratio Rank: 29
FVD Omega Ratio Rank: 26
FVD Calmar Ratio Rank: 28
FVD Martin Ratio Rank: 27

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.

FVD vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Value Line Dividend Index Fund (FVD) 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.

	FVD	USD	Difference
Sharpe ratio: Return per unit of total volatility	1.01	3.06	-2.05
Sortino ratio: Return per unit of downside risk	1.53	2.94	-1.41
Omega ratio: Gain probability vs. loss probability	1.17	1.40	-0.23
Calmar ratio: Return relative to maximum drawdown	1.36	6.54	-5.19
Martin ratio: Return relative to average drawdown	3.48	18.16	-14.67

FVD vs. USD - Sharpe Ratio Comparison

The current FVD Sharpe Ratio is 1.01, which is lower than the USD Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of FVD 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

FVD vs. USD - Drawdown Comparison

The maximum FVD drawdown since its inception was -51.00%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for FVD and USD.

Drawdown Indicators

	FVD	USD	Difference
Max Drawdown Largest peak-to-trough decline	-51.00%	-88.63%	+37.63%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-31.80%	+24.57%
Max Drawdown (3Y) Largest decline over 3 years	-11.97%	-64.46%	+52.49%
Max Drawdown (5Y) Largest decline over 5 years	-16.41%	-77.85%	+61.44%
Max Drawdown (10Y) Largest decline over 10 years	-35.25%	-77.85%	+42.60%
Current Drawdown Current decline from peak	-3.91%	-14.69%	+10.78%
Average Drawdown Average peak-to-trough decline	-5.44%	-32.29%	+26.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	11.44%	-8.63%

Volatility

FVD vs. USD - Volatility Comparison

The current volatility for First Trust Value Line Dividend Index Fund (FVD) is 3.28%, while ProShares Ultra Semiconductors (USD) has a volatility of 34.07%. This indicates that FVD 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

	FVD	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	34.07%	-30.79%
Volatility (6M) Calculated over the trailing 6-month period	7.13%	54.13%	-47.00%
Volatility (1Y) Calculated over the trailing 1-year period	9.77%	67.96%	-58.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.77%	77.73%	-64.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.44%	69.83%	-54.39%

FVD vs. USD - Expense Ratio Comparison

FVD has a 0.61% expense ratio, which is lower than USD's 0.95% expense ratio.

Dividends

FVD vs. USD - Dividend Comparison

FVD's dividend yield for the trailing twelve months is around 2.26%, more than USD's 0.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FVD First Trust Value Line Dividend Index Fund	2.26%	2.36%	2.23%	2.34%	2.20%	1.75%	2.31%	2.03%	2.50%	2.10%	2.04%	2.34%
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 FVD and USD in my portfolio?

FVD and USD have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FVD or USD?

USD has higher volatility (34.07%) compared to FVD (3.28%). In terms of maximum drawdown, FVD dropped -51.00% vs USD's -88.63%.

Which ETF is better, FVD or USD?

On 10-year performance, USD leads with 61.02% vs 8.66% for FVD. On fees, FVD is cheaper at 0.61% per year. On volatility, FVD has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FVD or USD?

Over the 10-year period, USD has performed better with a 61.02% return vs 8.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FVD or USD?

FVD is cheaper with a 0.61% expense ratio, compared with 0.95% for USD.

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

FVD has the higher dividend yield at 2.26%, compared with 0.25% for USD.

What is the main difference between FVD and USD?

FVD is categorized as Mid Cap Value Equities, while USD is Leveraged Equities. FVD tracks Value Line Dividend 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: 0.61% for FVD and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (3.06 vs 1.01), 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.