HDLB vs. USD
HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds - HDLB tracks the Solactive US High Dividend Low Volatility (USD)(TR) (200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 5 years, HDLB returned 14.37%/yr vs 55.02%/yr for USD. Their 0.16 correlation means their historical movements had little consistent relationship. HDLB charges 1.65%/yr vs 0.95%/yr for USD.
Performance
HDLB vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, HDLB achieves a 25.12% return, which is significantly lower than USD's 50.25% return.
HDLB
- 1D
- -0.60%
- 1M
- 6.28%
- 6M
- 12.18%
- YTD
- 25.12%
- 1Y
- 26.69%
- 3Y*
- 29.45%
- 5Y*
- 14.37%
- 10Y*
- —
- ALL TIME*
- 6.16%
USD
- 1D
- 1.44%
- 1M
- -10.08%
- 6M
- 34.80%
- YTD
- 50.25%
- 1Y
- 92.29%
- 3Y*
- 87.71%
- 5Y*
- 55.02%
- 10Y*
- 54.19%
- ALL TIME*
- 28.07%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $77.42K | $57.41K | $57.55K | |
| $68.86M | $72.62M | $95.81M |
HDLB vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 25.12% | 27.26% | 28.21% | -4.12% | -11.46% | 62.67% | -50.94% | 8.33% |
USD ProShares Ultra Semiconductors | 50.25% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 30.28% |
Correlation
The correlation between HDLB and USD is -0.27, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.27 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2019 | 0.16 |
The correlation between HDLB and USD shifts across timeframes, from -0.27 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HDLB vs. USD — Risk / Return Rank
HDLB
USD
HDLB vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) 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.
| HDLB | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.22 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 2.16 | -0.41 |
| Martin ratioReturn relative to average drawdown | 3.74 | 6.21 | -2.47 |
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Drawdowns
HDLB vs. USD - Drawdown Comparison
The maximum HDLB drawdown since its inception was -78.70%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for HDLB and USD.
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Drawdown Indicators
| HDLB | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.70% | -88.63% | +9.93% |
Max Drawdown (1Y)Largest decline over 1 year | -16.17% | -39.33% | +23.16% |
Max Drawdown (3Y)Largest decline over 3 years | -20.94% | -64.46% | +43.52% |
Max Drawdown (5Y)Largest decline over 5 years | -43.81% | -77.85% | +34.04% |
Max Drawdown (10Y)Largest decline over 10 years | — | -77.85% | — |
Current DrawdownCurrent decline from peak | -5.63% | -30.59% | +24.96% |
Average DrawdownAverage peak-to-trough decline | -27.01% | -32.23% | +5.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.51% | 13.62% | -6.11% |
Volatility
HDLB vs. USD - Volatility Comparison
The current volatility for ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) is 11.39%, while ProShares Ultra Semiconductors (USD) has a volatility of 28.19%. This indicates that HDLB 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
| HDLB | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.39% | 28.19% | -16.80% |
Volatility (6M)Calculated over the trailing 6-month period | 22.35% | 61.13% | -38.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.72% | 73.80% | -45.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.06% | 78.73% | -47.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.43% | 70.38% | -26.95% |
HDLB vs. USD - Expense Ratio Comparison
HDLB has a 1.65% expense ratio, which is higher than USD's 0.95% expense ratio.
Dividends
HDLB vs. USD - Dividend Comparison
HDLB's dividend yield for the trailing twelve months is around 10.19%, more than USD's 0.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 10.19% | 12.20% | 10.09% | 12.36% | 10.86% | 8.07% | 16.23% | 0.97% | 0.00% | 0.00% | 0.00% | 0.00% |
USD ProShares Ultra Semiconductors | 0.39% | 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
HDLB and USD have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (28.19%) compared to HDLB (11.39%). In terms of maximum drawdown, HDLB dropped -78.70% vs USD's -88.63%.
On 5-year performance, USD leads with 55.02% vs 14.37% for HDLB. On fees, USD is cheaper at 0.95% per year. On volatility, HDLB has been the lower-risk option at 11.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USD has performed better with a 55.02% return vs 14.37%. 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 1.65% for HDLB.
HDLB has the higher dividend yield at 10.19%, compared with 0.39% for USD.
HDLB tracks Solactive US High Dividend Low Volatility (USD)(TR) (200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: UBS and ProShares. Their fees differ too: 1.65% for HDLB and 0.95% for USD.
USD currently has the higher Sharpe Ratio (1.15 vs 0.98), 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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