HUSV vs. USD

Last updated Jun 23, 2026

HUSV (First Trust Horizon Managed Volatility Domestic ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - HUSV is a Volatility Hedged Equity fund actively managed by First Trust, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). HUSV is actively managed, while USD is passively managed. Over the past 5 years, HUSV returned 5.67%/yr vs 68.54%/yr for USD. At a 0.35 correlation, their price movements are largely independent. HUSV charges 0.70%/yr vs 0.95%/yr for USD.

Performance

HUSV vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Horizon Managed Volatility Domestic ETF (HUSV) 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, HUSV achieves a -0.11% return, which is significantly lower than USD's 110.66% return.

HUSV

• 1D: -0.39%
• 1M: -3.43%
• YTD: -0.11%
• 6M: -0.53%
• 1Y: -0.82%
• 3Y*: 7.45%
• 5Y*: 5.67%
• 10Y*: —

USD

• 1D: 1.64%
• 1M: 16.06%
• YTD: 110.66%
• 6M: 113.42%
• 1Y: 253.70%
• 3Y*: 123.90%
• 5Y*: 68.54%
• 10Y*: 63.16%

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

HUSV vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HUSV First Trust Horizon Managed Volatility Domestic ETF	-0.11%	4.96%	12.64%	3.51%	-6.31%	26.04%	5.39%	26.98%	-1.92%	16.07%
USD ProShares Ultra Semiconductors	110.66%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between HUSV and USD is -0.17, 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	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (All Time) Calculated using the full available price history since Aug 25, 2016	0.35

The correlation between HUSV and USD shifts across timeframes, from -0.17 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

HUSV vs. USD - Sectors Allocation Comparison

Sectors	HUSV	USD
Technology	25.2%	26.3%
Financial Services	14.9%	26.0%
Utilities	11.8%	-
Industrials	10.8%	-
Real Estate	9.8%	-
Consumer Cyclical	7.5%	-
Healthcare	7.2%	-
Consumer Defensive	6.2%	-
Basic Materials	3.0%	-
Energy	2.3%	0.0%
Communication Services	1.4%	-

Return for Risk

HUSV vs. USD — Risk / Return Rank

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

HUSV

HUSV Risk / Return Rank: 7
HUSV Sharpe Ratio Rank: 8
HUSV Sortino Ratio Rank: 7
HUSV Omega Ratio Rank: 7
HUSV Calmar Ratio Rank: 7
HUSV Martin Ratio Rank: 7

USD

USD Risk / Return Rank: 89
USD Sharpe Ratio Rank: 96
USD Sortino Ratio Rank: 79
USD Omega Ratio Rank: 81
USD Calmar Ratio Rank: 96
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.

HUSV vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Horizon Managed Volatility Domestic ETF (HUSV) 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.

	HUSV	USD	Difference
Sharpe ratio: Return per unit of total volatility	-0.09	3.83	-3.92
Sortino ratio: Return per unit of downside risk	-0.06	3.35	-3.41
Omega ratio: Gain probability vs. loss probability	0.99	1.46	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.12	8.03	-8.15
Martin ratio: Return relative to average drawdown	-0.28	22.36	-22.64

HUSV vs. USD - Sharpe Ratio Comparison

The current HUSV Sharpe Ratio is -0.09, which is lower than the USD Sharpe Ratio of 3.83. The chart below compares the historical Sharpe Ratios of HUSV 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

HUSV vs. USD - Drawdown Comparison

The maximum HUSV drawdown since its inception was -35.72%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for HUSV and USD.

Drawdown Indicators

	HUSV	USD	Difference
Max Drawdown Largest peak-to-trough decline	-35.72%	-88.63%	+52.91%
Max Drawdown (1Y) Largest decline over 1 year	-6.78%	-31.80%	+25.02%
Max Drawdown (3Y) Largest decline over 3 years	-9.35%	-64.46%	+55.11%
Max Drawdown (5Y) Largest decline over 5 years	-17.00%	-77.85%	+60.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-77.85%	—
Current Drawdown Current decline from peak	-4.87%	-2.68%	-2.19%
Average Drawdown Average peak-to-trough decline	-3.61%	-32.30%	+28.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	11.40%	-8.51%

Volatility

HUSV vs. USD - Volatility Comparison

The current volatility for First Trust Horizon Managed Volatility Domestic ETF (HUSV) is 2.92%, while ProShares Ultra Semiconductors (USD) has a volatility of 31.13%. This indicates that HUSV 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

	HUSV	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	31.13%	-28.21%
Volatility (6M) Calculated over the trailing 6-month period	6.57%	52.43%	-45.86%
Volatility (1Y) Calculated over the trailing 1-year period	9.28%	66.85%	-57.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.03%	77.52%	-65.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.47%	69.80%	-55.33%

HUSV vs. USD - Expense Ratio Comparison

HUSV has a 0.70% expense ratio, which is lower than USD's 0.95% expense ratio.

Dividends

HUSV vs. USD - Dividend Comparison

HUSV's dividend yield for the trailing twelve months is around 1.39%, more than USD's 0.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HUSV First Trust Horizon Managed Volatility Domestic ETF	1.39%	1.38%	1.14%	1.80%	1.68%	1.35%	1.29%	1.36%	1.48%	1.31%	0.35%	0.00%
USD ProShares Ultra Semiconductors	0.22%	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 HUSV and USD in my portfolio?

HUSV and USD have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HUSV or USD?

USD has higher volatility (31.13%) compared to HUSV (2.92%). In terms of maximum drawdown, HUSV dropped -35.72% vs USD's -88.63%.

Which ETF is better, HUSV or USD?

On 5-year performance, USD leads with 68.54% vs 5.67% for HUSV. On fees, HUSV is cheaper at 0.70% per year. On volatility, HUSV has been the lower-risk option at 2.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HUSV or USD?

Over the 5-year period, USD has performed better with a 68.54% return vs 5.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HUSV or USD?

HUSV is cheaper with a 0.70% expense ratio, compared with 0.95% for USD.

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

HUSV has the higher dividend yield at 1.39%, compared with 0.22% for USD.

What is the main difference between HUSV and USD?

HUSV is categorized as Volatility Hedged Equity, while USD is Leveraged Equities. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.70% for HUSV and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (3.83 vs -0.09), 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.