IQQQ vs. USD

Last updated Jun 5, 2026

IQQQ (ProShares Nasdaq-100 High Income ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past year, IQQQ returned 37.81% vs 250.81% for USD. Their correlation of 0.82 suggests significant overlap in exposure. IQQQ charges 0.55%/yr vs 0.95%/yr for USD.

Performance

IQQQ vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Nasdaq-100 High Income ETF (IQQQ) 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, IQQQ achieves a 18.26% return, which is significantly lower than USD's 103.32% return.

IQQQ

• 1D: -0.39%
• 1M: 8.01%
• YTD: 18.26%
• 6M: 16.96%
• 1Y: 37.81%
• 3Y*: —
• 5Y*: —
• 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)

IQQQ vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IQQQ ProShares Nasdaq-100 High Income ETF	18.26%	17.11%	13.39%
USD ProShares Ultra Semiconductors	103.32%	62.08%	35.54%

Correlation

The correlation between IQQQ and USD is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Mar 21, 2024	0.82

The correlation between IQQQ and USD has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

IQQQ vs. USD - Sectors Allocation Comparison

Sectors	IQQQ	USD
Technology	53.8%	27.4%
Communication Services	15.8%	-
Consumer Cyclical	12.3%	-
Consumer Defensive	7.7%	-
Healthcare	4.2%	-
Industrials	2.8%	-
Utilities	1.4%	-
Basic Materials	1.1%	-
Energy	0.6%	0.0%
Financial Services	0.2%	27.8%
Real Estate	0.1%	-

Return for Risk

IQQQ vs. USD — Risk / Return Rank

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

IQQQ

IQQQ Risk / Return Rank: 71
IQQQ Sharpe Ratio Rank: 77
IQQQ Sortino Ratio Rank: 72
IQQQ Omega Ratio Rank: 71
IQQQ Calmar Ratio Rank: 69
IQQQ Martin Ratio Rank: 67

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.

IQQQ vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Nasdaq-100 High Income ETF (IQQQ) 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.

	IQQQ	USD	Difference
Sharpe ratio: Return per unit of total volatility	2.47	4.12	-1.65
Sortino ratio: Return per unit of downside risk	3.21	3.62	-0.41
Omega ratio: Gain probability vs. loss probability	1.42	1.48	-0.07
Calmar ratio: Return relative to maximum drawdown	3.41	7.94	-4.53
Martin ratio: Return relative to average drawdown	12.12	22.96	-10.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IQQQ vs. USD - Sharpe Ratio Comparison

The current IQQQ Sharpe Ratio is 2.47, which is lower than the USD Sharpe Ratio of 4.12. The chart below compares the historical Sharpe Ratios of IQQQ 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

	IQQQ	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	4.12	-1.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.89	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.23	0.49	+0.75

Drawdowns

IQQQ vs. USD - Drawdown Comparison

The maximum IQQQ drawdown since its inception was -20.41%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for IQQQ and USD.

Drawdown Indicators

	IQQQ	USD	Difference
Max Drawdown Largest peak-to-trough decline	-20.41%	-88.63%	+68.22%
Max Drawdown (1Y) Largest decline over 1 year	-11.13%	-31.80%	+20.67%
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	-0.69%	-6.07%	+5.38%
Average Drawdown Average peak-to-trough decline	-3.63%	-32.35%	+28.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	10.98%	-7.85%

Volatility

IQQQ vs. USD - Volatility Comparison

The current volatility for ProShares Nasdaq-100 High Income ETF (IQQQ) is 3.97%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. This indicates that IQQQ 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

	IQQQ	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.97%	21.29%	-17.32%
Volatility (6M) Calculated over the trailing 6-month period	11.52%	46.74%	-35.22%
Volatility (1Y) Calculated over the trailing 1-year period	15.39%	61.28%	-45.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.55%	76.56%	-58.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.55%	69.24%	-50.69%

IQQQ vs. USD - Expense Ratio Comparison

IQQQ has a 0.55% expense ratio, which is lower than USD's 0.95% expense ratio.

Dividends

IQQQ vs. USD - Dividend Comparison

IQQQ's dividend yield for the trailing twelve months is around 4.44%, more than USD's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IQQQ ProShares Nasdaq-100 High Income ETF	4.44%	10.34%	7.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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 IQQQ and USD in my portfolio?

IQQQ and USD have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IQQQ or USD?

USD has higher volatility (21.29%) compared to IQQQ (3.97%). In terms of maximum drawdown, IQQQ dropped -20.41% vs USD's -88.63%.

Which ETF is better, IQQQ or USD?

On 1-year performance, USD leads with 250.81% vs 37.81% for IQQQ. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IQQQ or USD?

Over the 1-year period, USD has performed better with a 250.81% return vs 37.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQQQ or USD?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.95% for USD.

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

IQQQ has the higher dividend yield at 4.44%, compared with 0.23% for USD.

What is the main difference between IQQQ and USD?

IQQQ is categorized as Nasdaq-100, while USD is Leveraged Equities. IQQQ tracks Nasdaq-100 Daily Covered Call Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). Their fees differ too: 0.55% for IQQQ and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.12 vs 2.47), 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.